How To Dominate Your Market

INDENTIYING YOUR MOST VALUABLE AUDIENCE

The crucial step in market domination is identifying your target audience.  You begin with your area of expertise. If you have multiple disciplines within your practice you must select specific specialty to discuss in your advertising. 

Too often, once a specific topic is chosen, an ad campaign is quickly formulated and the hunt for a new patient is on.  Unfortunately, numerous marketing studies, conducted over decades, show that: Of the 100% of the money flowing into a marketplace annually, new prospects who have never purchased your particular medical services before only account for approximately 5% of the total sales revenue.

So, if every ad that you are writing is geared toward targeting new patients, 95% of your advertising budget will be spent on the patients that will never do business with you. 

Instead, you must rethink your advertising posture.  You must begin surveying your biggest competitors.  You will gain market-share be focusing on those patients that already believe in what you do --- those patients that are current receiving medical services from your rivals.  You need to consider “switched sales”, your advertising focus will need to shift and address those people who are going to go change their allegiance to you.

Definition:  Your competitors’ best prospects are classified as the people who have received a brochure, DVD/CD, or have even had a personal consultation with one of your competitors. 

In order to position your business to gain a strategic advantage, it is important to grasp the reality that anyone, and everyone, who has already bought the services similar to the ones you offer, which makes up the deepest pool of potential new patients for you.

The essential point to grasp in this strategy is that the market share (made up of your existing competitor’s patients) has been ignored and subsequently lost!  More importantly, it represents a much larger and nutrient rich pool for most of us than any potential growth from “new” patients and prospects.