Differentiate to Grow Your Dental Practice
Dentistry is being commoditized on a daily basis. Don't believe me? Go check your mail box. Chances are high that you have a mailer from at least one dental office in there offering "amazing deals" on dentistry. When something becomes commoditized, the solution is never to simply hope that the commodotization goes away or to complain about it. You have one of two options when something becomes commoditized:
1. Commoditize better
2. Differentiate
The Ideal Option for a Solo Practitioner
I was recently discussing this issue with Dr. Fenton who is the owner of Laguna Vista Dental in Elk Grove, CA. Elk Grove is right outside Sacramento, which as most of you know is a very competitive and very comodotized dental market. Our conclusion on the matter was that unless you have the economies of scale that many multi-location dental practices have, the best route for most dentists will be differentiation. You can check learn more about Dr. Fenton's awesome practice below:
Laguna Vista Dental
7915 Laguna Blvd, Ste 150
Elk Grove, CA 95758
(916)684-3105
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When you try to compete in a marketplace that has become commoditized, you are often competing in a race to the bottom. This results in low profit margins and higher investment of time for lower dollar amounts. This is a recipe for high stress.
The solution, and in my opinion the ideal option for solo practitioners is differentiation. Decide what your strengths are and what sets you apart. Decide how you are going to apply that in your dental practice and how you are going to communicate that to your patients as a benefit. This last part is important because it is what patients are going to talk to their family and friends about.
Be Consistent
If you are communicating something that sets you apart as a benefit to your patients, you had better be consistent. If I refer a friend and tell them that your practice is awesome because ________, and they don't experience ________ like I explained, they are going to experience a dissonance between what they are expecting and what they are receiving. This will likely be the end of the referral stream from me and the patient I referred.
Conclusion
In conclusion, unless you are a multi location practice, or have a major competitive advantage on price for some reason, you should differentiate rather than compete in the race to the bottom. Find something that sets you apart and be consistent with it!