Does this sound familiar?
YOU: your successful practice making a half million to ten million per year
BIG BOX discounter: raking in seven BILLION dollar in annual revenue.
Now, I’ll admit math isn’t my forte, but I know that seven billion dollars is a whole lot more by a factor of… well a whole lot of zeros, than whatever your practice is making.
To say the least, it’s a bit scary, knowing the big box stores are in the hearing aid business, and that they are claiming more and more of it.
Before you sell your business, or just throw up your arms in despair, I’d like to tell you a story, that may make you change your mind.
Ever hear of David and Goliath?
You know where the massive Goliath came out on the battlefield twice a day for 40 days and challenges the Israelites to send out a champion of their own to fight him. How, finally a young and somewhat shrimpy David rises to the challenge. Then using his slingshot, David hurls a stone with all his might at the giant’s forehead killing him, then takes his head as a prize.
In the case of the big box discounters and your practice, it’s a story of David and Goliath too, though I don’t advocate throwing stones at anyone, or cutting their heads off either.
The takeaway is it doesn’t matter how big your competition is. You have a choice. You can lie down and let them roll over your practice and your future.
Or like David, you can rise to the challenge, and take aim at their weaknesses, and come out on top.
The truth is big box stores strength is discounting, getting people in the door with their low prices. But just because they have one huge strength doesn’t mean they don’t have areas of weakness.
In this case it turns out the big box stores areas of weakness is your strength, one you can use to grow your practice, even if a big box store is across the street from your office.
What am I talking about?
Most audiology and ENT practices we work with pride themselves on providing personal service, knowing their patients, goals and aspirations and helping them reach them. Which is something big box stores stink at. They’re sterile and about as personable as a pile of cash.
Now, you might think this is just a bunch of hot air. I can hear you saying to yourself, “Right Kevin, you want me to go up against the big box stores. Sounds like a fool’s errand.”
But I wouldn’t be bringing it up unless I had proof. Proof as in, thriving practices we work with that are prospering despite being literally across the street from big box discount stores.
How are they doing it?
I can tell you this, it’s not just good luck, or happenstance.
The practice owners who are continuing to thrive and grow in this marketplace despite the emergence of big box discounters have a clear plan, course of action and are actively working to pull in patients. The GOOD news, is – it’s working.
Even better is, these same strategies can work for you too!
Talk to Us today to find out how to focus your marketing so you can continue to attract more patients and profits.