On an intellectual level, many doctors acknowledge the revolutionary rise of competition in healthcare. But some individuals and medical groups underestimate the shocking reality of what active and aggressive competition means in business today.
Some provider organizations find themselves rapidly losing business and needing to market as never before. A large specialty practice, for example, approached us when their patient stream and market share was being devoured by the competition. They needed to stop the bleeding and turn things around.
That sort of situation is common. But what is genuinely surprising—mind-blowing, really—is that their response to (admittedly urgent) marketing recommendations was marketing “sticker shock.”
In the face of a serious business downturn, their acceptance of a new marketing plan and budget was serious reluctance. It seems that, because they have been spending no money on marketing to date, the recommendations were “too high.”
Sorry, but that logic seems a little faulty, so let’s review:
As it turns out, a “nothing budget” wasn’t really working. And an investment in preserving the business is a practical reality.
Take away lessons for others feeling competitive pressure….
In some cases, the surprise can produce a paralyzing inaction that simply hastens the demise of the business. But the concept of marketing sticker shock can also be a sobering wakeup alarm for endangered practices…and enough of a positive boost to determination that turns things around.
The latter course, and more attractive option, however does require a courageous business decision.
See how Healthcare Success transforms doctor marketing by generating exposure and increasing qualified leads!