I received an email from a good friend and mentor of mine yesterday.
And yes, it was an email blast to his friends and followers and clients past and present.
The email was titled:
“This may be an unwelcome message”
I read the email… and it got me thinking…
I thought that the message from the email was so compelling and so important that I needed to share the content of the email with you as soon as possibly was able to.
My friend Simon Bowen*, wrote this:
“This may not be a message everyone wants to hear, but if you do hear it well, it will save you a LOT of time, money and wasted effort!”
Simon went on to write this:
“I was having a conversation recently about how to go about entering a new market. It may be a new geographical market, a new niche, a new product space … you get the idea.
Usually, when someone asks me about how they might strategise to enter a new market, my first question is … why?”
Simon wrote that the common response he receives when he asks that question is:
“To grow the business.”
He went on to write:
“Unfortunately, that’s NOT a good enough reason!
No market is waiting with anticipation for your arrival. You don’t get to SUCCESSFULLY enter a market just to grow YOUR business.”
Simon went on to say:
“Success in any new market only comes when you serve the market in a way that they are currently NOT being served.”
“No market is a vacuum. There are already successful competitors in play. To be successful, you MUST find a way that gives prospects a reason to consider you ahead of every other option available to them!
It’s dangerous to just think you offer something better than the players already there.
You need to know that what you offer that is different or better.”
Here is Simon’s reason for this. He wrote:
“Success in any new market will come down to a combination of three things:
- You’ll have to out-market the competitors already in the market – and you can assume they’ll defend their territory aggressively!
- You’ll have to out-sell the competitors already in the market – and they may already have a lot of market intel that you don’t have!
- You’ll have to out-serve the competitors already in the market – give your clients an experience unmatched by anything they’ve had before!”
And here is Simon’s gold… he concluded:
“Of course, these aren’t just specific to a new market. They’re absolutely specific to your current market too!
Perhaps we should all treat every market we operate in as a new market and drive the way we market, sell and serve so powerfully, that we outplay everyone else in the marketplace.”
How does this relate to your dental practice?
Many years ago, I felt that my business, at Active Dental Parramatta, was not going so well, and that with the time that I was not being utilised in Parramatta, I could purchase another dental practice away from Parramatta, and spend part of the week working there, and part of the week working in Parramatta.
History will show that I never bought that other dental practice.
I did find one, but the sale was never completed because I withdrew from the transaction.
One of the reasons for not purchasing that practice was that I couldn’t secure a lease with the building owner. The building owner wanted me to have a sub-lease with the medical practice who also shared the remainder of the building.
I withdrew from the purchase of that second practice because knew that there was a possibility that the medical practice might want me not there, and to take over the space of my dental practice…. despite any success that my dental practice was having.
Having a successful practice but no secure tenancy was a risk that I was not willing to take.
Because of this, I then refocused my efforts in Parramatta, and the rest, as you know is history.
Rather than trying to grow myself an empire across Sydney, I focused on growing my primary concern in one location firstly.
And I did.
In 15 years I grew my dental business’s turnover by a multiple of 8.5x.
That’s an 850% increase in turnover in fifteen years.
And I did it by:
- Focusing on creating a World Class Patient Experience for all my patients that they had never experienced at a dentist ever before…
- Once my patients had experienced THE DIFFERENCE in service and attention at my practice, compared to anything they had ever experienced anywhere else, they never wanted to go anywhere else for their dentistry.
- And once I had both these factors in place, I was able to market my practice as THE ONLY PLACE to choose when it came to wanting a WORLD CLASS EXPERIENCE.
Putting it simply, one begat the other…
*To connect with Simon Bowen, go to his LinkedIn page
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