Signs that your Strategy is Actually Working
Signs that your Strategy is Actually Working
Last week we posted about “signs that your strategy is not working well”, and we emphasized that the strategy is not working when the practice is not being able to constantly change and adapt to the changing nature of the market, the strategy lacks differentiation, and the strategy is not producing high-performance levels of profitability.
When we think about a strategy working well, we immediately think of high return on investment (ROI) and growth. Growth could be on the number of new patients, the amount of dollar spent by each patient, and the frequency that the patient is visiting and buying our products. Eventhough, the number of new patients is always an attractive number, however, in terms of ROI, it is always easier to work on growth that comes from making patients spend more and visit more frequently. By providing value to existing patients and growing our product portfolio we satisfy additional needs of our existing patients, and by improving our services and effectively following up we can motivate our patients to visit us more frequently and without hesitation.
Paul Rulkens emphasized achieving the status of preeminence when we get to the highest pinnacle of success. And that is translated by specific indicators that become relevant to us in this situation. Among those indicators:
You start seeing the number of new patients improving even with the minimum marketing effort;
Price stops being an issue, but rather your availability, the availability of your products and services begin to be their only concern;
You start being considered as a benchmark by your competition, and you start seeing your ideas
being copied and imitated.
At this point when you become a thought leader in your field you should maintain working on your practice or product you succeeded in. That is by increasing marketing instead of reducing efforts. This is particularly important to highlight and create awareness of the specific and unique value proposition that your practice is providing to the market. Continue differentiating by increasing and strengthening the competitive advantage over the competition. And last but not least, systematically work for positioning your practice for preeminence and maximum success.
