With the term competitor analysis, we refer to a type of analysis systematically performed on your chief competitors’ market share to estimate their strengths and weaknesses and keep ahead of your competitors. With a thorough competitive analysis, a medical practice can find its main competitor’s strengths and weaknesses and gain in-depth knowledge of its actual market terrain.
This article will explain what’s involved in performing a competitive analysis, give some tips to help you perform one, and outline the benefits you can reap from analyzing your medical practice’s competitors.
An accurate competitive analysis will provide a complete picture of your competition’s practice, other healthcare organizations in the field, and precious insights about the market demographics.
Once your main competitors are defined, collecting data about your competitors’ services, pricing, online presence, customer reviews, and marketing strategies will show their strengths and weaknesses. This information will be used to develop a strategy to differentiate your company from competitors and win market share.
The key factors to consider when conducting a competitor analysis are:
The importance of regular competitive analysis as an essential component of broader strategy can’t be understated. It’s an invaluable tool for keeping competitive in the rapidly evolving healthcare industry.
An excellent competitive analysis can be performed with simple online tools like a Google Business Profile, Facebook, and other social media channels. Some tips for conducting a useful competitor analysis include:
Conducting a competitive analysis will identify opportunities and risks in your marketing strategy. It will prevent you from wasting resources if you indirectly compete with hospital systems and other prestigious healthcare institutions.
It will also help you in deciding if it’s wise to compete for the same patients of another medical practice and better identify prospective target patients. And most importantly, a good competitive analysis will show you how your services compare to those of other healthcare entities, forcing you to keep rendering the best service possible to the community.
Most medical practices don’t conduct any competitive analysis. If your medical practice does, this will give you an edge over other medical practices in the same field of expertise.
Golden Tide Consulting is a medical SEO and digital marketing agency committed to helping healthcare professionals find their optimal market share through attentive and detailed competitive analysis and tailored digital marketing strategies.
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