3 Ways to Determine Your Practice’s Target Market
Read on for three tips on how to understand and collect data to determine your target market and better position your practice in your specialty.
There is no one-size-fits-all option when it comes to marketing. But if you are not aware of who you are trying to market to, your marketing efforts may not take you very far. That is why it is so important to determine your target market. Here are three tips that can help you identify and understand the needs and motivations of your target customer.
1. Analyze Your Offerings
Most of the time, people aren’t spending money just to spend money. They are looking for a service that will solve a problem they have. They may want to get a breast augmentation after having a child or seek laser skin treatments to improve the beginning signs of aging. Once you can understand what problems your services can improve and who they appeal to and benefit the most, you can better understand the needs of your target audience.
2. Identify Competitors
Identifying the businesses you will be competing against for clients is an essential part of analyzing your opportunity for success. This will allow you to evaluate the top competitors and better understand where your business can fit into the current market. To generate useful insights, we recommend analyzing your competitors’ value proposition by breaking it down into three categories: service, cost, and technology. Though you may have many competitors in the same market, having distinct value propositions that target different clients can help your business gain a competitive advantage.
3. Conduct Market Research
It is important to understand your customers, but you also need to understand the market. DoctorLogic offers a market analysis tool that can help you do just that. We’ve done the leg work for you; DoctorLogic has analyzed customer demographics of 41,500 ZIP codes in the United States. With this innovative tool, you can instantly analyze your local market.
Our market analysis tool allows you to report on a specified radius around your practice and determine your conversion rate of patient leads to patients. DoctorLogic has also learned that most patients are unwilling to drive farther than 15 – 30 minutes to see a provider from their office or home. The market analysis tool can assess average drive times along freeways and around natural barriers like lakes and mountains. Additionally, one of the most useful parts of the market analysis tool is that you can build your own revenue report. This is based on industry data, the local population, and Google search trends that show the potential of revenue spent per year in your local market.
Understand Your Target Market and Grow Your Business
Analyzing your offering, identifying competitors, and conducting market research are all essential for identifying your target market. With advanced tools like DoctorLogic’s market analysis tool, you can quickly and effectively understand your market. Contact us today to start the journey toward improved marketing to your ideal clients.