What is market exclusivity and does it matter today?
If you are in the market for a new advertising or digital marketing firm, something you may have been approached with is a promise of market exclusivity.
Market exclusivity means that the agency you choose to hire to manage your marketing efforts will make a commitment to you to not take on any other clients in your direct market.
The details vary depending on the agreement, but for example, if you are a plastic surgeon in Dallas, they may offer to not take on any other plastic surgeons in the Dallas market.
While this sounds like a commendable promise (who wants to work with people who also work with your competition?!), it is not nearly as beneficial as one may initially think.
Here at DoctorLogic, we are occasionally faced with the question of whether we offer market exclusivity. Each and every company is entitled to their own approach, but today, we would like to explain why we do not feel it to be necessary.
Using Market Exclusivity As a Sales Tactic
For starters, a company that offers market exclusivity typically uses this component as one of their main selling points in partnering with them.
They know how the competition can really get under some doctor’s skin and this is hitting on a pain point that runs deep for some practices.
With that said, it’s used as more of a conversion tool than anything, which allows the company to win over your trust before really proving their value or capability to perform in your market. If they’ve never worked in your market, how do you know they will perform?
Limited Growth Potential
By narrowing the amount of clients an agency can take on, a market-exclusive agency is often limited in their own growth potential and thus, can only afford a smaller, less experienced team.
One of the benefits of working with an agency that doesn’t offer market exclusivity is they are able to grow with no ceiling, and with that, they are able to hire some of the most talented, knowledgeable, and experienced industry experts. As our company grows, so do our capabilities along with our client’s success.
Google Search Trends
As Google has become smarter over the years, people are searching with what we call long-tail keyword search phrases. There are literally hundreds to thousands of ways to search for one procedure.
That means there are hundreds to thousands of opportunities for your website to rank for searches around just one procedure. Multiply that by how many procedures you offer, services you provide, and conditions you treat, the Google keyword indexation is practically limitless.
Old SEO tactics focused on ranking websites for a set list of 10-20 keywords. This doesn’t work today because that is not the only way people search anymore. With the amount of search volume and variation of keyword phrases available to rank for, there is plenty of room in the Google space to rank several practices in the same market for relevant searches to their practice.
Market Competition vs. Actual Capacity
With that said, the amount of search volume in Google is well beyond the amount of patients any normal size practice could take on.
There are 40,000 searches per second made on Google. Depending on where you are located, we find that most practices could not serve every single person in their market who search Google for the procedures and services they offer.
For example, if there are 500 searches a day related to dental implants in your city, and you got every single phone call from those searches, you would not be able to serve them all.
The goal should be to rank for a variety of terms that drive enough traffic to your website to help you hit your monthly and annual production/revenue goals.
In short, there is more than enough Google love to go around and it doesn’t necessarily affect the ranking of your website if your marketing agency also works with another practice in your same market.
Still No Guarantee
At first, a promise to not work with your competition from your potential marketing firm sounds great. But it’s a distraction from the true reality that this doesn’t necessarily mean your new website will now outrank all the other sites that have been ranking well in your market for years.
There are so many factors to consider when developing an online marketing strategy, between design, branding, development, SEO, content and so on.
Just because there is market exclusivity as part of an agreement doesn’t necessarily mean that you will easily drive results and find instant Google success. With anything, it takes time and commitment to yield the results you seek.
As mentioned earlier, many companies that offer market exclusivity face the challenge of limited growth potential. Therefore, to make up for their limitations, their pricing is typically 3 - 5X what an average marketing agency would charge.
When you start to break down the services and amount of work put in to achieve the same results as an agency who does work with multiples practices in one market, it starts to become a question of whether it’s worth it or not.
Amplify Your Practice
At DoctorLogic, our website marketing platform amplifies who you are and what you do. We cannot make our clients better practitioners, but we can get them more exposure online and bring them more opportunities to grow.
Our software automatically generates Google-indexed content around the procedures you offer, the reviews you get on top review sources, and the patient results you achieve through your gallery.
Google takes into consideration the relevancy of your content along with the amount of relevant content. Our software gives our practices the opportunity to grow their digital footprint tenfold by multiplying their practice website content.
Our formula is simple, the results are undeniable, and the cost is more affordable than an agency who promises market exclusivity.
Overall, market exclusivity sounds great at first until you really dig deeper and realize how it doesn’t necessarily guarantee stellar results and instant marketing success.
When researching and interviewing marketing companies, we recommend looking into more than just a simple promise of market exclusivity.
We like to ask what kinds of results do clients see? How is the latest technology and software being utilized? How do they address the continual changes being released by Google and technology in general? What kind of success do current clients in the same market as you experience?
If you liked this blog and want to learn more about the DoctorLogic website marketing software, contact us today to learn more. We can’t wait to meet you!
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