The importance of market research in healthcare business

The importance of market research in healthcare business

Finding a market for your product or ideas in business is a vital if you want your business to survive. There is no point setting up a service that nobody is going to use, otherwise you are just wasting your time and money. At PracticeNav our clients have great ideas, but sometime they get blinded by the process. You have to remember that you are not your client. You may think it’s a great idea to set up a certain class or a service for some of your clients (Individual, team or corporate) – however they may not care for your idea and just want the basic package.

Due Diligence – It’s now easier than ever to do an online survey and share it to your database or facebook page. You will have instant information and feedback regarding your service. We use google forms for this process and find it very easy to use.

Buying equipment – Sometimes we see equipment and think, wow I’d love that in my clinic. The reason you’d love it in your clinic is because YOU like the thought of using it. However it may be too expensive to run, only two percent of your client base need it and you charge your clients a fortune to use it. I’m not saying don’t buy new equipment just ensure you get a good return on investment

New service – If you’re planning a new service or product for your clinic ensure your clients want to use it and you’re efficient at providing that service. If you’re on holidays, have you trained your staff in how to sell and provide the new service? If not then your business will suffer when you’re away

Know your area – Knowing where your area of expertise is and focusing on it will generally give you a better ROI. At Compass Physio Castlecomer we focus on general MSK rural physio services, we do not focus on paediatrics, women’s health, neuro or respiratory. Therefore we do not focus any of our marketing activities for these areas.

Keep it Simple Silly (KISS) – If you enjoy a certain area of healthcare (women’s health, lower limb, feet etc) just focus on that. Once you’ve established that there is a big enough population for you to make a living from helping your clients then why would you complicate it by servicing clients you don’t enjoy seeing. However if you get busy then your first employee/contractor may be able to see a different clientele.

Remember you are not your client, focus on your strengths and KISS. To check your marketing systems and see what market best suits your clinic why not take our free audit followed by a 30 mins call to see how your business can improve. Also feel free to join our Facebook group. Talk to PracticeNav via email info@practicenav.com or take our Free business audit to find how we can help.

Colin Phillips
Business Consultant
PracticeNav

By | 2018-02-12T18:00:51+00:00 February 12th, 2018|Beliefs, Business goals, Business Mindset, Business Plan, Business software, CPD, Culture, Healthcare Business, marketing, Statistics, Team|Comments Off on The importance of market research in healthcare business