Know your (potential) neighborhood
Where to acquire or open a de novo practice is half the battle! I know that I’ve worked (in the past) from my gut on where I think I should have a presence. Honestly, that was pretty ignorant because, like most everything in business, the NUMBERS & DATA should drive the decision process, not the emotional or “gut” feeling. Quite honestly, I even ran these demographic reports for some of my existing locations because I wanted to quantify the population a little better so that I could adjust / modify my marketing efforts. Additionally, it was another competitive analysis tool for me to use strategically.
Really enjoyed having Kent Miller on the podcast and LOVED discussing the data behind choosing locations.
Bulletproof Dental Practice Podcast Episode 6
Host: Dr. Peter Boulden
Guest: Kent Miller of Dentagraphics
Key Takeaways:
- You can identify the specific place to best establish your practice using demographic data.
- Dentagraphics can provide the best place by measuring saturation of dental practices, income of the population and demand of the population.
- Dentagraphics can also help you identify the competition in the area and their profile. They have a proprietary software that verifies legitimate practices in the area.
- Rural, Town and City areas: There are opportunities in all types of areas but the best are in rapidly developing areas where the residential area has started to grow and commercial areas are starting to develop.
- Dentagraphics can provide reports that are customized based on your needs. You can login on your account and access an interactive report that you can adjust to your needs.
- Dentagraphics also gives personal recommendation where you need to establish your practice using the demographics they identify plus your business strategy.
Resources Mentioned:
Book:
The Submission by Amy Waldman
Productivity Tool:
Google Drive
Tweetables:
“Competition increases when the median household income increases.” – Kent Miller
“There will always be strength in the cottage industry, relationship-based dental practice.” – Dr. Peter Boulden
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