Your Practice's Secret Big Box Killing AdvantageOct 06, 2023
There's an elephant in the room. A big box-shaped elephant selling hot dogs and a soda for $1.50.
In nearly every conversation I have with audiologists, the topic of low-cost, big box, and TPA competition comes up. How can we compete when their prices are lower than our cost of goods?
While this isn't a new problem, it's also not going away. If anything commoditization of hearing care will continue to grow as a challenge.
Compete, Give Up, or Something Else?
Imagine you own a unique bookstore, tucked away in a quiet part of town. You've spent years cultivating a loyal customer base, thanks to your personalized service and specialized collection.
Then, one day, a massive chain store opens nearby. They stock every book imaginable, and their prices are impossible to beat.
Panic sets in. Do you try to compete on price, potentially compromising your business, or do you accept defeat?
The secret to success isn't about matching them...it's about leaning in to what makes you special.
Here's the strategy to not just survive, but thrive:
- Cultivate Relationships: Where corporations see numbers, you see people. Dive deeper into understanding each patient's journey. That connection is irreplaceable. Get to know your patients, understand their unique needs, and be their Trusted Guide.
- Offer In-depth Workshops: Use your expertise to offer insightful hearing health workshops. First-time patients perceive hearing aids as a stand-alone solution because they don't know otherwise. An informed patient will value your expertise above a discounted device.
- Broadcast Success Stories: Every satisfied patient is an ambassador. Make it easy for them to share their experiences. Turn patient success stories into mini-campaigns. Authentic stories resonate and motivate.
- Specialized Services: Offer solutions the competition doesn't. Whether it's a unique product, a niche area of expertise, or a comprehensive care program that's proprietary to your practice, lean into specialization and shout it from the rooftops in your marketing and communications.
- Engage Locally: Become an audiology icon in your neighborhood. Support local events, collaborate with schools, or offer community ear health screenings. Your local impact will set you apart from your competition.
Remember, cost isn't everything. You're in a unique position to offer an unparalleled level of service that many people will happily pay more to receive. Lean into that.
The big chains may have volume, but you have voice, value, and vision.
Want to help more patients in your practice? Schedule a risk-free strategy session to discuss your goals and develop a plan with Brad Stewart, AuD.