Choosing to focus on a marketing niche for your dental practice is often overlooked as a means to get more patients and boost your bottom line. Those practicing general dentistry might believe servicing a particular niche hinders profitability given the smaller market and find it easier to hold onto the prevailing methods of doing business under the guise of “this is the way we’ve always done it.”
However, committing to a marketing niche has a number of advantages for dental practices and may also be the optimal strategic path given certain conditions in your local market.
Why Choose a Niche Market for Your Dental Practice
There are a few business-based reasons for choosing a niche for your dental practice.
Level of Competition
For dental practices operating in an increasingly competitive landscape watching profits dwindle year-on-year, or perhaps even month-on-month, carving out a particular segment of the market could be a means of survival. Stop competing to perform the same procedures for the same audience, not only do you run the risk of commoditizing your service, but your practice might also be left having to compete on price and/or other means to gain patients.
Chances are, if your local market can bear a number of dental offices, that’s probably because of the sizable population that exists in that area with adequate need. It’s business 101, you go where the business is. Consider cornering the market, and dominating, the majority of a smaller market from
Shifting Market Demographic
Alternatively, if your practice is operating in a shifting market, wherein the population is aging or perhaps morphing into one with a larger family dynamic, opting for the right niche can help you secure a larger share of business. If there are more profitable, specialized dental procedures you can perform, and adequate demand to meet that need, establishing a reputation in this area can serve your practice well.
An example is a dentist offering CAD CAM procedures for those aged 40-60, who are not in-market for dentures, but likely need bridges or crowns either crafted or existing ones replaced.
Amplify an Expertise
Do you or other dentists on staff at your practice have a particular procedure in which you excel or have a level of expertise? If so, leveraging this expertise to differentiate your practice amongst competitors can help you capitalize and corner the market for those procedures. Doing so can also help streamline your marketing and communications efforts around this particular niche, saving you both time and dollars on a more concentrated focus. In addition to securing more patients over time by positioning your practice as a leader in the market, you can also benefit from the added “halo effect” associated with a growing number of word of mouth referrals.