“How to Thrive in a Saturated Market,” thoughts from Mindsight Behavioral Group.
Whether you’re in private practice, a behavioral group owner or employed as clinician, it’s not uncommon to question how you’re going to survive in an area full of professionals just like you!
(left) Tonya Owens, Behavioral Health Clinician-Team Leader-Richmond, has flourished by being her team's face in the community. She maintains steady communication with all of her community partners and does what she says she's going to do!
If you're serious about thriving in a saturated market, get your mind set for strategy. Get your motivation ready to push forward. Get your creativity prepared to take your ideas to the next level! View competition as an opportunity to challenge your current standards and expectations. Take a very close look at your company or services and ask yourself how to take your strengths and amplify them before you start looking at the market. It can be tempting to let the market define you. By ensuring you define yourself and your brand first, you reduce the risk of falling into the “status quo”.
Here are the Top 5 Ways to Thrive in a Saturated Market:
1. Have a clearly defined set of company values, a transparent mission, and a “WHY” that ties it all together. Simon Sinek says that the “WHY” is what keeps businesses thriving. "People don’t buy what you do, they buy why you do it!" If your company’s values are genuine and easy to understand, your audience will identify with your mission.
2. Take those values and blow them up! Make sure everyone that peeks at your website, catches a glimpse of your marketing materials, or speaks to one of your staff, knows what those values are in less than 5 seconds. For help with branding and design materials for your practice, click here.
3. Branding, branding, branding. Create cohesive print materials and online advertising. Make sure that you’re easily identifiable and your content is simple and clean. Putting a great deal of thought and creativity into your marketing implies, “If they care this much about making their content look good, I bet they take even better care of their clients!” Mindsight Behavioral Group has heard that statement made many times during our outreach efforts.
4. Communication is key. In a saturated market it’s important to tell others what you do, what you’re really good at, and then follow through with your promises. Mindsight Behavioral Group's Doctor of Pharmacy, Joshua Crowley says, "Focus on what you do great and build a niche for your skillset." Get out in the community and make real face to face interactions with others. After you’ve identified your ideal client and target population, reach out to the community partners that can send them your way.
(left) Mindsight’s Director of Community Outreach, Trevor Pennington says, “I take care of the providers who take care of us. When I see a community partner that is working hard to take care of their patients and goes above and beyond, I like to bring them coffee, chocolate, thank you cards to show our appreciation for what they are also doing for our community.”
5. Perspective, Process, Profits. Lastly, it’s imperative for a successful practice, to understand the balance between perspective, process and profits. In order to continue to provide services to the folks in your community you must protect your profits. In order to generate those profits one must have a clear perspective on their company’s mission and core values. And, the foundation for success lies in creating processes to support an infrastructure for growth and scalability.
Mindsight Behavioral Group has thrived since 2015 in a small town with a heavily saturated market. Why? Because they stayed true to the five fundamentals above. They constantly ask themselves, “Is this going to get us closer to our ultimate goal? Is this choice in alignment with our core values?” If the answer is no to either, then they simply don’t do it!
Competition in the behavioral health world is never a bad thing! Use market saturation as a catalyst to buckle down, pull up your bootstraps and challenge yourself to go above and beyond your own expectations!
Try not to get caught up in comparing yourself or your company to others in the community. You bring your own set unique strengths that only you can offer. Think optimistically, confidently and strategically and you will have an advantage that most don't have!