Will Your Dental Practice Beat Tesco, Sainsbury and IDH? Part One
Independent Dental Practices Are Going To Be Closing Throughout the Country Soon
Whether you realised it or not Tesco, Boots and Sainsbury have now opened dental practices in their stores. This is something to take seriously; now they have worked out how easy it is to do they will roll out these in store dental practices over the country.
Their mission is to move into any area, which makes them money, and going into dentistry is no different than running a store, they are already in a highly regulated industry after all, with strict hygiene requirements and laws to adhere to. They have partnered with IDH as you may have heard. IDH have a huge amount of venture capital funding behind them and with a strategic partnership with the multiples have the potential to crush your dental practice in one foul swoop!
The move by the UK government to cut spending will translate to the big corporates opening lots of NHS practices, without having to worry about the cost of materials, since the buying power they have will mean they can offer cut price treatments to their patients who then do their weekly shopping on the way out or stock up on cosmetics at the same time.
So what does this all mean for your practice, well there is good news, you will have the potential to excel over your competitors by firstly educating them and marketing your services effectively. Yes there will be winners and losers in the next five years, although now is the time to get a head start on your competition by getting found on the internet for your treatments, answering new patient enquiries effectively, following up with your existing patients via social media channels and regular newsletters, reminding them you are still around and how important their teeth and gums are on their overall health.
If you are reading this and thinking that it is not going to happen, look at shopping behaviour now as opposed to 30 years ago. The question is not is this actually happening? But what can we do about it?
Multiple retailers are helping to decimate the high street and continue to focus on one vertical after another, putting more and more local businesses out of business while they get stronger and make more and more profits for their shareholders. Whilst our local shops and dental practices are closed and turned into housing.
On a more positive note, it means that the private market is more buoyant, but competition levels will increase as NHS contracts are lost by the smaller practices and the large corporates create these new UK budget saving practices apparently saving our country money. It will benefit patients greatly as they will be able to visit any time day or night and they will expect to be treated better if they do continue to use a private dentist.
There will be a proportion of people who do not and will not ever step foot into a supermarket for their teeth, but as wages have not risen in line with inflation yet again, people’s incomes are being squeezed even more. Some of your patients will be looking to cut costs for their dental hygiene and may like to pick up some Tesco points whilst they are in the dental chair thinking about what to buy for dinner.
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By Nathaniel Schooler, GetWise Marketing