Market Analysis

Targeting Your MarketDR. PATRICK BODNARPARKER COLLEGE OF CHIROPRACTIC

© 2005 by Patrick Bodnar and Parker College of Chiropractic. All rights reserved. Any unauthorized use, reproduction or dissemination of this information may be subject to civil and

criminal penalties.

Chiropractors and Marketing

• Traditionally chiropractors don’t market their practice or services

• They follow unsupported advertising ideas

• They follow trends or fads

• They purchase gimmicks

The chiropractic profession is not around today because of marketing.

It exist because:

1. _________________

2. _________________

It works

Patients tell others

What is Marketing?

• Communication about a product or service to encourage purchase or use the product or service

• Advertising, promoting and selling• Process of identifying and communicating with qualified

prospects • Planning and executing the conception, pricing,

promotion and distribution of ideas, goods and services to satisfy customers

• Organizing and directing all the company activities which relate to determining the market demand and converting the customers buying power into an effective demand for a service and bringing that service to the customer

Getting It Straight

• Marketing is not branding

• Marketing is not advertising

• Branding is not marketing

• Branding is not advertising

• Advertising is not marketing

• Advertising is not branding

UNDERSTAND?

What is Marketing?Refined Definition

• Knowing who your customers are• Knowing how to reach your customers• Knowing what motivates your customer

Your Steps to Market Analysis

1. Targeting your market

2. Understanding needs/Service development

3. Sourcing your market

4. Connecting with your market

Target Your Market

• Identifying your market/audience is the 1st critical step in the success of your business

– Allows you to develop services– Defines marketing and sales

• Want to make sure that your market has:1. Easy access to you

2. Can distinguish you from competition

3. Willingness to pay for service/product that allows the necessary profit

Step 1: Who is Your Customer?

• Traditional business starts by identifying market groups– Business

– Consumers

– Resellers

Step 1: Who is Your Customer?

• Healthcare business starts by identifying the type of people (markets) you want to deal with:

BE SPECIFIC– Athletes: Football, baseball, cycling, swimming,

rodeo, triathletes…– Families– Injured workers– Fitness enthusiasts: Yoga, weightlifters, runners…– Auto accident victims– Children: soccer players…– Secretaries – Assembly line workers: Machinists, welders…

Step 1a: Who is Your Customer

• Develop a demographic profile for your markets so you can study the patients you want in your clinic

• Demographics: Common characteristics used to identify a population

Step 1a: Who is Your Customer

• Demographics:– Gender– Age– Ethnicity– Income level– Location(s)– Family size– Marital status– Education– Profession

Step 1b: Who is Your Customer?

• Then create sub-markets for each market listed in step 1:– Athletes

• Football– ACL recovery– Sprain/Strain– Spine Injuries– Turf toe– Achilles Tendonitis– Injury prevention programs

Step 1b: Who is Your Customer?

• Then create sub-markets for each market listed in step 1:– Families

• Headaches• Low back pain• Weight loss• Nutrition

Step 1b: Who is Your Customer?

• Then create sub-markets for each market listed in step 1:– Elderly

• Headaches• Low back pain• Balance and coordination training• Restless leg• Strengthening

Step 1b: Who is Your Customer?

• Then create sub-markets for each market listed in step 1:– Fitness

• Runners– Shin splints– Plantar fascitis– Runner’s knee– Achilles tendonitis– ROM therapy– Flexibility training

Market Analysis

Market Needs and Service Development

DR. PATRICK BODNARPARKER COLLEGE OF CHIROPRACTIC

© 2005 by Patrick Bodnar and Parker College of Chiropractic. All rights reserved. Any unauthorized use, reproduction or dissemination of this information may be subject to civil and

criminal penalties.

Step 2a: Patient Profile

• Continue to develop your patient profiles through:– Psychographics: How your service

meets the needs of your potential patient

– Behavioristics: Reasons why potential patient should come to you

Step 2a: Patient Profile

• Psychographics– What’s important to the potential patient?

• Attitudes, beliefs, emotions

– What services does their condition require?– What is their lifestyle?– Family or Single orientation?– What will attract their attention?

Step 2a: Patient Profile

• Behavioristics– Factors of your specific service

important to potential patient• Quality, price, location, patient satisfaction,

– How often will they come in?

– How does their decision-making process work?

Overview

MarketType of person

Sub-MarketSpecific Condition

Study Needs Match Needs to Service

Step 2a: Patient Profile

• Select one type of patient and the associated subcategory from step 1 and research the associated needs– Put yourselves in the patient’s shoes and

come to an understanding about what they are feeling, experiencing, and wanting

Step 2b: Service Development• Develop service that matches the needs of

the Market and Sub-Market.– What will make it easy for them to initiate

contact?– How will your service support their lives?– Strive to create service that outshines other

entities competing for your market?– Do you need to network with other providers

to improve your level of care?

We Want Your Family to be a Part of Our Family

• It’s no secret that we are becoming known in the community for our Family Wellness Care. At __________ our specialty is the family- – Convenient hours and group visits in consideration of the busy family

schedule– Fees that are easy on family budgets– Proactive healthcare strategies for obesity, diabetes, bone thinning, and

degenerative disease– Safe, noninvasive approaches to treating headaches, back pain, and

pain in the extremities– Conservative pregnancy care that improves comfort, manages weight

gain, and approaches nutritional needs for the little one– Child care for obesity, postural problems associated with back pack use,

sports injuries, and scoliosis– Now Featuring strengthening, balance, and agility programs specially

designed for the senior members of the family

Market Analysis

Sourcing Your MarketDR. PATRICK BODNARPARKER COLLEGE OF CHIROPRACTIC

© 2005 by Patrick Bodnar and Parker College of Chiropractic. All rights reserved. Any unauthorized use, reproduction or dissemination of this information may be subject to civil and

criminal penalties.

Step 3: Locating Your Market

• Advertising most commonly fails because it never reaches the intended market

• Traditionally chiropractors will invest in advertising before they identify, study, and locate their true market

Step 3: Locating Your Market

• Sourcing your market is a very simple yet fundamental step to making sure that your message or advertising hits the right people

• However, like any other aspect of market analysis, sourcing will only be effective when brainpower and time are invested

Step 3: The Question

• Once you identify your market and associated sub-markets, you need to ask yourself –

“Where do these people go?”

Step 3: The Question

• Once again, this all about putting yourself in your markets shoes.– Where do they do business?– What do they do for fun?– What provider’s do the see for other needs?– Where are they employed?– What other agents would be involved in

processing them?

Step 3: Sourcing Your Market

• Although it takes additional time to plan, hitting the correct source of your market will save you time, future effort, and money.

Market Analysis

Connecting with Your MarketDR. PATRICK BODNARPARKER COLLEGE OF CHIROPRACTIC

© 2005 by Patrick Bodnar and Parker College of Chiropractic. All rights reserved. Any unauthorized use, reproduction or dissemination of this information may be subject to civil and

criminal penalties.

Connecting with Your Market

• Enables your message to get through

• Makes it easier to develop relationships

• Saves money and time

• Makes the patient’s decision-making process easier

Making the Connection

• Once you source your market, the question becomes:– What activity will this market respond to and

how do I need to work with the source to ensure delivery?

Advertising Activities

• Selecting the proper advertising is just as important as identifying the market, studying needs, service development, and sourcing

• After doing all of the previous steps, you want to make sure your target responds to your activity

External Advertising Activities

Talks or Education Programs

Screenings T/S Combos

Sponsored Events

Articles Ads Daily Networking

Business Networking

Community Involvement

POS Material

Information Boards

The Win/Win/Win Scenario

• When matching an advertising activity with a source, you should be creating a long-term relationship that is beneficial to the source, the patient, and you

• Also think about adding another win to the scenario...a charity. As a community resource center, focused on helping people, you should always consider how you can give back

Planning

• Once you confirm source participation, map out and plan you advertising for the year

• You should never be caught thinking…”Okay, what should I do next?”

• Assemble your plan by including external and internal advertising organized by daily, weekly, monthly, quarterly, and yearly tasks

Making it Work

• This entire marketing analysis procedure – Targeting, Studying Needs and Service Development, Sourcing, and Connecting will only work as well as the quality of time and thought put into it

Making it Work

• Some people are predisposition to these thought patterns…others are not

• Some go into health care with the idea that high quality clinical skills will lead to successful practice…most often they are wrong

Making it Work

Please

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