There’s a video rental store in my home town that went out of business about a year ago. This store was one of hundreds of closures that this particular national chain has suffered in just a few years. This chain faded very quickly in prominence with the rise of Redbox and Netflix.
Just like the near extinction of record and CD stores due to rapidly evolving technology, the traditional big box video rental stores with gigantic bloated overhead expenses are quickly becoming a thing of the past. This chain who dominated the video rental market for years failed to identify and adapt to the changes in the industry.
Their attempt to compete with their new competitors by offering a direct mail rental option has failed miserably due to their slow reaction to the changes within their industry.
Even more mind boggling is the fact that another company moved into the space vacated by the national chain store and opened another video store!
The replacement store was out of business within two months.
The lesson here is clear.
If you fail to anticipate, identify and react to changes within your market, your business will fail.
I see this within the dental profession every day.
The emergence of corporate dental chains, fewer dentists retiring and nearly 5,000 new dental graduates each year has led to increased competition in every market.
Despite the fact that competition is intense and many markets are saturated with dental professionals, many practice owners still fail to have effective systems in place for patient acquisition, patient retention, referral generation, patient reactivation and overhead control.
Many of these same dentists have bought into the fact that the economy is to blame.
Just like the video rental chain, they have failed to identify and adapt to the changes within their market place.
If you are the THE dentist in your market to identify the changes that dentistry is facing right now and react quickly and decisively, you could be the dentist that rises to the top.
History has shown that more fortunes are made during and immediately following economic crisis.
These fortunes were made by the courageous innovators that saw what the masses did not see… and they were paid handsomely for it.
This is now happening in our profession.
Get the information, tools and support that you need to make your mark today.
All the Best,
Mark Costes, DDS