“The Name Game”
Objective:
A powerful 16-physician practice made great strides over the last few years through the addition subspecialty physicians, ancillary services and an ASC. Profit per patient was up. Now the plan was to expand to other markets, but the physicians felt its current name limited them on a regional scale. They wanted a name-change.Evaluation:
Several research instruments were utilized to determine the value of the current name, as well as the market share in their primary domain. Results indicated the practice had 70% awareness within its local market, but only 40% share.Recommendation:
Based on our research, it would take the practice nearly 10 years and considerable financial resources to get the awareness level of a new name to that of its current name. About 60% of patients in the immediate area were choosing other providers. Although their local market share was higher than that of their primary competitor, the local market provided a more attractive target for growth. The patients were closer, the strategy was executable and the risk was nearly non-existent compared to their alternative.Result:
The practice side-stepped a huge drain on its time and money. Furthermore, they focused their strategy on the most cost-effective and executable opportunity for growth they had: their immediate market.It's About Getting Your Objectives Right | Plan to Succeed | Spending Less, Getting More | The Profitability of a Shared Vision | The Name Game | Relationships, Not Advertising | 5o Cents on the Dollar | The Hand-Me-Down Identity
This is all we do. Expect to Win!