Are you a dental company looking to grow your business?
On October 6, the Dental Trade Alliance (DTA) is hosting a Business Essentials Webinar titled “How to Win the Choice of Dentists with Competitive Intelligence. The DTA is an association which provides dental equipment, supplies, materials and services to dentist. Both members and nonmembers of the Dental Trade Alliance will be invited to join.
My co-presenter will be Vennli’s co-founder, Dr. Joe Urbany, who is a MBA professor at the University of Notre Dame. His research focuses on buyer behavior and competitive strategy. In the webinar, we will use case studies to teach dental business leaders how to focus on customer choice to tackle their most important challenges, laying the foundation for a successful growth strategy.
Dental companies, like most businesses these days, struggle to adapt to changing customer needs and market forces. We live in the age of disruption, and companies are well aware of the challenges they face or will likely face in the future. These could be generational differences, government regulation, distribution channel changes, buyer behavioral changes, technology advancements - change is a constant.
Because of this, dental companies understand the need to monitor their market, and they understand the value of good customer research. But instead of building competitive advantage, they find themselves losing ground to competitors or their market share consumed by innovators.
So, something is missing, and we think it has to do with these customer insights not directly leading to actions that grow your business. We’d recommend that businesses align their organization around customer needs and a deep understanding of how customers make choices within their competitive market.
The stark reality in today’s market is that you can’t take your eye off customer needs for a minute or a new market entrant will swoop in and steal your market share. If you don’t know the drivers of your customers’ choices, you’re vulnerable.
As Vennli’s co-founder Dr. Urbany says, business growth boils down to a simple 9 word imperative: Be different from competitors in ways important to customers. Therefore, nothing is more important than understanding why and how your customers make decisions in the context of your competitive market – and, of course, this is constantly evolving.
In the webinar, we’ll review the growth challenges faced by many dental business today. Through the webinar, you will understand how to gather your own insights into the choice of dentists and visualize the data in a way that allows you to make confident decisions about the growth of their business. This includes understanding the three circle model taught by Dr. Urbany in his Notre Dame MBA course. You’ll walk away with examples of how companies thought they were perceived vs the reality, how to use insights to drive strategy competition, how to neutralize competitors’ advantages, and how to measure the impact of your efforts.
“There is only one boss. The customer. And he can fire everybody in the company simply by spending money somewhere else. Sam Walton