Instead, revisit your practice and see how you can increase patient value while lowering long-term costs. Or in less metaphorical terms: don’t compete with other dentists and drain cash and other resources playing tug-of-war for market share. Chan Kim and Renee Mauborgne in their bestseller “Blue Ocean Strategy”, there is one and only one way to achieve and sustain high performance, year after year, in a competitive marketplace: stop butting heads with your competitors in red (yes, that’s blood-red) oceans, and instead swim towards the serene and peaceful blue oceans of uncontested market space. However, if you plan on growing your practice – not just eking out a living, but actually thriving – in a dizzyingly competitive and increasingly fragmented marketplace, you need to envision a totally new picture in your head when you see the words “blue ocean” and that picture doesn’t have anything to do with yachts at least not directly (more on this later).īlue Oceans = More Value + Less Cost + New MarketsĪs discussed by W. Or hey, why not throw in a yacht, with you as captain, while you’re at it? You might even see a family of graceful seagulls floating against a bright, clear sun. Read on!Īs a dentist, the soothing picture that pops in your head when you see the words “blue ocean”is one filled with tranquil waves lapping playfully beneath an azure sky. Your goal? Position yourself to serve high margin patients so you can boost your profits, and leave your competition behind. Ultra-competitive marketplaces are cutting into dental practice profits, while patients become more sophisticated and choosy in their selection of dentist. Blue Oceans and Dentistry: More Profits with Less Competition
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