If you think a great location is just about competitor saturation, think again.

Even if you have an AMAZING population to dentist ratio suggesting an underserved community, if your new office is located down the street from a strong competitor with a very effective marketing strategy in place,  you definitely should reconsider that location.

Now don’t get me wrong – competition is often very healthy.  In fact, I’ve seen some of the most successful ‘shark’ practices (i.e. practices generating millions in annual revenue) located in very close proximity to one another.

But, it’s healthy for well-established businesses to compete this way, not new dental offices without patients and steady income.

Remember that with startups, it’s all about getting out of debt as fast as possible, and because cash is king, you really want to reduce costs wherever possible.  In other words, you want your practice to be able to grow as organically as possible.

So, unless you can account for an additional six figures of capital on top of your startup costs into a strong marketing strategy, a strong competitor in close proximity can seriously stunt the growth of a new dental office.

In today’s market, your competitor’s digital footprint should be seriously considered when selecting a site. 

A competitor with a strong online presence can definitely sway potential new patients to choose that competitor over you. 

Here are 10 factors to consider:

What is their overall rating on online platforms like Google, Yelp, and Rate MDs?  

Do they have a large number of reviews?  If yes, how capable are you at gaining an equal or larger number of reviews?

What is the quality of the reviews?  A well thought out review that gives clear examples of why they are giving that dentist 5 stars is more likely to convert into real patients. On the other hand,  a short brief 5 star review, for example, “Dr. R is the best!”, can often be perceived as a fake review.

How strong is the competitor’s website? Is it dull and outdated, or is it modern and compelling?

Are they active on social media platforms like Facebook, Instagram, Twitter, etc.? Social media is an excellent strategy for dentists to gain new patients.

Are they volunteering and giving back to their community? Patients like dentists who give back to their community, because a nice dentist is more likely to be ethical, and treat that patient nicely and fairly too.

And last but not least, how old are the competing practices, and who owns them?  While not a hard set rule, younger practices are more likely to be aggressive in their marketing campaigns compared to older, well-established practices. Also, privately owned dental practices tend to have less budget to spend on marketing, when compared to practices owned by large corporate chains.

ConfiDens Analytics helps dentists in North America locate their practices for success.  For more information, get in touch or call 1.877.786.3367.