Do You Know Your Competition?

One of the struggles that our clients are constantly facing as independent diagnostic imaging facilities is getting the upper-hand on the competition in their area.  It is often challenging to combat against a giant hospital system or facility that has been in place for years, it is even harder when you are newer to the area.  The important thing to keep in mind is that while they have certain strengths, they also have their weaknesses, which are undoubtedly areas that we can capitalize on.  The intrinsic differences can be anything from the varied feelings patients get when they walk into your center versus the competition to pricing to the friendliness and accessibility of your staff, techs and radiologists.

       competitive analysis 

There are many ways to interpret these differences.  However when implementing a competition analysis it is best to perform a SWOT analysis and PEST analysis.  A SWOT Analysis examines the Strengths, Weaknesses, Opportunities and Threats of your facility in comparison to your competition.  On the other hand, a PEST Analysis examines the characteristics of a specific market by looking at the Political, Economical, Social and Technological aspects of the area.

By sitting down and really getting to know your competition, you will find the best way to beat them.  When it comes to diagnostic imaging, think about the magnet that your competition uses; it’s strength and manufacturer, additional modalities they might have, their hours of operation, their staff; including sales people, radiologists and technologists, cash pay options and pricing, their limitations and the advantages you have over those limitations.  By following these analysis templates and getting to know your competition, you will have the tools necessary to succeed in your market and shut out the competition.