A competitive analysis allows you to take a look at your eyecare practice and identify who your competition is, how they have positioned themselves, and what their strengths and weaknesses are.
Knowing more about your competition requires research and a lot of observation, but will identify ways that your practice can improve and actions you can take to stand out in the market.
5 Steps to Create an Optometric Practice Competitor Analysis
Step 1: Identify & Categorize Competitors
If you are unaware of your current competitors, do a quick google or yelp search to determine who exists in your market. As you find your competitors, you will want to categorize them into two different groups:
Primary Competition:
- These are your direct competitors. This means they target the same audience as you or offer similar products and services. These would be other private ODs in your market.
Aspirational Competition:
- These competitors offer similar products and services and are brands you hope to compete with down the line. These would be your Corporate OD practices, like Pearle Vision.
Step 2: Investigate Their Brand
Now that you know who your competition is, you can begin to examine the practices that you compete with. Focus on attributes important to you. You want your research to be meaningful and to help you understand what you are up against. Look at their website and marketing materials to get the following information:
- Vision, mission, value
- Brand logo and colors
- Company size
- Products and service offering
- Pricing
Step 3: Summarize Their Online Presence
In the digital age, an online presence is extremely important and has the most potential advantage. Most consumers begin their process online, so understanding your competitions' online presence is essential to gaining insight. Consider the following questions:
Website:
- Is it mobile friendly?
- Is it updated?
- Can they book appointments online?
Social Media:
- Are they active?
- Do they engage with customers?
- What website do they use the most?
- How many followers do they have?
- How frequently do they post?
- What are they posting?
Yelp & Google Reviews:
- What are customers saying?
- Is there any negative feedback?
Partners & Promos:
- Do they partner with other businesses or individuals?
- Do they market recurring sales, promos, or events meant to attract new customers?
- Do they attend trade shows or events?
Step 4: List Their Strengths & Weaknesses
After investigating your competition, you want to sort these findings into strengths and weaknesses. When compiling the strengths, keep in mind what the company does best and things you aspire to achieve. For example, maybe a practice partners with local associations, such as sponsoring a little league, and has gained customers through their partnerships.
To get started, ask yourself the following questions:
- What are they really good at?
- What are they known for?
- What attracts customers to their practice?
Weaknesses should be relevant to your specific market. Be sure to reference anything found in online reviews. These areas will be things you can focus on to gain an advantage. For example, if a practice is only open until 4PM, you can market that you are open late certain days of the week or on weekends to cater to those unable to schedule an appointment during normal working hours.
To get started, ask yourself the following questions:
- What do customers complain about?
- Are there products or services they do not offer?
- Do they have a bad online presence?
Step 5: Identify Opportunities & Threats
Opportunities to monetize on will become apparent from the list of weaknesses you complied from your competitors. Some opportunities may require too much work, or are unachievable, so it is a good idea to prioritize what is important to your practice and what opportunities you want to pursue. You can also consider things your competition does that you do not want to emulate. For example, if customers complained about wait time; market how fast you see patients.
To get started, ask yourself the following questions:
- Are there products or services they do not offer?
- Is there a target audience that is not being targeted?
Threats are areas that your competitor does well that could be a threat to your practice. Consider what your next step would be to a potential threat. Every threat does not warrant a response, but you should be aware and prepared in case one does.
To get started, ask yourself the following questions:
- Do they have lower prices?
- Have they expanded their products and services?
- Have they located closer to your business?
By analyzing your competition and monitoring them on an ongoing basis, you’ll get to know their behavior, enabling you to anticipate their actions and stay one step ahead.
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Now that you've analyzed your competition, check out our other article on marketing tactics that will help you stand out.