The EntreMD Podcast

How to Stand Out When New Competitors Show Up

February 19, 2024 Dr. Una Episode 405
The EntreMD Podcast
How to Stand Out When New Competitors Show Up
Show Notes Transcript Chapter Markers

Facing a sea of competition can be intimidating, but what if you had the insider know-how to not just survive, but truly stand out? Our latest episode is a gold mine for anyone in the business of medicine, from seasoned practitioners to entrepreneurial novices. We dive into the power of a positive mindset, the magic of an abundance mentality, and the practicality of collaboration over conflict. Prepare to have your perspective shifted, as we uncover how to leverage your uniqueness to not only navigate but excel in the competitive business landscape. You'll learn to identify and amplify your strengths, creating a brand that's as resilient as it is remarkable.

Let's talk strategy – not just any strategy, but one that's built to last through economic highs and lows. We share actionable advice on fortifying your business, from bolstering brand building to solidifying client retention and referral relationships. This episode isn't just about facing competition; it's about rising above it with a business approach that's proactive, prepared, and uniquely yours. Be ready to reflect on what sets you apart and join us as we lay the groundwork for a thriving practice that stands the test of time and turbulence. Share your success stories with us; they're the fuel that drives our mission to empower the physician community to succeed in business on their own terms.

When you are ready to work with us, here are three ways.

1. EntreMD Business School Accelerator - If you are looking to make a 180 turnaround in your business in 90 days, this is the program for you.
2. EntreMD Business School Grow - This is our year-long program with a track record of producing physician entrepreneurs who are building 6, 7 and 7+ figure businesses. They do this while building their dream lives!
3. EntreMD Business School Scale - This is our high-level mastermind for physicians who have crossed the seven figure milestone and want to build their businesses to be well oiled machines that can run without them.

To get on a call with my team to determine your next best step, go here www.entremd.com/call

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Speaker 1:

Well, hello, hello, my friend, Welcome back to another episode of the Entremdi podcast. As always, pump to be your ears and big shout out to you and thank you for leaving me a review posting about our episodes on social media sharing the podcast. It's always a great delight to hear about all the big changes doctors are making in their businesses because of the timeless principles they get from the podcast, and today we're going to talk about something really cool, and that is really what to do when new competition shows up, and this could look many different ways. This could be you are in private practice and another maybe your family medicine doctor, another practice opens down the street from you, or maybe a new clinic clinic or the hospital establishes a private, a primary care center right by you. It could look like you are a coach and you do a very specific thing and 10 new people now come in and do something that is very similar. It could look like you do certain kinds of events or retreats and things like that, and there are new people doing it, and so the question is what is your response to that? How do you protect your business? How do you not engage in mind drama? How do you go through that and it's okay. And so today I'm going to give you three really powerful things that you can do about this and if you apply it, you'll be okay with the competition. So three things. So the first thing is not to entertain any kind of hate. I know hate is a strong word, but any kind of beef like this person came and started up a business right by me, or they're doing what I did, or any of those kind of things Because as entrepreneurs, we really are innovators, creators, and anything that interferes with your with you on the inside really interferes with your whole business. And so if you spend your time being in that negative energy I'm going like I can't believe they did this or you're entertaining the thoughts like everything's going to fall apart. My business is going to fall apart, they're not enough patients or not enough clients for both of us. Like any, like any, any of that kind of negative energy just puts you in a place where, yeah, things are just going to get worse, and so you want to be in a place where you'd have no, you have no beef or animosity towards the person. You want to put yourself in a position where you believe there's abundance, there's enough for everybody. You want to put yourself in a position where you will have a cordial relationship you might not be best friends, but a cordial relationship with this person and, who knows, you guys might go on to collaborate and do all of those kind of things but you just want to put yourself in this great positive energy, right, and it may take you a moment to really sit into the fact that, okay, there is abundance for us, there's enough for us. Put yourself in a position where my business will thrive, no matter what. Just put yourself in that space. That's the starting point is getting you know, like, rid of any mindset, drama, things like that. Okay, so that's the first thing. Now, having said that, sometimes people will do that and then sing kumbaya and go like, oh, I believe in abundance and there's abundance for everybody, and they keep going as usual. Well, you can't really keep going as usual. There needs to be a response to that. Okay. Now, the response is not to get into scarcity or to get into having issues with people and finding with people online all of which I've seen. It is very bizarre, but all of which I've seen. But I'm going to show you how you know, like tactically, how to respond to that. But again, we're not going to that negative energy, but we're also not singing kumbaya. I'm not doing the part. You know the things that we need to do, okay. So number one is that piece. Number two is really to assess the weaknesses of your business. Okay, and I will give you a few examples. And so say your business. You know you got to the six-figure mark and multiple six figures, then six, seven figures, multiple, seven figures, and you had more clients in, or patients, than you knew what to do with, and so you started slacking on some very critical roles you have in your business, critical activities. So, for instance, maybe you stopped brand building, right, because you're like we're here, we're growing by word of mouth, we have more clients that we can handle, and so maybe you had a YouTube channel and you stopped. Or maybe used to really show up on social media and you stopped. Maybe used to speak at events and you stopped. Like all these things you did were the things that were really bringing people into your world and growing their no-likes and trust factor. Like, maybe you used to, you know, like Used to go out on other people's podcasts or YouTube channels or guest coach in their programs or you know All of those things you just stopped and so that is a weakness. Okay, that is a weakness. The weakness could be maybe because you had so many clients he had so many patients you stop paying attention to your ability to retain them. So maybe they're coming and they could work with you for five years, but they're working with you for five months and you're okay with it because as soon as they leave, you're able to replace them and all of those kind of things, and so maybe you're not paying attention to anything you do for retention whether that's helping them get better results, state of communication, all of those things. That is a weakness. It could be that you had referral sources and, oh my goodness, in the beginning of your business you showed up and you talked to them and you stayed in communication. You visited them and you send them, gives me, send them Thank you notes to say Thank you for sending me these patients or clients and things like that. But you got busy and so you stopped and you know some of them kept sending, but they did not send as many. Some of them stopped sending all together you didn't notice. Okay, so now this is your opportunity to look at. So, for instance, I'm giving you three areas, like the brand building, the retention, the referral, where, if you Optimize those three areas, then what it does is it puts you in a position where, yes, there may be competition, but your company is still healthy. These are things you have to do regardless. So you're not necessarily doing this to get back at the competition or whatever, but you're just making your company stronger, right? So you want to assess the weakness and strengthen those weak areas? Okay. So for this example I gave, that means you know this doctor will go back to brand building, like you know. Like if this is where the beginning not not necessarily the beginning because you may leverage your team this time, you may repurpose old stuff, like you know, there's strategies around that. But you're gonna go and say, okay, I need to become more omnipresence. People need to know. Well, more omnipresence. It's not even a right thing. You're either omnipresent or not. Okay, more visible, okay, bigger brand, more people know about you, right, your referral sources are preferentially sending to you. Your retention is better, all of that. If you just adjust these three things I gave as an example, of course it will make a huge difference where the fact that somebody new comes in doesn't really have a whole big impact on your, on your business. Okay, so that's the second thing Assess your weaknesses and strengthen those areas, optimize those areas. And then the third thing is to find your uniqueness. Now, every business is as unique as the business owner. We may all do the same thing. So there are people who do business education for entrepreneurs. I do business education for entrepreneurs. I would do it differently than anybody else would do it right, and we can both get results and we both cater to a unique kind of person. So let me give you an example here. Okay, there are some people who would get a business education and they want very defined curriculum, they want very defined metrics, they want to have a certificate, they want to have all the graphs and the bells and the whistles and they want to have one-on-one coaching and they want to have All that kind of stuff. Okay, and there are models for that. That is not my model right Now. The person I would appeal to would be a person who Understands, no matter how successful they are, they understand that there is more. They want to build a business that is a business asset Meaning. They built it in such a way that, if they want to give it to their families, an asset that can be passed on. If they want to Sell it, it's an asset that can be sold. These are people who want to learn how to lead teams, so they're getting results through teams. They want to become masters at marketing and selling, so they understand how to create revenue. They want to do this in a way that does not create burnout. They want to do this in a way that they are also Creating financial freedom and time freedom, so then they have time for the things that matter Spending time with their families, spending time with their friends, Focusing on the things that matter to them, giving to projects that matter to them, and they would even go on to, you know, start Disrupting industries, being an example of what is possible. So they gain this. It's not just about the business, but it's the significance of living a life that changed the world, that served their generation right. So these kind of people and they're willing to do the work, they're committed, they're coachable. You know they're not saying it's my way, or the highway, or this is the way I've always done it. This is where you always be. Now these people come in. They want to get results. Okay, now I understand those people, I cater to those people, I have served those people, I have helped those people create results, and so if there is competition coming my way, I lean into my uniqueness. I lean into the fact that we're not heavy on all the curriculum in the world. We're heavy on giving you the timeless principles that work so you can take them. You can go, start taking action. We're very big on accountability, right. We're very big on building a community of elite entrepreneurs who are really leading the physician community as far as entrepreneurship is concerned, and I lean into that. So I may not have stuff that everybody has, but there are things that I have. When I started my private practice, there were many practices around me that had been there for much longer, had access to more resources, had bigger teams and all of those things. I couldn't compete on that. They had longer hours, they had Saturday hours, they had beautiful facilities like state-of-the-art facilities and all that. When I first started, I couldn't compete on that. But when I looked at their reviews, what I saw were people who complained right, which we look at that and we take a few pinches of salt, but the people who complained talked about things of I feel like a number here. Nobody knows my name right and it's not personable and things like that. Well, I was small enough that I could compete on that, so I didn't try to compete with the strengths of the other practices that were there. I got to compete on the things they could not compete on, which is we are warm, we are friendly, we know your kid's name, we give a personalized approach, you're not gonna get lost in a phone tree, all of those kind of things. That was my uniqueness. So, granted, they were much bigger, but me being small is not necessarily just a disadvantage. They're pros and cons and the pros was that I could compete in a way that they couldn't compete right. And so think about what makes you unique and don't think you don't have that. You could be the smallest practice and there's the biggest hospital coming. There are things that they cannot compete on. You could be a coach who's been in business for a year and there's another coach who's a veteran coach. There are things they cannot compete on right and you want to lean into. What is that for me? What makes me unique, right, what makes me stand out? What is different about me is like your fingerprints, like your entrepreneur entrepreneur fingerprint. You want to lean all the way into that and take full advantage of it is what sets you apart and it's what makes it impossible for someone to compete with you. And people have asked me like have you ever worried about you know, people competing, or people that? And, to be honest with you, I haven't, for a number of reasons. One is you know, really I try to lean in all the way into what my assignment is, and my assignment is very simple I'm going to help a hundred thousand doctors Build profitable businesses so they can live life from practice medicine on their terms, and they, you know so. They will do this through building all these, you know, profitable six, seven, a multi seven figure businesses, and they in turn, the hundred thousand people in turn, turn around and influence the rest of the physician community, which is another nine hundred thousand people, and would have completely disrupted what is going on for physician, for this, physicians everywhere. That's my assignment, and so I am all though I'm lean, I'm all the way in on my assignment. Now, the second reason why I don't worry too much about is I lean into my uniqueness. I spend time to get in touch with me and who I am and what makes me take and what are non negotiables for me, and all of those kind of things, and I leverage all of that to serve the doctors who work with me. Right, and so, because of that, what I'm doing is not just something I read from a book. I'm not a theorist, I'm not, you know, like that's not who I am. I have created these results for myself. I've created these results for for many, many, many clients, and I understand my unique giftings and talents and and all of that, and I leverage the experience and my uniqueness to help more clients. And so it's hard to copy. You may look at something I'm doing and you're like I'm just going to copy and paste that, but it's hard, it's hard to copy, and so these are some of the things you can do, and if you do them, then you don't have to worry about the competition. I don't really think about that, right, but one is that someone comes into the space and they're doing the same thing I'm doing, whether my private practice or marketing agency or in on Tram D, I don't have beef with them. There will always be new people who come into into the space and we shouldn't want to stop them. Right, okay, now some people are you going to come into the space in a weird way, but you know, people always do what people do, and people do. People eat things. And I always lean it okay, where, where are the weak areas in my business? Right, where the weak areas. So I can strengthen that, so I can optimize that, because leaning into where your business is weak and strengthening those areas is what will make you thrive, whether it is good times or it is bad times, okay. So, for instance, during the pandemic, you know a lot of businesses had their weak sides totally exposed, like they did not realize they would have to look into those areas and optimize those areas, because that's where you make the margin, that's where you can get ahead, that's where you can thrive in the midst of challenges. And if you don't respond to that, just focusing on the strengths you have been leveraging is, most times, is not going to cut it Right, and so you lean into that and then you find your uniqueness and exploit this. This is something that you do whether the times are good or bad, whether there's competition coming or not, when competition comes, when a pandemic shows up, when you know market conditions change and all those things. You will be in a position to thrive in the midst of it, right, okay, so I want you to go do this. So run an audit. Is there anybody I have beef with because they came into the space and they're doing what I'm doing? Right, they just fix that. Or I'm thinking scarcity, so because they've come in now, they'll take all the clients and they'll be non left for me. That scarcity thinking Right, I want you to do. You know, like, take a do an audit. Like where, where have I neglected in my business? What area have I neglected in my business because we've been doing so well, right, is it the brand building? Is it the retention? Is it helping your clients get results? Is it the customer service? Is it building, building a referral base? Like, where have I neglected because we're all right, right. And after that, just ask yourself the question like what is my uniqueness? What makes me different from everybody else? And you want to lean all the way into that and really, really, really own it. Okay, if you do this, you'll set yourself up to build a business that works when times are hard and when times are not, that works when there is new competition and when there isn't that works, when there is a new competition, when there isn't that works, when market conditions get rough and when market conditions are great, okay. So I want you to go do this, and this is one of those. You can send me a DM or a PM and say, oh, my goodness, doctor, and I did this. This is so good and, yes, I have competition coming or market conditions may change, but I am ready. I want to give you a big shout out, okay, for the hard work you did. So be sure to share this episode with the doctors in your life, and I will see you on the next episode of the on tram, the podcast.

Navigating New Business Competition
Leveraging Uniqueness for Business Success
Building a Resilient Business Strategy