Competitive Analysis For Small Businesses Selling To Hospitals
The last item of preparation for a small business to sell to hospitals is evaluating the competitors in their market
. This is crucial in developing a unique angle of why their small business is different and should be chosen over the competitor down the street. The distinction will be the focal point of crafting marketing messages to the health care facilities the small business is approaching. Initially, the analysis can be broken into three categories to investigate before beginning a campaign.First is to identify who the competitors are that are selling the same product and services to health care facilities in the area. An absence of any competition or only a single competitor may not be a gold mine. Usually in health care, if there is money to be made, the competitors will be there, so the lack of companies vying for business may indicate an unprofitable segment. In addition, the location of the other firms needs to be determined. Are they local, regional or national? Figure out if the firms specialize in health care or multiple industries. All of this information can be utilized to position a small business as a better and different choice.
Next is how are they acquiring business. This investigation can begin by looking into health care trade journals for advertisements and often the competing companies websites. All factors such as, do they have inside or outside sales representation, regional sales rep or local, is service separated from sales, and does national account representation contribute to the approach that will we used by the small business entering or expanding on the hospital market.
Last is, if at all possible, ascertaining the pricing structure, including, if opposing companies have contractual relationships such as service agreements with facilities in the local area of the small business. This is by far the most difficult, but internet research and developing some relationships in the industry with other noncompeting vendors will provide a ball park figure, which is good enough to get started and achieve momentum.
Competitive analysis is not only vital to understanding who a small company is up against, but more importantly, will create the difference factor of why the small business is better than the rest. No campaign can begin without it.
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