Business Briefs: What Is Your Practice’s Competitive Advantage?

A veterinary practice’s competitive advantage is what makes it unique and differentiates it from competitors, allowing it to generate greater revenue and attract more clients. The advantage can stem from cost structure, services offered, market positioning, customer service, or some combination of these factors. It’s a mix of attributes and execution that makes the business stand out.

Define Your Brand Identity

A practice’s brand identity is often closely related to its competitive advantage. For example, a clinic known for always having the latest and most advanced diagnostic equipment has a brand identity of being “cutting edge.” This investment in infrastructure helps the practice attract high-end clients willing to pay for technological advancements. Another practice might be known for its individualized patient care and thoughtful communication with clients, with the tagline “Every Horse Matters.” This practice might attract amateur competitors with one or two horses and clients who value their horses as members of their family more so than athletes.

Market positioning is a tool you can use to communicate your practice’s positive attributes. If the practice is small, you might use phrases like “personalized, individual attention” or “where you’re never a number.” Large, multidoctor practices can use the phrases “biggest practice in the tristate region” or “Our specialists cover everything your horse needs.”

Your practice’s competitive advantage must be something that not every practice offers. Do you have exemplary customer service so your clients are never confused and always have their questions answered right away? Does your practice offer a service that is not commonly available? Do you limit your practice to certain types of services, like emergency care, dentistry, or integrative modalities? Are you known for having lower-cost care and affordable treatment options? If so, have you been able to find efficient ways to deliver this care so you can expand the volume of your work without increasing the time needed to complete it?

Consider Your Region’s Needs

Your competitive advantage will largely depend on how your offerings fit with your region’s equine industry. If the business is in a rural area with many Thoroughbred breeding farms, efficient workflow with reliable arrival times allow farm managers to book mares for timely live cover. They value this highly. Understanding your area’s horse industry and the clientele’s priorities can help you shape your practice. If what you enjoy most about veterinary medicine is not valued where you practice, it might be wise to relocate. Or perhaps you just haven’t found “your people” yet.

Final Thoughts

Live your brand identity and your values every day. Make every experience with your practice team consistently positive. By doing so, you will attract the people who share your values and beliefs. This might just be the competitive advantage that makes your practice shine.

Related Reading

• Business Briefs: What’s Your Practice Brand Identity?
• The Business of Practice: Creating a Brand Identity
• Business Briefs: Tips for Effective Equine Practice Marketing

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