Whenever I go to the Greater New York Meeting, I have 2 objectives.
This year, I fulfilled both in very meaningful ways, some that can help YOU!
Relevant to YOU now, are the TRENDS I spotted while walking the exhibit floor.
Let’s explore each of these, as they provide timely lessons for your practices.
The days of conspicuous displays are gone. While there were some, mostly from NEW exhibitors who wanted to make a mark, most were very small compared to how they were a decade ago. There are 2 reasons for this.
MISSING IN ACTION:
Gone were some major exhibitors like Crest, Sensodyne and Oral B. WHY?
Why were they there in the past?
One of these company’s marketing strategies was that Dental offices were “Influencers” and by promoting product to them, they were able to reach their patients.
Obviously, this strategy has changed. Now, especially in the younger demographics, “Influencers” are no longer in dental offices but rather on Instagram and Tiktok. Welcome to the new reality of marketing.
There has been a consolidation of brands in the industry. Dentsply now owns Sirona and Septodont now owns the Cook-Waite trademarks (Carbocaine and Marcaine).
There were few chair manufacturers as brands such as Pelton Crane are gone. And most practice management software arenow owned by larger companies.
Now represent a larger %, with China (50) and South Korea (40) leading the pack of 21 different nations.
What does this indicate?
It means that the US market is still the largest for oral health products. It also means that there’s a greater market for less expensive products, from China, S. Korea, Pakistan, India and others as inflation and other factors have eaten away at dental profits here in the US.
Many companies had suffered from the “supply chain” chaos of the pandemic and are trying to reestablish their customer base.
There were 3 trends that I noticed that are worthwhile to explore. First was the number of foreign dental organizations and conferences. Second was the number of exhibitors promoting facial esthetics. Third was the number of DSO’s present.
The implication here too is that diversity is coming to a theater near you, if already hasn’t. Are you prepared?
There are many reasons. One is there is a perceived need for non-insurance reliant services among dental practices. Second is the perception that patients will be willing to trust their dental providers with such therapies. Third, these companies know that patients seeking dental care are nearly the same market that seek facial esthetic enhancements. These reasons should be great news for dental practices.
Should patients know that such facial esthetic options are available at an office they already trust, why would they NOT want to explore these services?
In my book “From Here to Where?” I discuss the value of planning. I recommend using a SWOTT analysis, enumerating the Strengths, Weaknesses, Opportunities, Threats, and Trends that together can help guide a practice owner towards their goals while skirting obstacles.
Taking the time to strategize and plan isn’t on many dentists’ to-do lists. But it should be. And, there’s no better time to do this than before the New Year. So, take the time, do a SWOTT analysis. And, if you need help, schedule a Complimentary Strategy Session now and get a free copy of one of my books.
Towards a clear path ahead,