Opinion
The numerical trends in the VetWatch updates can appear to be minimal. However, considering the average annual value of a cat at about $400 and the average annual value of a dog is at least $900, retaining and engaging clients is critical to long-term practice revenue, healthier pets and happier clients. Simple math shows a veterinarian with 4000 active clients of which 1,000 own cats can lose annual average revenue by over $46,000 by losing 1.5 percent of clients.
Considering all the economic reports touting the growing pet market, it is important for veterinary clinics to review trends strategically knowing which numbers are indicators of successful relationships with animal owners and if they are acquiring their share of the market growth.
Our industry promotes the value of prevention, compliance and routine veterinary care. With those in mind, the VetWatch trends reveal:
- Gradual growth in year-over-year core and lifestyle vaccines; +0.7 percent
- Positive growth in year-over-year parasiticides; +2.4 percent
- Negative trend in kennel cough vaccines which is concerning when you consider the projected 8 percent CAGR growth <Link> in pet daycare/boarding; -1.2 percent
- Negative trend in number of clients; -1.7 percent
Source: Vet Watch by Animalytix®, December 7, 2022. Link.
Also see:
- Vet Watch trends. Do these concern you? AHD, November 15, 2022. Link
- Keeping the client, Vet Practice, June 28, 2021. Link.
- The annual cost of pet ownership: Can you afford a furry friend? Money under 30, December 9, 2022. Link.
INSIGHTS: Simple ideas can keep clients coming with their animals, such as future appointments, your-pet-is-due reminder texts or phone calls and simple courtesy calls to check on pets not seen in the last nine or 10 months.