Opinion
These excerpts from the VetWatchSM Commentary for Week 37 – thru September 18, 2021 are important because they reveal the value of current market trends and changes in pet owner mindshare.
Excerpt: “As of September 18, 2021, year-over-year growth remains robust though continues to slow versus the previous year.”
Question:
- Does -0.2 percent seem minimal to you?
- If you’re in a practice that grosses $2 million annually, -0.2 percent is $400 this week.
Consider: “Following more current trends, the national 3-week rolling average for practice revenue growth fell to a negative (-1.2%).” That is $24,000 in a $2 million practice in less than a month.
Excerpt: Packaged Facts pet care mindshare trends. “. . . generational patterns show that while veterinarians were once kings of the hill, they are now competing for mindshare, pet care dollars in increasingly crowded market.”
Consider: The influence decline with younger pet owners and new sources of influence.
Questions:
- Are you capturing pets’ owner ages in your CRM or PMS software?
- Do you know what percent of your active clients are Gen-X, millennials or Gen-Z?
- Do you have a communication strategy organized by age ranges?
- Are you actively seeking relationships with other influencers in your local area?
- Are your social media postings aimed at information delivery or calls to action?
Source: VetWatchSM, September 27, 2021. Link.
INSIGHTS: Plenty of opportunity awaits those who choose to act on the information available week to week from VetWatchSM. Consider opening the full commentary and sharing it with team members. Seek feedback on what they see or think.