Wednesday, June 2, 2010

Market Share

There is a goal that every entrepreneur must accomplish: obtaining market share. How to determine market share can be confusing. You read in the industry journals that potential for one of the disciplines you offer can be many million or more dollars. That is usually accurate, but can you utilize that number in your market place?

All of the segments of DME/HME are reported, with some extra emphasis on glucose monitoring and home tele-health. How can you use these reports to your advantage? With very few exceptions in a local market they will not offer much to assist you in obtaining market share. All they will do for you is encourage you to go for it!

It is up to you to develop market share. There are many steps that can be done to help you attain your goal. It is imperative to know the demographics of your community. Armed with this you can start developing promotions. The age groups are one key, but further inquiries must be made. Ihave found that the local Chamber of Commerce will be of great help to show where people reside.

Meet with the VNA and home health associations who service your market. These visits also will open doors to them becoming customers for their supplies (a small bonus). Visit the local hospitals, speak with the supervising nurse, the outpatient and discharge nurses and if possible the administrator. They can become friends and also may be competitors (some have their own DME/HME location).

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