Everyone in business understands the concept of monopolies. A monopoly is defined as “the exclusive possession or control of the supply or trade in a commodity or service.”
Monopolies have been criticized throughout history because they allow one person or enterprise to control the market and buying behaviors of the mass population. Thus making it difficult for small businesses to compete with monopoly enterprises.
Kjell Nordstrom, a highly influential economist and business thought leader, suggests that although physical monopolies may be illegal in the consumer market, mental monopolies are not only legal, but they are the recipe to business success.
What is a mindset monopoly? Simply put, mindset monopolies are those companies that occupy the majority of market space in the consumer’s mind. The businesses you can’t ignore. The companies that impact your subconscious mind and influence your consumer behaviors.
When I say “functional exercise,” what is the first thing that comes to your mind? …Crossfit. Why is Crossfit the first thing you think of?
Crossfit has created a mental monopoly in modern-day society in the niche of functional exercise. Even non-Crossfit enthusiasts and WOD-avoiders can’t help but think of Crossfit when someone mentions the phrase “functional exercise.” By specializing within an overcrowded market of exercise fads, Crossfit has created a mindset monopoly, and they have created massive success as an enterprise.
How can you take this idea of a mindset monopoly and implement it? How can you become so memorable that healthcare consumers simply can’t ignore you? Is it possible that your Posture Practice could be the next Crossfit?
4 Key Steps to Making Your Posture Practice a Mindset Monopoly:
- Hyper-Specialize: Become the most well known expert in your niche. When you hyper-specialize your expertise you are leading the market space in a niche that doesn’t already exist, or is under populated. You don’t have to compete with other monopolies when you are specialized.
- Standout Content Marketing: High frequency distribution of valuable information that stands out and grasps the consumer’s attention. Answer your patients’ questions with your marketing material. Provide valuable suggestions and information that they can implement into their lives.
- Establish a Community Presence: Establish a community presence both online and offline to take over the mental marketplace of your patients and potential new patients. Participate in local events, contribute to your community, and do geographically targeted social media campaigns.
- Provide Memorable Service: Deliver the goods and connect with your patients every single day in practice. If you can spark emotion and a feeling of trust among your patients, they will never forget you.
The mindset monopoly is the way of the future for healthcare professionals. In an overcrowded market of healthcare noise, stand out and impact your market. Serve your community as the highest quality expert and be unforgettable.
Through the implementation of these 4 key steps to creating a mindset monopoly, your Posture Practice can be the next Crossfit in the minds of your patients and potential new practice members.