Competition is Expensive, so Stop Competing
and Make More Money Part 1 - Strategy
Mike Pownall, DVM, MBAwww.slideshare.net/mpownall
Veterinary Business Promotion Today
KindCaring
CompassionateState of the Art
High qualityCheaper
Strategy• A description of how we can
identify what our clients value and how we can deliver it
• It takes our vision & mission and puts them into operational terms that can be analyzed and acted upon
Goal of Strategy
Compete with a sustainable advantage of differentiation over our competitors
Mission
Vision
StrategySustainabl
eSuccess
VisionGuiding Philosophy
Who and Why• Values• Essential & enduring even if a competitive disadvantage
• Core Purpose• Our reason for being
MissionWhere we want to go with a
mix of concrete reality with hopes and aspirations
Translation of vision from image to words
MPES Values1. Take Ownership – “Own It”
2. Evolve – “Push It”
3. Deliver Excellence – Elevate it
4. Collaborate – Share it
MPES PurposeGiving horse people peace
of mind about their horse’s health care through excellent
customer service and education
MPES MissionTo become a globally
recognized equine veterinary business
through leadership in patient, client and
employee care
Value Propositio
n
Goals
Core Activitie
s
Service Market Focus
Strategy
Goals• Dominate Markets
• Lowest Cost• High Growth
Product Market Focus
• Groceries and general merchandise
• Value oriented customer
Value PropositionAt Walmart, we serve
value-conscious customers that come
from all walks of life and all income levels.
Core Activities• Integrated logistics• Intensely managed
Value Propositio
n
Goals
Core Activitie
s
Strategy
ServiceMarket Focus
Environmental Review
Bargaining Power of Suppliers
Bargaining Power of Buyers
Threat of Potential Entrants
Threat of Potential Substitutes
Past Environment• Racehorse generated much of our profit to
drive growth.• Horse business was growing• Less price sensitivity since pricing
knowledge was less obvious• Focus on ‘A’ horses• Competition was older and less tech savvy• Less Internet influence
Future Environment• Declining racehorse industry• Horse industry contracting over time• Canada will have slower economic
growth in next 5-10 years• USA, Asia and eventually South
America will have robust economic growth• Competition should even out and
even decrease
Goals5% Growth?
Develop dentistryNew associate
Cut costs
Clients ValueProposition
A strong and direct value proposition for a well
defined customer segment is essential for business
success
Customers• How many segments?• What do they value?• What don’t they value?• Poor customer choices?• Missing services?
Sarah Busy, 35-55, Lawyer
Sporthorse Owner/Trainer Profile
Demographics• Married, one child• Hunter/Jumper focus but follows
dressage too• 2 horses• Boards; works with trainer• $175k income• Horses are a hobby but competitive
Challenges/Needs• Information overload for veterinary
care – what do I need to do for my horse, really?
• Finding time to spend with horse• Keeping up with the Jones’ – trends
constantly changing• Standing out in the show ring
Buying Behavior• Very active digitally• Uses mobile/tablet almost exclusively• Linked In and Facebook active• Relies on trainer and what
competitors are doing – what is winning
• Shares information with friends if happy AND more so, if unhappy
• Follows the circuit locally and in California
• Makes decisions quickly, wanting to know cost but cost is secondary.
Other Hobbies/Information Consumption• Likes to be on boat when not showing
or hanging with friends• Interested in the latest trends –
clothing, tack, styles, trainers• Regularly reads “The Horse” and
“Chronicle of the Horse”• Active in local and national HJ Assoc.• Follows “xxxx” blog and regularly
checks “xxxx” website• Daughter is active in horses and
following in Mom’s footsteps
How can we help?“I want someone who will work with me and more importantly, my trainer, to keep my horse healthy and in shape to win. I need someone who will be on time and efficient because I don’t have time to waste. I want what is best for my horse, always. He is my baby.”
Sarah is passionate about her horses, is competitive and always wants the best for her and for her horses. She doesn’t like to cut corners. She struggles to find as much time as she wants for her passion so wasted time is frustrating to her. Downtime for her horse is beyond hard and she depends on her trainer to give her the best advice and keep her horse sound, healthy and winning. She wants to be rewarded for her good work.
Why Profile• Content that will resonate• Smarter spending• Loyalty• Ambassadorship• Make strategic business and marketing decisions
Client Value
UPSTREAM DOWNSTREAM
VALUE
Client Value
UPSTREAM DOWNSTREAM
VALUE
Client Value
UPSTREAM DOWNSTREAM
VALUE
Service Market Focus
• Lameness• Preventative medical care• Dentistry• MRI• Emergency care• Horse show care
Value Proposition• Solves a need or a want• money, time, functionality, performance, education
• Reduces a pain point• Money, convenience
Value PropositionOne sentence to describe why a customer uses your business
VP Mistakes• Describing features rather then value• Imposing your own opinion• Not understanding what customer sees
and acknowledges• Providing value to a Customer Segment
that doesn’t exist• It’s “nice to have”• It’s just a feature of someone else’s
product
Value PropositionCourteous & personal equine
veterinary care, education and services for horse people who
value their horse’s health.
Supportive environment for referring vets
Core Activities• Software• Availability• Specializations• Customer Service• Staff training
Mission
Vision
StrategySustainabl
eSuccess
What do our Clients Value?
Keep In Touch
www.oculusinsights.net
www.slideshare.net/mpownall
Top Related