Growing Through Business Development Marketing and Sales

Like most healthcare providers, Optometrists are trained highly skilled professionals who are interested in pursuing opportunities in entrepreneurship but most of the time lack the business acumen. Nevertheless, they aim to build effective operations, streamlining their bottom line and scaling profitably, they often figure out ways to strategize and stand out in a crowded marketplace. We rarely see an Optometrist calling himself a Chief Business Development Officer (CBDO), yet every Optometrist owner of private practice can be called so. The CBDO understands how to make his business survive and adapt to the changing environment by making effective forecasts and initiating change to build the success of the business and plan for the future.

While a CBDO focuses on building and growing the business overseeing business relationships and strategic partnerships, marketing focuses on discovering and understanding markets, market segmentation, and consumer targeting as well as creating value, communicating value, and capturing value. Sometimes It sounds a bit complex when we start talking about the marketing mix and the 4Ps (product, price, place, promotion) because for many eye care professionals there is only one P and that is the product. Not even taking into consideration market segmentation. There seems to be no wrong with that as long as they are good at sales.

To be good at sales requires optometrists to close deals on daily basis. Not thinking much further, it becomes harder for them to answer questions like Where their private practice business will be in 24 months? Otherwise, they would be good at marketing. And if they are willing to prospect new customers who might fit into your marketing mix they would become good at business development.

In today’s challenging business climate and environment, we look to entrepreneurs to inject new ideas and bold action into top-heavy industries. This is especially true in today’s eye care system. We are concerned about how many private practices in this space fail each day. We’re dependent on entrepreneurs to inject new ideas and bold action into Optometry too. As small business owners, we strive to make our efforts meaningful in making a profitable business and sustaining growth. Without proper business knowledge and continuous development, the ability to identify new opportunities will decrease over time and our chances to build experience will disappear.