When faced with economic uncertainty, bold actions can often yield the most meaningful results. Growth-minded suppliers who form strong, strategic partnerships and use a data-driven approach can get the insights they need to grow during challenging times and emerge even stronger when market conditions do eventually improve.
The effects of inflation can be seen across all industries, and the oral health market is no exception. Fears about a potential recession in the U.S. economy are also present. Many dentists are reacting to rising costs by not over-ordering products. As a result, some dental manufacturers, dealers and labs are responding to lower sales by making changes in their workforce, pausing marketing initiatives and postponing plans as they wait to see what the future holds. In such an environment, growth seems less top-of-mind than the desire to pull back into a shell and wait out the storm.
When things seem economically uncertain, bold moves can pay off in a big way. As noted by McKinsey & Company, “In times of uncertainty, growth is an important facet of resilience; leaders who adopt a growth mindset are better positioned to thrive under disruptions and other challenging situations — and outperform their peers."
McKinsey goes on to note that the leaders who “take risks, understand their customers, favor action over perfection, focus on the long-term” and concentrate on moving forward can see sustainable, inclusive growth.
Before leaders at dental organizations can feel comfortable making these bold decisions, they must trust and feel empowered by the information guiding those decisions. According to a study cited by Fast Company, 42% of business leaders say they don’t have enough data or information to make proper decisions, and 28% say they are lacking tools to gain insights they need.
Data is the key to better understanding who your customer truly is and its lack can be a huge barrier to growth when going up against competitors with greater brand strength. But organizations not only need more data, they need to know how to apply it. Gaining access to substantial data sets, deep dental domain expertise and analytics capabilities to unearth meaningful insights — both on the market and about provider practicing behavior — can give leaders the confidence to keep growth initiatives moving forward even in uncertain times.
Armed with these capabilities, dental suppliers can emerge stronger on the other side of challenging market conditions with an even better picture of who their customers are. Some of these tools for resiliency may include:
There is no need to sacrifice the near-term while waiting for market conditions to improve. As the #1 dental data optimization partner, DentalMarketIQ is helping innovative dental supply organizations grow today despite uncertain times. Suppliers who work with us to better understand their customers through comprehensive data, analytics and leveraging our more than 25 years of dental domain expertise will be well-prepared to step into the future with confidence and tackle bold new growth directions. Contact DentalMarketIQ today.
1 "Embracing growth and building resilience during economic uncertainty." McKinsey & Company. 9/10/2022. https://www.mckinsey.com/featured-insights/themes/embracing-growth-and-building-resilience-during-economic-uncertainty
2 Ken Ewell. "Empowering bold decisions in the age of uncertainty." FastCompany.com. 4/15/2022. https://www.fastcompany.com/90740108/empowering-bold-decisions-in-the-age-of-uncertainty