According to the latest market research data, the current valuation of the U.S. oral care market is around $34 billion with a projected valuation of somewhat over $51 billion by 2030. As a motivational dental sales keynote speaker, I know most observers might say, “A growth rate of nearly 5.5% is pretty darn good.”
If it were just that easy
If you are in any aspect of dental or oral care sales, you know that nothing is easy about the current situation. According to Vantage Market Research:
“There has been a significant shift in the oral care market, with online retailers gaining an edge over traditional distributors, retailers, and pharmacies. This shift is attributed to the availability of a broad range of oral care products at competitive prices, along with the convenience of online shopping and free shipping.”
If that aspect of the oral care industry weren’t challenging enough, inflation, insurance challenges with the dictation of fees, technology, supply-chain problems, the regulatory environment, cost controls, sustainability and environmental impact will all play bigger roles in the near future.
All of the pressures above now cascade and directly affect practices, and those who seek oral care. As a motivational dental sales keynote speaker, I understand that in these post-pandemic times that fears persist and make it a challenge for practices to get new patients, which directly affects revenue and the possibility of purchasing or upgrading equipment. Then there are issues of practices securing qualified help, dealing with aging populations, and other changes in patient demographics as well.
Anyone in dental sales knows that growth is not an automatic. Almost any factor I have listed above could upend sales projections, including shortages in practitioners themselves. What was once a highly attractive profession has been bumped and bruised over the past few years.
Success is a mindset
Despite the gloom and doom, NexHealth completed a survey of practices in February 2023 and came away with an optimistic feeling. According to research:
- 57% of all dental practices say they anticipate some revenue growth in 2023.
- 63% of elite practices say they expect to see another year of 20%+ growth.
- 45% of practices that experienced declining revenue in 2022 expect 2023 to be better, saying that they anticipate some growth over the course of the year.
All of this information seems somewhat conflicting, and as a dental sales keynote speaker, I would have to agree. However, this is the perfect time for you to make the difference and to be the difference.
Practitioners—especially newer practitioners—need greater information, market research data, advice on the industry, information on new trends and upcoming product introductions. Supplying this information not only helps to mold buying decisions, but also makes you are resource. Even if the practice’s questions are not directly applicable to your product or product line, your presence, your knowledge and your willingness to go the extra distance will become a huge difference-maker.
Be the difference and it will command loyalty. Make the difference and it will result in greater professional recognition. The future is always an unknown, so your responsibility is to be the known quantity and the person they can trust.
To reach Scott Burrows, Motivational Dental Sales Speaker contact Scott today at: 520 – 548 – 1169 or through this website.