The veterinary industry is on path for continued expansion, as pet adoption continues to accelerate into households, and new varieties of animals are adopted to be residential guests. What this means for the industry is continued annual growth of 5.5% leading to a total global market revenue of over $140B by 2026. Furthermore, it is estimated that nearly 70% of households in the US have some pet within the family (a fairly high portion of the population), meaning within the US marketshare is about deepening relationships with clients you should have build numbers. Randomly acquiring new clients going forward will lead to limited revenue opportunities domestically.
Veterinary clinic owners will need to be more educated in their marketing and site selection in the years to come, if they are going to be able to compete in a continuously more crowded market. Those that are the most successful will leverage predictive analytics to define their marketplace, competition, and how to win marketshare in a competitive environment. By utilizing who visits a clinic or a client’s first party data, clinics are able to define their current customer base and where they live. But what if a clinic wanted to get a better sense of the total marketplace by leveraging who is visiting their competitors? By using GPS data sources and predictive analytics, clinics can now know who should be visiting their locations over the competition.
This knowledge allows for more informed decisions around marketing analytics, marketing ROI, and new site selection. Traditionally this sort of data analysis has been contained within the fortune 1,000 company group. However, increased competition in the industry and expanded access to predictive analytics will allow clinics to make more informed decisions in the future.
Vado is a pioneer in this space for vets, we help local clinics determine where and who to market to, how to win their competition, and where expansion locations should be opened. Let’s schedule a demo and get started!