Research by WatchMyCompetitor (WMC) – the AI-powered competitive intelligence platform – has identified that more than half (52%) of the companies in the Fortune 500 list in 2003 no longer exist today.
The average lifespan of a US S&P 500 company used to be 67 years. Now it’s 15.
50 % of businesses fail after the first 5 years and 75% go out of business after the first 10 years.
There are many reasons why they go out of business, the key reason I noticed from many businesses over time is lack of innovation.
Hi, I’m Huyen Truong, Search Marketing Director at Online Marketing For Doctors.
Welcome back to another episode of OMD TV and Podcast—the go-to place for medical clinics looking to grow and scale using smart, sustainable marketing strategies.
Over the years, my team and I at Online Marketing for Doctors have helped clinics across European countries, the UK, Australia, the US, Singapore, Thailand, India, Canada, New Zealand, and beyond increase patient volume and revenue—not just by bringing in new patients, but by working smarter with the patients they already have.
Now, in today’s episode, we’re diving into one thing every successful clinic owner, doctor, surgeon, needs to master: innovation
Innovation can start with one small decision: to improve just one part of your clinic this quarter.
Remember — it’s not about being perfect. It’s about being proactive. The clinics that survive and thrive long-term aren’t necessarily the biggest or the flashiest — they’re the ones willing to adapt, evolve, and stay in motion.
Why Innovation Matters in Business
Innovation isn’t just a buzzword—it’s how businesses grow, stay competitive, and adapt to change. It helps you create better products, improve processes, and find new ways to serve your customers or in this case your patients. That leads to more revenue, stronger market position, and greater efficiency.
It also builds a culture of creativity that attracts top talent and keeps teams engaged. In a world that’s constantly evolving, innovation is what keeps businesses relevant, resilient, and ready for what’s next.
You’ve probably heard the phrase, “Innovate or die.” It sounds dramatic—but it’s true. Just ask some of the world’s biggest brands… that used to be household names.
Let’s start with Nokia.
They owned the mobile phone market, probably 20 years ago… until smartphones came along. Instead of adapting, they stuck to what worked in the past. And well, we all know how that ended.
Then there’s BlackBerry. Remember those little keyboards everyone loved? They ignored the rise of touchscreens and apps. By the time they tried to catch up, Apple and Android had already won the race.
Blockbuster?
They laughed at the idea of streaming… and even turned down a chance to buy Netflix. Today, Netflix is a giant—and Blockbuster is a trivia answer.
Kodak is another classic case.
They actually invented the digital camera—but shelved it because they were afraid it would hurt their film business. Innovation was right in their hands… and they let it slip.
And of course, Borders Books.
While Amazon and others went digital, Borders doubled down on brick-and-mortar—and lost everything.
The list goes on… MySpace, once the biggest social network, couldn’t keep up with Facebook’s cleaner, faster user experience. People moved on.
So what’s the lesson?
Innovation isn’t optional. In fast-moving industries, even giants fall if they don’t evolve. If you’re not adapting, you’re falling behind. It’s your edge. It’s your future. And it starts now.
Now’s the time to look at your business and ask—where are we innovating… and where are we stuck?
Innovation Isn’t Optional — It’s Survival
Every quarter, take a moment to zoom out and look at just one part of your clinic that isn’t working as well as it could. Ask yourself:
“What can we improve, and how can we do it better?”
It might be your patient experience — before or after treatment.
- What is that experience like right now?
- Have you ever done a patient satisfaction survey?
- Do you know your average rating, or how patients feel immediately after their procedure?
- Are they referring others to your clinic — and if so, how often? What’s your referral rate?
These are powerful insights most clinics overlook — and without them, you’re flying blind.
Another area could be your consult-to-booking conversion rate.
Are your team following up properly? Are prospects falling through the cracks because no one is available to answer their questions in real time?
If you’re relying entirely on manual follow-up, you’re probably leaving money on the table.
This is where AI can be a game-changer.
AI tools can automate follow-ups, reply to enquiries, and even pre-qualify leads — all without the cost of hiring someone to answer phones 24/7.
And the best part? You don’t need complicated training or big budgets to implement it.
👉 If you want to see how other clinics are doing this, watch Video #96 / Podcast #145:
“How to Increase New Patient Bookings Using AI” with Wouter Slettenhaar.
I’ve linked it in the show notes, along with real clinic examples.
Innovation Doesn’t Have to Be Big — Just Need To Get Started & Be Consistent
Innovation doesn’t always mean launching something brand new. Sometimes, it’s about refining the things you already do — and doing them just a bit better.
For example:
- Level up your before-and-after visuals. Higher quality images and videos build trust.
- Start documenting case studies — include background, the challenge, the treatment plan, the result.
- Create short video recaps of these cases and share them across your website and socials.
- Post more authentic, behind-the-scenes images of your clinic and team — not just polished headshots.
- Challenge yourself to film at least one educational video per month to share with your database, website visitors, and followers.
- Set a goal to collect 2–3 new testimonial videos from happy patients every month.
It’s also about the backend:
- Aim for your first 100+ Google reviews by setting up a smart follow-up sequence using SMS or email.
- Automate reminders after key treatments to ask for reviews — when the patient is happiest.
- Write and set up an automated follow-up email and SMS sequence for enquiries about your main treatments. Educating patients right after they reach out builds trust and moves them closer to booking.
- Set up a CRM (Customer Relationship Management system) to finally get clarity on what’s working — track your leads, measure ROI by channel, and see where your marketing dollars are actually performing.
- Start nurturing your existing patient database — not just with promotional content, but with engaging, educational, and even entertaining updates. That’s how you build relationships that last, encourage return visits, and increase referrals.
And don’t forget your team. Innovation also means asking:
“How do we attract top performers and keep them?”
Could you offer unique perks — like becoming the first clinic in your field to offer a 4-day work week for your best-performing staff?
Those small changes can make you stand out as an employer, and attract people who care deeply about delivering great care.
Final Thought
Innovation doesn’t always require huge resources or dramatic change.
But what it does require is commitment — the discipline to look at what’s not working, listen to your market, and act on it.
You can’t afford to stay stagnant. Technology is moving, your competitors are moving, and your patients are evolving.
If you’re not adapting, you’re falling behind.
Being innovative is not a nice-to-have anymore — it’s non-negotiable.
It’s not about perfection — it’s about staying relevant, resilient, and ahead of the curve.
Because in this game, you either evolve… or you disappear.
If you’d like help in terms of what you can do to innovate your marketing, head to 👉 onlinemarketingfordoctors.com and book your free strategy session.
Thanks for listening. And I’ll see you in the next episode of OMD TV and Podcast show.
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