Happy Monday! Let’s keep rocking through our recommendations for 2021, yeah?
One of the most popular essays in recent history was my piece on raising prices.
Some folks responded positively, and said basically “Great points! Let’s up the prices!” A few commented that it’s impossible because “their market” won’t pay for a premium-priced service.
We need to dig more into this topic, and bring color to both of these opinions.
(It’s a good convo to have going into 2021, as you assess your current pricing)
To explain it, I like to use the analogy of a plane.
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Say you’re buying a ticket for a 4-hour plane ride. You can pay $X to fly coach, or $2X to fly first class.
Same destination. So why would anyone pay twice as much?
I can think of a few reasons off-hand:
Better service. A more comfortable experience. Better care. More attention. More amenities. A more welcoming environment.
All of these are reasons people pay more – sometimes a lot more – to go to the same place in a different seat.
So when you ask yourself, “Why would a patient pay more at my office vs. some other place?” What’s the answer?
Could be any or all of the reasons someone would pay DOUBLE to get from point A to point B in a plane.
And if you don’t have an answer? Then you will have trouble charging more than the minimum amount for your treatments.
But let’s assume you do have an answer….
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Knowing why someone would pay more with you… that’s only part of the equation. You must be able to articulate the why to your potential patients.
Even more importantly, your team needs to know why. And they need to be able to articulate it too.
Not just in their words, but also:
In their actions. In their tone. In their presentation.
In the materials they use. In the follow-up they conduct. In the expectations they set.
In the authority they exude. In the leadership role they establish.
This is where many practices get tripped up. They think, “Well, I know we’re the best because we provide great outcomes and a great patient experience.”
But does your team believe that? AND Do they know how to convey it in everything they do?
AND is your entire patient journey – your materials, your scripting, your workflows, your phone team, your counselor team, your treatment day experience, your check-in process – does everything signal “First-Class” to your prospective patients?
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As you prepare for 2021, take a long, hard look at your patient experience – from your patient’s point of view.
Determine: “Are we giving our patients a white-glove, first class experience, or are we sticking them in coach?”
Coach = low price, low conversions, low referral numbers, low-levels of excitement.
First-class = Premium price, high conversions, higher referral numbers from ecstatic patients.
Spoiler alert – you wanna go the First-Class route.
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Maybe this sounds overwhelming. I understand. It’s a lot.
So to make this super-easy – we put together a checklist grading system you can use to quickly assess your patient fulfillment experience.
It only takes a few minutes to complete, and it’ll give you a good idea of where you’re lacking (and what you can do about it).
Reply to this email, and I’ll get it over to you.
Have a fantastic Monday!
– Troy “First Class” Cole