It’s typical for patients to make price comparisons when considering your services.
In fact, the idea of comparing prices (and comparison in general) is hard-wired into us. It’s at the core of any decision-making process, even if many of us don’t realize it.
Unfortunately, the way most people compare prices – your vs. your competitor’s – doesn’t help them make the right decision. But when framed correctly, price comparison can actually work in your favor – to set you apart from your competition and transform your premium priced procedures into no-brainer options for your prospects.
Specifically, there is only one price comparison you should guide your prospects to make. I explain it all in the video…
Questions about how to guide your patients to the *right* comparison? Click here to book your free Strategy Session to deep dive on this very important skillset…
Hey, what’s up, y’all. It is your boy, Troy. And I want to talk to you some more about pricing. And today I want to talk to you about the only price comparison that should be made when you’re talking to your prospects about your treatments, the only price comparison that should be made.
So commonly you’ll have patients or prospects rather who come in or they call you. And they’re trying to find out the price of your treatments, and they’re making comparisons between what you charge versus what somebody else in town charges for a similar type of a treatment. And we’ve talked about in other videos, how that’s not what you want to do. That’s obviously the wrong comparison.
You’ll also have comparisons where you might talk about the price of your procedure or the investment in your procedure versus the cost of what they’re spending on something like glasses and contacts in the world of LASIK, right? And so it’s like, Hey, look, you could save money based on what you’re spending on glasses and contacts if you go ahead and have the treatment.
But I want to zoom out a little bit because that’s under a bigger umbrella. And the umbrella I’m talking about is the, is the only price comparison that you should make in your treatments. And that price comparison is the investment in your treatment compared to the cost of an action, the investment in your treatment compared to the cost of inaction. And yes, part of that is financial, right? If someone’s spending $500 or $1000 a year on glasses and contacts, then there’s certainly a financial component to having a treatment that gets you out of those glasses of contacts for the next decade or two. Right? But there’s so much more than that. There is a quality of life component.
And in many cases, while you can’t put a price tag on quality of life necessarily, the pain associated with that can be so much more than the pain associated with just spending the money that you’re already used to spending on glasses and contacts. What am I talking about here? Well, you might have a patient who comes in and they say, you know, I just, I really want to be able to swim with my kids this summer, but when I don’t have my contacts in, I can’t see them in the pool. It’s literally unsafe for me to try to actually get in the pool and splash around and have fun with them because I can’t see what is happening. I can’t keep an eye on my kids. Well, what is the actual monetary cost of that? I don’t know what it is. I can’t really put a price tag on it.
But in terms of quality of life, I mean, that is huge, right? Could you imagine going through life and not being able to ever fully engage with your kids during the summer when you go swimming and being able to enjoy that time with them. That is horrible, right? Or maybe somebody wants to be able to play sports and they just can’t do it. Or they love to go bike riding, but they wear their glasses and their sweat always dripping down their glasses. So five minutes after they start for the next hour and a half, they’re just miserable.
These kinds of things – while there’s not a price tag on them necessarily – are huge costs to your patients. And really what that comes down to is being able to figure out and find the pain, and reminding the patients of that pain that they are in of the cost of not taking action now with you, because that cost, when you look at the financials and you look at the quality of life and you look at the emotional impact, all of those things added up, really build into a reason to go ahead and pull the trigger and have that treatment now versus delaying another year or another two years or waiting until something else happens.
Because the reality is anyone you’re talking to, they are frustrated enough that they have reached out to you in some way, they are ready to make some kind of a change, right. But any change, especially one that involves some kind of a treatment or a major thing like that in a decent size investment, any big change like that is going to have friction. And people don’t like to change, even if they know it’s good for them, even if they know they’re going to love the result. So we want to build that case around the cost of inaction. And that is where the comparison really comes into play. That is where even your premium price procedures are a drop in the bucket compared to the cost and the pain and the frustration of continuing on the path that they’re on for the next year, five years, 10 years, whatever that looks like.
And this is a big piece of what we take our clients through when they go through our workshop is helping to identify and figure out what is, not only what, what that framework looks like for, for building the quality of life case, right? That cost of inaction, but also how to pull that out of patients, how to really dig down and find the why – why they are calling, why they are sitting in your consultation room and, and really getting down to the root of that. Because at the root, that is where the pain is. And we are, we’re essentially helping patients solve their problems and fix those pains that have been driving them crazy. You know, in many cases for years, and we have to help and guide them through that.
So if you’re having trouble converting patients, you want to convert more of your prospects into patients, into surgeries. You want to charge higher prices for your premium procedures. You want to charge what you are worth and not what other practices who are doing – discounts and bait and switch and all these other weird pricing tactics. They’re commoditizing the market.
If you don’t want to compete with that anymore, and you want to set yourself apart, shoot me a message, comment below this, shoot me an email, whatever it is, man, get in touch with me. Let’s start talking and let’s figure out what it looks like to set your practice apart to be the premium provider in the market, because you’re the one who understands your patient’s pains. And you’re the one who understands what it’s going to take to get them from where they are now -their frustrated dystopia – to the amazing results that you know, you can provide and the amazing life that you can give to your patients.
The only price comparison you should be making is the investment in your treatment compared to the incredibly high and painful cost of inaction on your patient’s part. Talk to you soon. I hope you have an amazing day and we will see you on the next video.