Quick story from back in my ad agency days…
We had a client that specialized in Age Management. They had a premium Age Management service – concierge medicine-style access to the provider, customized bioidentical hormone + supplement package delivered to your door, twice yearly deep-dive physical and body scans, the works.
But they were running into issues selling their service, which was several thousand dollars for a membership (plus the cost of supplements).
They were stuck on this idea that their target market – high-powered execs and CEOs (men and women) – had “plenty of money” and could “totally afford it.” Which was true. But obviously that didn’t matter, because their offer wasn’t selling well.
We went round and round on this. And I got frustrated, so I finally said, “Guys, your offer’s not selling for the same reason there’s no such thing as a $100 hot dog stand.”
Here’s what I mean:
Can your target demo afford to pay $100 for a hot dog? Yes. Does that necessarily mean they’re gonna do it? Heck no.
And just because a prospective patient can afford a procedure doesn’t mean they’re automatically gonna spend money to do that thing. Which is exactly the problem this age management clinic was running into. Ultimately, their target prospect didn’t understand the value. So even though they had the money, they weren’t buying the service.
You can afford plenty of things that you choose not to purchase. Why? Typically because you simply don’t see the value.
Yes, friend. It always comes back to THE VALUE.
Up to this point, we’ve been talking about a $100 hot dog STAND. The kind you see on the street corner outside a college bar.
Can you build enough value to sell a $100 hot dog in that scenario? Almost certainly no. Which is why you don’t see them.
But are there actual $100 hot dogs? YES.
In fact, here’s a list with Hot Dogs ranging up to $2300. Ridiculous? Maybe to you. But SOME people have apparently seen the value.
If you skim the list, you’ll notice certain elements of VALUE-BUILDING in their descriptions – finer ingredients, scarcity, incredible size, etc.
Even for the expensive hot dogs that have no inherent impressive qualities, their value is tied to some bigger mission or vision. (For example, one hot dog’s proceeds were donated to charity, another used its high price tag to draw attention to the poverty line and hunger around the world).
This message is not about hot dogs. It’s about you, your practice, the patient experience and your prices. Build value beyond your price, and price will not be an issue for you.
Big takeaway: You ALWAYS ALWAYS ALWAYS need to be building value in your practice, your procedures and your results. Once that value is built, embodied and understood by the prospects, selling a $100 hot dog can become a reality.
– Troy “Mustard and Relish” Cole
PS – I’ve heard from several folks that these last few essays on “value” have really hit home for them. Let me know what you think. And be sure to forward these to your team so you’re all on the same page re: BUILDING VALUE.