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If I could get you every patient you want every time, but you’d have to pay me $10 million, would you sign up?
If you’re like most, you’d say, “No, the price is too high.” There are some obvious problems:
- Can you raise that much money up front? Probably, though it might be difficult.
- How many years would it take to recoup that money? Probably not the rest of your working life if you get every patient you want.
- Most importantly, can I REALLY deliver on that commitment? Let’s assume you believe I can.
But your objection isn’t really the $10 million. Let me say it again, the $10 million is NOT the issue.
For certain things, you would do whatever it took to raise $10 million: world peace, for instance. Or immortality. So for certain things, $10 million would be a GREAT deal.
Price Isn’t Really the Issue
Therefore it’s not the cost that’s the issue, it’s the VALUE. Is what you are getting in return worth the cost?
Patients see this too. For some of them, telling them they need $50,000 worth of dental work might as well be $1 billion. These are not your target patients.
I’m talking about those who could spend $50,000, even with a little pain, for the right reason. Your job is to show them why their teeth are worth it.
Here are three things to do and NOT do when confronted with the price objection.
1. Remember the reason for your pricing. You have overhead, loans to repay and a standard of living for your family.
- Don’t immediately start negotiating price, as that lowers the VALUE of your services.
- They are not buying your costs to do the procedure, they are buying the VALUE of the end result.
- Show them the VALUE that only you can deliver.
- In case you’re not hearing it, emphasize VALUE of the outcome.
2. Remind the customer of the cost of the status quo.
- There are tangible benefits of having the work done you suggest.
- Remind them that their self-confidence, happiness and alleviation of pain have, you guessed it, VALUE. What are they worth in terms of dollars?
- Remind them of the health benefits. Those have very tangible financial effects, and therefore increase the VALUE.
3. Finally, point out the risks of inaction.
- Going back to our series on persuasion, loss is a strong persuader.
- Don’t be afraid to tell the patient what will happen if they DON’T do the procedure.
- Don’t be afraid to tell the patient what will happen if they choose the WRONG dentist.
- Don’t be afraid to tell the patient that their happiness and satisfaction has VALUE.
Now, will this get every client to do every procedure? No. Sometimes people don’t act in their own self-interest…