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This Week’s Question: A Better Pricing Strategy
I am losing consultations to lower-priced competitors even though I have more skill and expertise than they do. I’ve even “repaired” their work. How should I be pricing my services to compete? I don’t want to lower my prices because I know I’m good but I also don’t want to miss out on new patients.
Dear Dr. D,
Thanks for a great question. I get this one regularly because it’s become such a big issue in today’s competitive aesthetic marketplace.
If patients aren’t buying your cosmetic services at the price you’ve established, you’re either not describing it clearly enough or you have not established enough value that distinguishes you from the lower price-point competitors.
So here’s a thought…
Price your services for the preferred patients you want. Those are the patients who care about quality more than they care about “saving a buck”. They are more than willing to pay a higher price because they value the skill, education and expertise you bring to the table. That means they are GLAD to pay a FAIR PRICE to get a great result. So, in essence, they are paying more for peace of mind and confidence in you!
However, skill is not enough. The patient willing to pay more requires a great patient experience to go along with their great result. So, if you charge more than your lower-priced competitors, you have to back it up with service so these patients feel special and cared about. That means:
- Drop the price-shoppers. Stop marketing to them and catering to them.
- Serve fewer but higher-quality patients.
- Have enough staff to cater to these patients.
- Give them more value than others do.
- Give them 5-star service so they refer their friends.
The point is, in some cases like this one, less is more.
- How do you handle lower-priced competitors in your local market?
- Have you dropped your prices or increased your value?