Do Patients Value it More if it’s Expensive

A very interesting concept is that of the market valuing your service quite literally based on price. In short, one of the key reasons to NOT be the cheapest or the same as the rest of the market is that all the research suggests that a customer quite literally changes his perception of the value of a product or service based on the prices.

When we offer patients a service that delivers, we need to have the confidence to price your services at the right cost. And I’m going to tell you why cheaper certainly doesn’t mean the best.

There was a study done by INSTEAD’s Associate Professor of Marketing, Hilke Plassmann into how context alters the perception of value. She led research groups that monitored results where people were asked to try three different wines, with the price label still attached. Afterwards when asked to rank the wines from best to worst, the majority put the most expensive at best, and cheapest at worst. In reality, all three wines were exactly the same!

So, the lesson here is that when you deliver a good product or service you need to prove to be positioned in such a way that it feels like a premium or high value purchase. You don’t want to make it too cheap so that it washes out the quality of what you’re providing. Those who are willing to spend more for a service are more likely to be invested in it. That can be equated to less no-shows, more talk attendances, more referrals and care plans sold etc.

Share this with your clinic team

Share on Facebook
Share on Twitter
Share on Linkdin

Receive Cutting Edge Growth Strategies With Ryan's Free Books

Connect With Ryan Online

Clinic Growth Tips In Your Inbox

Subscribe To Ryan's Mailing List

No spam, notifications only about new products, updates.
Who Are You In The Business?

Contact Our Team Today

Fill in the form below & a member of our team will be in contact within 24 Hours.

Who Are You In The Business?*
Please Accept Our Terms & Conditions Before Submitting

Don't Leave Empty Handed!

Get Your Practice Working For You With One Of Our FREE* Practice Growth Books
*We pay for the book, you just cover shipping!