Here is what you need to understand about giving “discounts”…
FIRSTLY, there’s absolutely a time and place when it is appropriate to do so…
Don’t let anybody convince you otherwise!
However, here are some points to consider…
Right now during these VERY uncertain times, first and foremost, there needs to be a concerted effort to retain and maintain any and all revenue sources as much as possible. The fear based temptation, that you need to resist, is that you need to lower prices to “keep them”. DO NOT DO THIS!!!!!
HOWEVER…
You absolutely should consider FRONT END discounts for an isolated and often front end “thing”, in this case a re-examination or new patient exam.
The naysayers will argue that by discounting you “cheapen” the thing, or devalue it.
BUT THEY ARE DEAD WRONG…sort of!
There is a concept in business called PRICE INTEGRITY, which is essentially that we need to maintain the “value” of the said thing.
The argument is that if you simply “give it away” then you automatically cheapen it. But you can avoid this…
AND HOW WE DO THAT IS…
Only discount a “segmented” and “isolated” easily separated thing, in this case a first examination or re-examination. That way you still maintain price integrity.
DO NOT DISCOUNT THE “SERVICE” ie give the adjustment away for FREE outside of the isolated “front end” thing.
As a general rule of thumb that is pretty much a gold standard (but nothing in business is a “never”…there are always exceptions)
HERE ARE THREE DISCOUNT OPTIONS!
1. FREE (FREE CHECKUP)
Pretty straight forward. While it may feel like this is over simplified, never underestimate the power of the word FREE!
2. PERCENTAGE OFF (50% OFF)
50% off your next XYZ. Self explanatory. We will often have a 50% off offer on our website – cheeky fact, we don’t even have any prices on our website so the question is…50% off what ????? And yet still, every single day we have people that “apply” for the 50% off offer…LET THAT SINK IN!
3. CREDIT or VOUCHER WORTH XYX
Simply saying that you have credited their account with $50, can often present with the lowest resistance of all the discount options. I have to say that this is, in my humble opinion, by far the most powerful option and often most overlooked option you have in your practice. It follows a concept called “putting money in their pocket”. TRY IT, YOU WILL THANK ME 🙂
ACTION POINTS
Simply isolate a segment, usually high value patients, that have not been in for a while and communicate with them (Email, phone, text etc) that you have credited their account due to {said reason}.
A reason for the discount is very important. Right now you literally have the greatest reason that the planet has seen in the last 100 years…..CORONAVIRUS!
If you want find out how you should be re-structuring the way you position your care plans in a recession…join me and sales legend Brian Tracy on a live masterclass this June – Register at http://lockdowntorelaunch.com/course-registration
Hope that helps!
Love and light,
Ryan
