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Increase Your Price, Make More Profit, and Get More Patients
| Sounds like a fairy tale, doesn't it. "Increase your price, and get more patients." Well, it's no fairy tale.
In fact, let me share with you a true story to put this into perspective.
A week ago, my younger brother, Mena, and I were talking. Mena is 11 years old, and like many kids his age, he is into Pokemon. If you don't know what Pokemon are, then you either don't have any young kids or are living under a rock (just kidding). Seriously though, Pokemon cards are similar to baseball cards in that you collect them, trade them, and play with them.
Anyway, my brother had such a large collection of cards that he decided to sell some of them. He found another kid who wanted to buy one of his cards, and offered to sell the card for $10, which was less than the value of the card.
This kid decided not to buy the card, but instead went to someone else who was selling the same card, but in worse condition, for $20. Now Mena couldn't figure out what was going on here. Why in the world would this kid pay twice as much for the same card, even though he was paying more for less quality? It was at this point that Mena came to me and told me his story.
I explained to my brother that the kid assumed that since he was only charging $10, then there had to be something wrong with the card. The potential buyer actually FELT BETTER paying twice as much, because he felt that he had to be getting more value. The fact that he actually got less value is beside the point. This has little to do with logic, and in fact is more attributed to emotions and perceived value.
And the same advice that I gave to Mena is the advice that I am giving to you, and that is don't charge less than your competition. I know that common sense dictates that the lower your price the more patients you'll get, but nothing could be further from the truth. People want to feel that they are getting the best possible service, and one method for them to make that determination is by the price that they are paying. A higher price automatically denotes a higher perceived value.
So by raising your price slightly higher than your competition, your prospective patients will automatically assume that you are higher quality. And the increase in price will be pure profit since the cost of delivering the service is the same regardless of the price you charge.
And then are you ready for the really amazing part? Not only will you make more profit, but more than likely you will get more patients! I know, I know. It sounds hard to believe, but in fact it makes perfect sense. All of a sudden people will figure that you are the best chiropractor available, because your price is higher. And then in turn you will get more patients.
And when you put all the magic together the increase in price (and profits) and the increase in the number of patients, you will realistically be able to double your bottom line with little work on your part! Is this amazing or what? In a manner of just a few months, if even that long, you can easily make more profits than you might have thought possible.
How about some gravy? Well, check this out: Not only will you make more profits, but you will get higher quality patients. You'll find that these patients are willing to pay for their health, they won't leave you for another chiropractor because they received a coupon, and they will show more respect for your services, since they hold it with a higher perceived value.
So what do you think? Do you still believe that you can't raise your price and get more patients? Good. Now that we've dispelled this myth, it's time for you to look at your prices and consider increasing your perceived value and getting more patients.
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