Could it be that your pricing, preframing, delivery, presentation or other financial systems could use modification?

August 8, 2021
*This page may contain affiliate links. If you purchase from these links we may receive a commission at no extra cost to you.
Image

This just shows that pricing and presentation matters.  In the case above, it points out that people feel good about gaming the system.  They buy 3 individual watermelons because they perceive it as a bargain, even though they set out to buy ONE.

Seriously.  What heuristics do you deploy to encourage people to say YES?

Jedi Mind Tricks?  Maybe, but we are all subject to such decision biases.

And, are you even presenting a back-up appliance?  What about a backup to CPAP?

Wouldn’t that be convenient now that so many CPAPs are being recalled?

If so, at what price point?

Are you following the “As Seen On TV” model of “just pay shipping and handling?”

Are you pricing it so low as to erode the value of the first appliance?

Are you incorporating it into your membership program to encourage both?

When are you presenting it?  

Is there some pre-framing involved?

Are you marketing this?  If so, HOW and WHERE?

Is there some sense of urgency built in?

Do you have testimonials or stories about how a backup appliance saved someone’s vacation or helped them sleep in the hospital where CPAPs aren’t allowed?

Need help with your marketing strategy, go HERE NOW.

For many, especially those who accept Medicare, or low reimbursing plans, a backup appliance and/or membership program might be the only way to achieve a viable profit margin from DSM.

And, do you think Medicare or other insurers will be raising their reimbursements as inflation rises?

By the way, how is the current 5.39% inflation rate impacting YOU?

I bet that you feel and see it at the pump and in the supermarket.  You’re seeing it in your office supplies and labor costs (if you’re looking).  Anyone look at the cost of gloves lately?

Think your lab costs are going to go down when your reimbursements shrink?

Try to compensate by buying a 3-D printer or CAD/CAM milling unit?  Hire someone to work them?  Or, do it yourself?  How’s that working out for cost savings?

Chances are, you’re going to see more price hikes as shortages persist (petrochemicals, chips and labor) and prices rise.

Green is also nice but it comes at a price too.

Guess who’s going to pay?

For those with already razor thin margins and profitability, with overheads )according to a recent ADA study)approaching 75% or higher, this opportunity might be your best and ONLY way of increasing profitability and lowering the staggering overhead as a % of production.

With the Government printing money as never before, inflation might be the least of your worries.  What about recession?  What about stagnation?  What about more government control?

There’s much out of your control.  What happens within the 4 walls of your office should be something you can at least influence.

It’s time to focus on what matters…your profitability.

Because without profit, there’s no mission. 

To your excellent clarity and success,
Michael

P.S.  Want to find out the answers to some of the questions above as they pertain to YOUR practice?  SCHEDULE A COMPLIMENTARY STRATEGY SESSION NOW.

Practice Success Insights

Sign up to receive insights into building a successful practice via email with the free Practice Perfect Pearls Newsletter.
Image
Dr. Michael Goldberg is one of the leading educators on dental practice management in the United States.

Michael ran and sold a prestigious group practice in Manhattan and has been on Faculty at Columbia University and New York-Presbyterian Medical Center for 30 years including Director of the GPR program and Director of the course on Practice Management.

Book a FreeStrategy Session

Latest Articles

How to Stop Cancellations... without spending more.

Learn how successful practices ensure their appointment slots are filled... and their patients keep coming back!

GET THE FREE GUIDE

The Proven Way to
Reboot Your Practice...

Increase profitability, decrease stress and achieve your goals with proven ways to ensure your practice thrives

GET THE FREE GUIDE

FREE BOOK:
From Hello to Hugs

Get the sensational book on how to turn callers into raving fans. A guide to making MORE from LESS in your dental practice.

GET THE FREE BOOK

Join Michael LIVE for the FREE Monthly Coffee With the Coach Webinar

Invite your entire team and get expert advice from an industry expert on a new, timely topic every month that you can implement in your practice right away. 

SAVE YOUR SPOT