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,
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.