Why is is business suicide to cut your prices

Have you cut your prices in the last 2 years?

If you have, to avoid financial suicide put them up today?
 

I have been contacted recently by an increasing number of dentists who have noticed a drop in the rates at which patients are returning for their recalls, which has a knock on effect on the number of treatment plans they are able to present and a dramatic impact on their income. I am also being contacted by dentists who are presenting treatment plans and then discover that the patients are having the treatment done elsewhere.

As I travel over the UK and beyond working with practices and their teams, I have noticed a worrying trend to treat dentistry as a commodity item and slashing prices.  Dentistry does now exist in a commercial market place, however I think that as professionals it is important that we keep adding value and differentiate yourself from other practices in your area. If you treat dentistry as a commodity it becomes like a tin of baked beans, or a ream of paper and the only feature that you can use to differentiate yourself and attract patients is the price. This leads to a downward spiral in price, and in a short time quality. When you have used price to attract your patients, you attract a price sensitive patient base and it becomes very difficult to restore your fees and quality to where they were.

If you want your practice to not just survive but thrive you must how to learn how to add real value and view your work as an essential lifesaving luxury item and never compete on price alone.

If you would like to find out how you can do this which will result in an increase in better quality patients, more quality treatment plans, increased predictable income with less stress. Call me on 07989 757 884

And for the time being, if you have been competing on price and reduced your fees in the last 2 years, here are my top 10 reasons you should put your fees up today

• You’ll make more money, with less treatment.
• Provide higher quality treatment
• Patient smell desperation and don’t buy
• Easier, better quality.
• More time for marketing and re-creation.
• Don’t drive away your ideal clients
• Minimise your opportunity-cost.
• Builds your reputation and sets higher expectations.
• Provide treatment and service you are really proud of.
• Investment is attractive

 

Are you ready to make your good practice great? If so call me on 07989 757 884