Today’s consumer has an increasing focus on price above all else. This price sensitive consumer believes they can always get it cheaper elsewhere if they keep searching. It has practically become a sport for many consumers to price shop. Even if they have the money, they like to shop and negotiate to see how great a price they can get.
To combat this phenomenon, here are pricing strategies that can help you create a win-win solution – the patient gets what they want while you maintain your pricing.
“If…Then” Price Strategy
If you take something of value away when you lower price, this helps the patient determine how much they value it, and if they are willing to pay for it or lose it. For example, let’s say they want to do fractional rejuvenation on their face and chest:
“Sara, IF you do just your face, THEN you save $500.”
You empower the patient to determine if it is worth saving $500 to do just her face rather than face and chest.
Take-Away Pricing
In this strategy, you start with higher pricing knowing you have room to negotiate. So, you present this higher pricing and only lower the price if they agree to do something that is of value to you. For example:
- They agree to let you use their before/after photos in your marketing efforts
- They agree to shoot a testimonial video
- They agree to have physicians in the training room during their procedure
Specials for Special Groups
Come up with specials for special groups. If you are in an area with military service people, those people have to “make tape” as a requirement to join the military. So, offer special pricing for that particular group. It is your way of thanking them for protecting our country.
You can also have special group pricing in your community for teachers, realtors, mommy group members and so on.
“2-for-1” Specials
The younger demographic of consumers can be tough cosmetic patients. They are typically strapped for cash, naïve, easily influenced and distracted with lots of technology.
They “grew up” on deals, so offer them a two for- one special such as a consultation, peel or neurotoxin injections. Now, it is fun for them because they can bring a friend to their consultation or to a simple cosmetic treatment. They split the cost with their friend, and you gain two new patients.
Use Urgency
Cosmetic patients need a sense of urgency to act now rather than continue to procrastinate.
Nobody NEEDS aesthetic rejuvenation so oftentimes, consumers will keep putting it off unless you give them a good reason to act now. Because if it is urgent enough, the patient will manufacture time and money.
When they really want something, they find a way. So do your part – give them a reason to say yes now rather than continue to put it off.
Urgency strategies that work well are “offer expires in a week” or “for the first 10 to respond.”
Decide ahead of time how far you are willing to negotiate, then add urgency and you will see better conversion rates.