Prices Send Signals to Customers: The Chiropractic Edition
December 11, 2018
So what’s the first impression of the customer who desires chiropractic services and sees this signage?
Is it the quality of the doctor or the staff? Their education or qualifications? Their method of care which incorporates the most up-to-date research? Their accessibility? The calm, reassuring demeanor of the doctor?
It’s obviously price. This practice makes it clear: it’s all about the price. To remove all doubt, price is the stated name of this multi-location practice.
Maybe this strategy works terrifically well for this practice. Their chiropractic professionals may be the best in the business, for all I know. They could be on the cutting edge of chiropractic care. That’s not the message being transmitted, however.
When you make it all about the price, however, then you can’t complain if all your customers seem to care about is price.
Prices send signals. Signals, in turn, attract. In this case, it’s the price sensitive customer.
Signals can also repel. What’s the reaction of the customer desiring premium care? The one who is willing to pay more—for essentially the same chiropractic service—to be assured of receiving top-notch treatment from an experienced professional?
When you’re a customer looking for a premium service and you see a teaser price, what’s your reaction? Something like “it’s too good to be true” or “there must be a catch”? Maybe it’s “they must not be very good”?
Prices send signals. Prices attract, and prices repel. It’s true whether you’re a wood craftsman, a jewelry retailer, or a barber. It applies to lawyers, accountants, and engineers. B2B or B2C; it doesn’t matter. How you handle your pricing can determine exactly what customers you attract . . . or chase off.
It’s a choice.
©Ray Business Advisors, LLC and John Ray
About me: I’m enthusiastic about how changes in pricing strategy can significantly change profitability for a business and enhance life choices for business owners. I live this passion through Ray Business Advisors, my outside CFO and business advisory practice, in which my pricing is exclusively value-based, not hourly. I work with business owners on how they can change their pricing not just to increase their profits, but better serve the wants of their customers. Click here to learn more or call me at 404-287-2627.