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Let’s talk about desperate dentists who cut prices to the bone.
Almost every metro has at least one – usually a guy or gal who’s fresh out of dental school – and when they start slashing prices, it’s tempting to follow.
However, I want to talk you out of doing that.
Because “cheapest in town” is a terrible position to have in any market.
(Make no mistake, even though dentistry is a licensed profession, dental services is very much a market – and, as with all markets, positioning is key.)
Slashing prices in order to win new patients might work for a short while, but for most dental practices it’s usually only a matter of time before it backfires.
The reason so many junior dentists are willing to work for free (or, if Daddy is covering their credit card bills, maybe even for a small loss) is that they mistakenly believe they are following a “loss-leader” pricing strategy.
In other words, they offer an extraction for peanuts, in the belief that when that same patient wants an implant later, they will come back to their practice.
This is the same promise they offered to local restaurants.
“Let a family eat in your restaurant at breakeven, or even a small loss. You might not make any money from them, but you’ll win a new customer. Next time they eat out, they will come back to your restaurant and pay full price.”
Obviously, this isn’t what happens in the real world.
Next time that family plans a night out, they’ll look for another restaurant in town who is still foolish enough to buy into Groupon’s pipe dream.
Whether you run a dental practice or an Italian restaurant, if the reason customers chose you is because you offer the best price, then the moment you raise your fees, or someone else comes along and offers an “even better deal”, they’ll leave you.
This is why dentists who live by the lowest price, die by the lowest price.
There’s a much better way to position your practice – one that gives new patients a different reason to choose your practice over all the others in town, one that attracts the type of patient for whom price is not their main concern.
This type of positioning is something I talk about at length in my Authority Advantage report. I also show you how you can achieve it within 30 days.
Not an ebook or a PDF, but a physical printed copy you can read with a cup of coffee or a glass of wine and scrawl your notes over with a pen?
If so, click the link below and we’ll ship a copy to you on the house.
The Authority Advantage (complimentary report):