Understanding the consumer mindset and how it pertains to your dental, medical or specialty practice is critical to the efficiency, profitability and growth you will or will not have. Today I want to discuss patients searching based on "value" versus patients searching based on "price." Each consumer, based on the biology of the brain, has their own statistically proven characteristics that can either help or hurt your practice (business).
These consumers are searching for superior clinical results and an elite level patient experience. They very much care about the "wow" factor they receive and want to feel special when they leave their appointment. They are willing to spend more money in order to receive these things are are statistically proven to:
Before I describe these consumer tendencies, let me first say these are not bad people by any means. They simply have a different consumer mindset, appreciate different things and have vastly different tendencies than the other consumers described above. "Price" patients are searching for the cheapest price and care much more about that than the service provided, clinical results received, etc. They are statistically proven to:
As you know, I am big believer in growing practices that want more "value" patients, while teaching specific methods to respectively "weed" out "price" patients. This is one huge reason why our practices experience twice the national average in operational cash flow and grow 20-40% in their first year with us.
Founder & CEO - BizBlitz