Value vs Price

‘Price’ is a fixed dollar amount attached to a product on sale and a ‘Fee’ is usually a fixed dollar amount associated with any services rendered. Price and fee both give way to comparison and competition in the market space that help consumers decide where and what they want to spend their money on.

Whereas ‘Value’ is intangible and operates beyond our conscious mind. Value doesn’t always need to have a set dollar amount attached to it. It is more about how the product or service is perceived to be of value to the consumer.

Here are 22 questions to help us navigate our own psychology behind pricing and value:

 

Personal:

1. How would you describe your own mindset about money in general?
   
2. Do you feel there is always enough or always a lack in your daily life?
   
3. What are some things you don’t value much and will not invest money in?
   
4. What are some things that you would value and would invest money in?
   
5. Is it easy or difficult for you to spend money on others?
   
6. Is it easy or difficult for you to spend money on your own self-care?

 

Your Oral Health:

1. How much do you value your own oral health?
   
2. In your own mouth, would you invest in the same oral health treatment recommendations that you offer to your patients?
3. Do you value regular dental exams and hygiene care for yourself?

 

Your Fee Guidelines:

1. Do you let the market or your practice expenses/overheads guide your fees?
2. Do you know your material costs and overheads and profit margin per treatment that you provide?
3. Do you factor in your experience and skills, your investment in continuing education and training when setting your fees?

 

Your Value: 

1. What does value mean to you?
   
2. Do you think your patients value the unique set of clinical skills that you may have to offer?
3. Does your website express more the value you provide or more the amount of fees you charge?      
4. What verbage do you use with your patient in the chair to highlight the value that you provide?     
5. How much do you value: the services you provide, your education, your training, your treatment recommendations?     
6. What is your style of practicing? Do you prefer seeing multiple patients in multiple chairs. Or do you prefer seeing fewer but higher value patients?     
7. Does your branding and marketing strategy match the needs of your preferred style of practicing?    
8. Are there particular treatments you enjoy doing more of than others?
   
9. If you had to plan your Dream Day Sheet, what would that look like in terms of the number of patients seen, the type of treatments you provided, the length of appointments and the hours worked, the results you were able to achieve for your patients and your profitability for the day both in monetary terms and job satisfaction?

Join Dental Blueprints for more thought provoking strategies when it comes to setting fees!