Wednesday, September 8, 2021, 8:00 a.m. to 4:00 p.m.
Speaker: Karen E. Felsted, CPA, MS, DVM, CVPM, CVA
Implementing a pricing strategy isn’t just about deciding what percentage to use to increase fees. Pricing is a marketing issue and is just one component of the traditional 4 “P’s” of the marketing mix: place, promotion, product, and price, all of which must be considered in price determination. Value-based pricing intuitively makes the most sense in setting prices. Value-based pricing, however, is hard—how do you determine how much value a particular service and the related client experience provide to a pet owner? Because of this, not many practices clearly understand how to integrate value considerations into their pricing decisions.
Other factors besides value must always be considered too in making a pricing decision. Inputs to that decision include costs, customer value, reference prices, and the business’s value proposition. And of course, price execution has to be considered: What are pet owners willing to pay? Are prices regularly discounted? How are payment options integrated into the practice?
Appropriate pricing success measures must also be used. Of course, practice revenue and profits are two of these measures, but client and employee satisfaction with the prices and related value are also critical.
Although few practices will completely revamp all of their prices at a single time, increased understanding of pricing strategies can help practices improve what they are doing.
The workshop will address the following issues and topics that are key to implementing an effective pricing strategy:
- Scrutinizing your practice: is pricing a problem? Do you need to change your approach?
- Identifying components of the pricing decision framework and how to apply them to your practice.
- Understanding specific strategies
- Functional vs. hedonic benefits
- Service bundles
- Good-better-best pricing
- Avoiding common pricing mistakes.
- Using reference and market prices.
- Implementing new pricing strategies.
- This interactive workshop will provide numerous opportunities for participants to apply the information to their own situations. Examples and exercises will be include
Multiple team members from each practice are encouraged to attend.
6 Continuing Education hours are available.
Seating is limited.