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VHMA Practice Issues Summit:

VALUE-BASED PRICING

 

Veterinary practices are pricing themselves out of business.

You’re invited to join a select group of your fellow industry leaders to lead the pricing revolution solution.

Wednesday and Thursday, August 8-9, 2018

Hyatt Regency Chicago O'Hare Hotel
9300 Bryn Mawr Avenue
Rosemont, IL 60018
847-696-1234



Practices across the country are facing challenges that threaten their futures.  Aligning levels of care with pet owners’ perceptions of the cost of care is just one of these challenges.  Rather than developing a practices’ pricing strategy based on market-oriented insights, far too many practices set pricing based on instincts. The difference between pricing based on insights and instincts is why practices are seeing their clients less often, seeing far fewer new clients, and, being forced to regularly discount pricing.

Most practice owners and managers are challenged when it comes to structuring strategic pricing models based on market insights rather than personal instincts. Today, veterinary practice pricing is out-pacing consumer inflation and, outpacing the rise in household incomes and discretionary spending.

Facilitating this Summit will be Dr. Utpal Dholakia,

the George R. Brown Professor of Marketing at the Jesse H. Jones Graduate School of Business at Rice University. Dr. Dholakia is a noted author and consultant on the motivational psychology of consumers, relational aspects of consumer behavior and online marketing issues. Dr. Dholakia is the author of How to Price Effectively:  A Guide for Managers and Entrepreneurs. A copy of his book will be provided to each attendee.

Dr. Dholakia will share his expertise from outside the veterinary medicine sector and then you and other leading voices will help establish best practices to formulate a more effective pricing strategy within our profession. The following key factors that impact price and pet owner value perception will be covered:

  • Examining customer-focus and market orientation
    Understanding and articulating the value proposition that serves as the essence of a practice’s marketing strategy   
  • Exploring cost structure by considering fixed costs, variable costs, and incremental cost to identify innovative offers and services
  • Inventorying the contextual factors that impact pricing
  • Understanding the mindset of clients: deriving economic value from functional and emotional benefits that clients experience
  • Identifying the issues that maximize revenues and lead to the desired profit margin

    VHMA will be providing breakfast, lunch and dinner on Wednesday, August 8th; breakfast and lunch on Thursday, August 9th. No registration fee. Attendees will be responsible for their own travel expenses.

 

An effective pricing strategy evolves from a process that requires thoughtful considerations to these key questions.

You’re just one of a few industry thought leaders being invited to join VHMA as it brings this important topic forward so solutions can be developed today to assure strong practices tomorrow.  Because of the small group, workshop approach addressing this issue at this Summit, your voice will be heard, and your ideas will drive the change needed on pricing for practices.

Your ideas and insights shared at this Summit will be compiled into a comprehensive white paper and will include several tools for practices to use in developing their own effective pricing strategies.  

You will be a contributing author to this white paper that is certain to be an important reference on this important subject for the industry in the years ahead.

 


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