COLUMN BUSINESS TALK Are you worth it? I Getting patients (and you) to value your work BY ANTHONY LOMBARDI n September 2015 I wrote a col-umn called “Business is Life.” In it, I spoke about Sault Ste. Marie, Ont., a town of 75,000 people. They have 10 chiropractors along a two-kilometre stretch of the Great Northern Road. Their average patient visit fee (initial included) is just above $25 and almost every chiropractor in that town charges about the same price. Undervaluing ourselves is one of the top reasons chiropractors fail in prac-tice. When economics change, the de-mand for our product also changes, which makes us more likely to lower our fees to stimulate more demand. This often leads to gimmicks and off-the-wall incentives just to attract pa-tients, which calls into question our level of professionalism. In our industry there have been In-ternet coupon companies growing in popularity. These companies offer coupons that will market your product or service at a heavily reduced rate to people who are looking for a deal. Businesses employ discount coupons with the idea that if they sell their prod-uct or service for a very reduced rate, then the people may like the product so much that they will come again and pay full price next time. However, get-ting your business involved with these coupon companies can tarnish your image. People usually buy coupons at a huge reduction in price simply because it is such a good deal – not because they require your service or product. They say: “I might as well for 81 per cent off, why not? I can’t go wrong.” To illustrate my point I would like you to carefully read over these names: Cadillac, Ferrari, Lamborghini, Christian Louboutin, Rolex. ourselves. What people want more than You can see these brands provide money, more than material goods, different products and in general they more than anything – is to be valued. use better quality material, take more There needs to be an equal value ex-time to make, and have higher manu-change between us and our patients, facturing standards than other similar, employers, co-workers, friends and less expensive products. significant others if that relationship What if you received a coupon for 72 plans to see the future. per cent off Christian Louboutin In the Business is Life piece, I shoes? You would probably think the stressed the importance of differentiat-shoes must not be genuine. When is the ing yourself. There is no such thing as last time you saw a coupon advertising a bad economy, but merely a redistri-50 per cent off Ferraris? That is because bution of funds within the economy. Ferrari carries an unchanging value It’s like a poker game: there are ten associated with them. Drastically re-players and each player begins with ducing the cost of these products would $10,000 each, growing the economy to cause them to lose their value. There is a net worth of $100,000. After 15 a distinct difference between not being hands, there is still $100,000 in the able to afford something and not being economy, only the amount of dollars able to value it. I may not be able to each player has may vary – some have afford to buy a new Ferrari but I can more than the amount they started certainly value and appreciate the fine with and others have less. Italian engineering, the hand-made In general, regardless of the econ-parts, the hand assembly of the engine. omy, the same amount of money exists Others may look at $9,000 Rolex watch for us to reach the goals we set for and say: “What waste of money, I ourselves. When there is competition bought a watch for $11 and it works for your product, you must not reduce great.” To say a Rolex is “a waste of your product value – you need to be money” is a comment that under-ap-different in order to attract those who preciates and de-values Rolex. can afford and are willing to There is a One may not value the fact pay for your services. distinct that the watch was hand-made I believe, as chiropractors difference and assembled by the best and business owners, we ei-watchmakers in the world between not ther make a decision to be the with the utmost precision and being able to best in our community or we just make the subconscious the finest materials. It too is a afford work of art. something and decision to be average. If you However, Rolex is not con-not being able decide to be the best in your cerned with what portion of community, you must stay to value it. the socio-economic demo-clear of coupons. If you aspire graphic does not use their product -to be a Ferrari you wouldn’t spend your they are focused on the segment that time studying to be anything other than uses and values their work. In business the best. and in life we must set standards for For more Business Talk articles, visit canadianchiropractor.ca ANTHONY LOMBARDI, DC, is a private consultant to athletes in the NFL, CFL and NHL, and founder of the Hamilton Back Clinic, a multidisciplinary clinic. He teaches his fundamental EXSTORE Assessment System and practice building workshops to various health professionals. For more information, visit exstore.ca. 10 Canadian Chiropractor September 2018 www.canadianchiropractor.ca
Chiropractic + Naturopathic Doctor September 2018: Page 10
