Businesses, regardless of the industry, employ discounts as a marketing tool. It is an effective way to woo new clients and reward those who have been loyal for so long. In the healthcare industry, putting a discount tag on services is a widely accepted practice. Given the complicated nature of healthcare services, however, it only makes sense to carefully consider and monitor the use of discounts.
As the lead person of the practice, you need to use your best judgment when choosing the right time for discounts. Here are some things to take into account:
Discounts as a Token of Appreciation
Do not offer discounts just because your competitors have done so or because your clients left you for another practice. Otherwise, your sales may suffer and your service will be undervalued. Instead, offer discounts as a sign of appreciating your clients’ loyalty.
Thinking of the Costs
Price discounting should not solely depend on guesswork and intuition. You need to include relevant factors that may affect your income within a given period. Do not offer discounts if your operational expenditures make it so that you simply reach the break-even point. Also, consider other overheads, such as taxes and insurance.
On Being Highly Selective
Your practice is not a department store, so avoid implementing discounts for everyone. Create a plan where you can schedule the offers for each client segment: new clients and long-standing ones. Better yet, be selective and reward customers who pay on time and do not cause problems.
Implementing Terms and Conditions
Establish a definite set of rules based on your goals and effects you want your practice to achieve before giving away coupons and incentives. Be specific with the terms to avoid misunderstandings. Instead of just saying ‘Discounts for Loyal Customers’, say ‘Discounts for Loyal Customers (5 years and up)’.
You need to be extra careful when giving discounts, as your practice has a medical and sensitive nature. Refer to figures and sales history before implementing and sales program.
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