A pricing strategy for your brand
As healthcare becomes increasingly consumer-focused, with rising consumerism, transparency, high-deductible insurance plans, government yojana and transitions from volume to value, healthcare providers have a growing need to develop a pricing strategy that improves their market competitiveness as well to attack the cases they want.
In this challenging era of healthcare marketing, healthcare business owners of medical colleges, hospitals, nursing homes and even individual clinic owners need to focus on their pricing strategy to run their healthcare businesses in a profitable manner. Pricing is one of the most important factors of the success of any healthcare businesses, so one must know the best pricing strategy that is suitable for their services, segmented customers, economic conditions, and your competitors.
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Strategies That Brings Business
Successful pricing strategies that are applied in the healthcare industry are as follows:
Price skimming strategy target high-income customers who are classified as trendsetters, it is usually used when you’re launching a new service or have a competitive advantage such as buying a new advanced cath lab or MRI machine, you should put your price at point, before gradually lowering your price over time. you are providing a unique and competent service at a high price that achieves the highest profit to the business.
Market skimming pricing strategy has it own advantages like it give you higher returns on investment, create & maintain brand image, segments the market and most importantly helps you break even faster
This is the opposite of price skimming, it’s a massive volume pricing strategy, instead of starting with high prices, we start here with the level of the minimum price, then we gradually raise them Parallel with volume.
In the healthcare market, you are not alone, you are in a wrestling arena, surrounded by competitors taking punches and hitting them quickly, so you must always be aware of competitors’ plans. This is competitive pricing, not much different from penetration pricing, but instead of targeting the market, you aim to keep your competitors away from your customers, so you do price your services at a competitive level with your competitors.
If you’re someone who believes that quality care & services needs to be maintained at any cost and wants to deliver unique patient experience at your healthcare set us that this is one of the pricing strategies one should think of.
“The closer you think you are, the less you’ll actually see”. Numbers you see can influence you more than you think. Instead of changing consumer perceptions about a services, psychological pricing uniquely aims to change perceptions about what the price even is in the first place.
This is one of the commonly used pricing strategies in the healthcare industry because it considers all the economic, productive, and psychological factors of the product and its customers.
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