Medical Empires9 Okt 2024

Should You Ask For Higher Pricing? Ep - 96

Welcome to The Spinoso Podcast. Today, I'm diving into the anxiety many entrepreneurs feel when it comes to pricing their products or services, especially in the medical field. When I first started Genesis Lifestyle Medicine, I struggled with asking clients to pay high prices, especially when I couldn't afford those services myself. It's natural to project your own financial concerns onto your clients, but that mindset can limit your business. You have to remove feelings from the equation and focus on the value your services provide. This is where data and analytics come into play—running a business based on facts, not feelings.

In the medical world, we're trained to operate within systems where patients rarely pay directly, making it even more challenging for providers to ask for cash payments. This is compounded by strict regulations like Stark laws, which prevent medical professionals from earning commissions on treatments they recommend. So, when you step into entrepreneurship and ask people to pay for your services, there's often a lingering sense of guilt or hesitation. But to scale a business, you need to understand the true value of what you offer and recognize that people will pay a premium for life-changing results, whether it's weight loss, improved health, or a higher quality of life.

The key to overcoming this anxiety is ensuring that you and your team believe in the products and services you're offering. At Genesis, we encourage our staff to try the treatments themselves if they qualify, so they can truly understand the value and speak from experience. When you believe in the life-changing potential of what you offer, it becomes much easier to confidently ask for a premium price. Ultimately, your service is not just a product—it's a solution that transforms people's lives. When you operate with that mindset, pricing becomes less about the number and more about the impact you're making.

Welcome to The Spinoso Podcast hosted by CEO, doctor, comic book geek, and car guy, Alex Spinoso. I help people and companies grow - especially in the medical business. While my experience and expertise is in scaling all types of medical businesses to 7, 8, 9-figures or more, I can be a mentor to anyone who wants to take ownership of their lives, become a better leader at home and at work, and overcome any obstacle that stands in their way.

(0:00) - Intro

(0:34) - Discussion on Personal Style and Family Anecdotes

(5:30) - Grandmother's Lifestyle and Family Dynamics

(8:00) - Transition to Business Topic: Asking for Higher Prices

(13:20) - Overcoming Anxiety and Imposter Syndrome

(27:40) - Creating a Premium Experience

(34:12) - Elevating the Business and Staff

(41:00) - The Impact of Premium Pricing on Customer Base

(43:40) - Tools for Staff to Ask for Higher Prices

(47:05) - Conclusion

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