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Value-Based Pricing Strategies and Tools Master Package
Member Price: $355; Nonmember Price: $595 Nonmember Price includes membership for the remainder of the year
Implementing a pricing strategy isn’t just about deciding what percentage to use to increase fees. Pricing is a marketing issue and is just one component of the traditional 4 “P’s” of the marketing mix: place, promotion, product, and price, all of which must be considered in price determination. Value-based pricing intuitively makes the most sense in setting prices. Value-based pricing, however, is hard—how do you determine how much value a particular service and the related client experience provide to a pet owner? And value isn’t always about the service; the value may be in the pricing strategy itself. Because of this, not many practices clearly understand how to integrate value considerations into their pricing decisions.
Other factors besides value must always be considered too in making a pricing decision. Inputs to that decision include costs, customer value, reference prices, and the business’s value proposition. Price execution must also be considered: i.e. Are prices regularly being discounted? What is the role of payment options?
Although few practices will completely revamp all of their prices at a single time, increased understanding of pricing strategies can help practices improve what they are doing.
The workshop will address the following issues and topics that are key to implementing an effective pricing strategy:
Other factors besides value must always be considered too in making a pricing decision. Inputs to that decision include costs, customer value, reference prices, and the business’s value proposition. Price execution must also be considered: i.e. Are prices regularly being discounted? What is the role of payment options?
Although few practices will completely revamp all of their prices at a single time, increased understanding of pricing strategies can help practices improve what they are doing.
The workshop will address the following issues and topics that are key to implementing an effective pricing strategy:
- Scrutinizing your practice: is pricing a problem? Do you need to change your approach?
- Identifying components of the pricing decision framework and how to apply them to your practice
- Understanding specific strategies—how to implement and why they appeal to consumers
o Functional vs. hedonic benefits
o Pricing bundling
o Good-better-best pricing
o Others - Avoiding common pricing mistakes.
- Using reference and market prices.
Original Recordings:
Tuesday, April 20, 2021 1:00 PM - 4:30 PM Eastern
Thursday, April 22, 2021 2:00 PM - 4:30 PM Eastern
Credit
CEU1:6.0
Description
Speaker: Karen E. Felsted, CPA, MS, DVM, CVPM, CVA
Dr. Felsted is a CPA as well as a veterinarian and has spent the last 20 years working as a financial and operational consultant to veterinary practices and the animal health industry. She also spent three years with the National Commission on Veterinary Economic Issues as CEO. She is active in multiple veterinary organizations, has written an extensive number of articles for a wide range of veterinary publications and speaks regularly at national and international veterinary meetings. In 2011 and 2017, she was awarded the Western Veterinary Conference Practice Management Continuing Educator of the Year and in 2014, the VetPartners Distinguished Life Member Award.
Dr. Felsted is a CPA as well as a veterinarian and has spent the last 20 years working as a financial and operational consultant to veterinary practices and the animal health industry. She also spent three years with the National Commission on Veterinary Economic Issues as CEO. She is active in multiple veterinary organizations, has written an extensive number of articles for a wide range of veterinary publications and speaks regularly at national and international veterinary meetings. In 2011 and 2017, she was awarded the Western Veterinary Conference Practice Management Continuing Educator of the Year and in 2014, the VetPartners Distinguished Life Member Award.
