To wrap up this look at Wellness Business Spring Cleaning, we want to explore the concept of a “value proposition”. That is, take a moment to think about the value that you provide customers, patients, participants, etc. for the prices you charge. Are you a business that provides tremendous value for a reasonable price? Are your prices low with just enough value to make it worthwhile? Or, do you charge a higher price than most but deliver tremendous value to customers? All of these approaches can work, and none of them are technically “wrong”. The success or failure of these approaches depends on your audience of prospects and customers. Do they agree with your assessment and is it suitable for them to do business with you with that in mind?

To best determine where your balance is between price and value, you can use a variety of measures. If you have access to businesses that are similar to yours in peer groups, or through mentors, find out what their approach is and how successful it is. This can help to frame your approach in the beginning as it’s harder to alter course in major ways later. That said, you can and should survey customers to find out what they like most about your business and why. Feedback like this can be valuable, and you can make smaller changes based on that feedback. Finally, having a suggestion box or email not only shows that you’re open to customer feedback but also lets those who are shy give feedback in ways they might be more inclined to be truthful during.

Ultimately, the value of service that you provide versus the price not only depends on customer feedback but also on your ability to provide it. Try to provide as much value as you can at a price that sustains you and leaves some room for emergencies or upgrade projects. The right customers will see this for the practical solution it is and will continue to work with you if they know they get great value regardless of the price. If you need help finding out where you land, our new BOOST Works System can help your business to sort this out as we use cutting-edge tools to help where we can the best. If you’re not sure where to start, let’s take about 20 minutes for a Discovery Session and sort it out together.