How to Effectively Package Products & Services for Better Weight Loss Program Sales
— By Karol Clark, MSN, RN
Effectively packaging your products and services for your current and prospective weight loss patients not only increases your overall sales, it also tends to increase their commitment and improve their outcome.
Packaging of products and or services is all around us. From bundled insurance payments to physicians and hospitals for a group of related services or an episode of care to a ‘combo’ meal at your local fast food restaurant. The premise of package pricing is to combine products and/or services into one fee lower than what it would cost if purchased individually. When done properly, this can be a very effective method for selling more of your products and services while adding value for your patients. It can also be a lot of fun!
What are the Benefits and Risks of Packaging your Weight Loss Products and or Services?
The benefits of packaging your weight loss products and or services include:
- Simplified Sales Conversation and Purchase Process: When packaged properly, your offer(s) become a ‘no brainer’ for your patients and an easier sale for your team. In addition, most packages are standalone cash pay or a cash pay add-on (not covered by insurance) for an insurance-based service. This eliminates the need for authorizations, billing and collections which saves you time and is desirable for most weight loss practices.
- Higher Sales/More Profit: If priced properly, you will sell more and increase your profit margin. A great way to do this is to combine value added services your patients strongly desire that require minimal cost/effort (even a free resource) with your main service or product. This increases the value of your packaged offer to your patient making it much more enticing.
- Differentiates You from Your Competitors: People tend to pay for experience, exclusivity, convenience, and tangible goods and services/products that have a track record for creating great outcomes. When you package one or more of these as an offer and showcase it in your marketing, patient testimonials and reviews, word gets around quickly. You will set yourself apart from your competitors and attract/retain more patients.
- Creates Opportunity for Cash on Demand & Introduce Related Revenue Streams: Nutrition products in particular are a great way to create cash on demand with a simple promotion or campaign online and onsite. You can also bundle them with related services/revenue streams you have or want to introduce to create a higher demand for those resulting in additional sales down the road.
The risks of packaging your weight loss products and or services include:
- Inaccurate Pricing: Underpricing can result in a loss to your business and overpricing can cause you to lose customers unless it is something they strongly desire and can’t get anywhere else.
- Lack of Team Buy-In: Your team must be on board (and very clear) about what your packaged offer includes as well as expected benefits to the patient. Involve your team as you create your package offer. If they feel great about it, they will want to promote it to your patients – as if they would do them a disservice if they did not.
- Inadequate Promotion: Your new offer can’t be your best kept secret. Promotion onsite (i.e. fliers in lobby, bathrooms, exam rooms, check-in, check-out; signage out front if you have it; telling patients about it) and online (i.e. social media; e-mail; text; website; blog; video; FB live) is critical to success. Lead with the value/outcome and then details/price.
- Inaccurate ROI Tracking: If you don’t track expenses related to the package offer, total sold and actual profit, you won’t know where you need to adjust. It is important to make tweaks as this data comes in to find what works best – then rinse & repeat!
How do you Effectively Package your Weight Loss Products and/or Services?
Effective package pricing requires a balance of creativity and accurate data regarding your ideal patients, your local market, your business goals and the ability of you and your team to simplify your value driven offer.
- Understand Your Patients, Your Market and Your Goals: What do your patients want most? You can figure this out by listening closely, doing a quick survey and/or noticing what they need that they are purchasing somewhere else. Determine what your market is willing to pay based on your experience and looking at competing offers. Finally, make sure you know your goals. Is it more profit, more patients, more testimonials/reviews or something else? Build your offers around this.
- Know the Difference between Cost and Value: Pricing is generally determined as cost-plus or value–based. Personally, I like to combine them. Cost-plus considers your cost and then you add your desired profit. However, often hidden costs are ignored such as shipping or salaries – so be aware. Value-based pricing takes cost into account but also includes the value of the outcome you provide for your patients.
- Create a ‘No Brainer’ Offer: Take your base offer (product or service) and add value. It needs to show low risk (testimonials help here), be something they can’t find somewhere else, be of great value to them and have some sort of urgency for purchase. For example, for patients that want quick weight loss for an event, create a Jump Start program that includes a combination of product, easy to follow implementation guide, a coaching session, and/or a group fitness class along with additional low cost/high value items such as a Lipo-B injection, recipe book, tracking app, set of online classes you have created, an e-book you wrote, shaker cup – the sky is the limit! You can also have a ‘gift with purchase’. Price it so there is a profit yet enticing, decide how many you want to sell based upon your goals. Limit it to a certain number of people or have a deadline date for purchase to create a sense of urgency.
- Showcase Your Offer & Expected Results: As mentioned earlier, create fliers, enticing graphics or videos and then promote inhouse and online. Remember – enthusiasm also helps with sales so be sure your team is a part of creating an offer they believe in.
I do this with practices often – from 3-Tiered Medical Weight Loss Programs to Jump Start & Back on Track Plans, Vitamin Packages, Self-Pay Weight Loss Surgery Packages, Online Programs and everything in between. It all starts with a goal and a brainstorming session with your team. Next, plan, implement, promote and tweak as you go as outlined in this blog!
For 45 years, Robard Corporation’s medical obesity treatment programs and products have been utilized by physicians, surgeons and hospitals across the United States to successfully treat patients living with obesity. To learn more about us and how we can help your practice and patients, visit us online at www.Robard.com.