There’s been a lot of discussion about competing on price or lowering prices for limited cases. It leads to the question of which patient population is the one we should market to and which one is most likely to refer us more patients afterwards.
I was just reading Simon Sinek’s classic Start With Why and he was going into some great details about the spread of technology through society. Senek described Geoffrey Moore’s explanation of Everett M. Rogers’ 1962 introduction of Diffusion of Innovations. While Rogers introduced the idea, Moore used the “Law of Diffusion” as a way of explaining high-tech marketing.
We know it as the “Technology Adoption Curve” but the explanation runs much deeper.
You probably have already heard of the 5 different categories of consumers: Innovators, early adopters, early majority, late majority and laggards. However, what you may not have heard of is the way in which each is buys.
The first 2.5% is the “innovators” and to them, being first is important. However, it’s important to keep in mind that they are VERY loyal to the product. Sinek explains that we can all be innovators to a certain number of products, and it doesn’t have to apply to everything. Perhaps it’s a car or an electronic gadget, but can you think of any brand for which you HAD TO BE the first (or one of the first) in line? Chances are there was something you can think of. Sinek describes how is sister is an early adopter to fashion trends while he is in the late majority.
Laggards are the last 16% and to them (depending on the product or the idea) they could probably do without it. Sinek explains that if they weren’t forced to change, they’d probably still have a rotary phone (with regard to phones).
But here’s the interesting part…Sinek tells us that for laggards, “everything usually boils down to price for them. They are rarely loyal. They rarely give referrals and sometimes you may even wonder out loud why you do business with them.”
So, the goal for our practices is to figure out how to market to the innovators and early adopters. They are the ones who are most loyal, give the most referrals, value what you do and to whom price plays the smallest role.
By marketing on price alone, you are inviting those who care the least about you, cause the most headaches, don’t value your services and won’t refer friends.
So, how do you create those raving fans?
That’s up to you! 😀
Wishing you the best,
If you want to be a part of a geographically exclusive Facebook group (OrthopreneursRD) where we come together to help each other build better practices and lower stress, please message me. To learn more about your region’s availability and what it’s all about, click HERE.