According to industry statistics, less than 30% of people that need hearing aids actually purchase them and if you believe what you hear or read on social media, it’s all about the money. OTCs, TPAs, Big Box retail must also believe that money is the biggest objection because they certainly have impacted the market by appealing to consumers who are concerned about price.
If you recommend hearing aids, you have heard a patient object to the cost of hearing healthcare. To me, the real question when a patient presents the price objection is whether the patient doesn’t have the money, doesn’t want to spend the money or doesn’t feel the hearing aids are worth the money. The only way to uncover the answer is to ask questions. Regardless of the stated objection, in the majority of cases, money is at least part of the issue.
Think about, or better yet, record what you say to patients when you explain test results and recommend hearing help. Many professionals I have observed, myself included, talk way too much and present way too many options. Patients want a strong recommendation from their professional. Not “you could get RIC aids, or if you are concerned about cosmetics, you could get IICs and then there are hearing aids that connect with iPhones or perhaps you would like a loop or wireless system for your TV or your spouse could wear a microphone around her neck, blah, blah, blah.” And we wonder why patient’s run!
Patients want a strong recommendation and then a good reason why they should pursue that recommendation and spend a significant amount of money to get it. Consider what you say and how you say it. Say something like, “Based upon your test results and the problems you have shared with me, I believe _______ would be the best solution for you.” Then put your price sheet in front of them and be quiet until the patient responds. Those few moments of silence will seem like a lifetime, but they are crucial.
When someone voices that price is an issue, the first thing to do is take a deep breath, make eye contact and silently count to three. It is amazing how many clients will answer their own objections, or at least give you some much needed information as to what’s behind the objection. Don’t be afraid of silence. Whenever a patient expresses, “That’s alot of money”, agree with them and then explain what’s included. If you offer a bundled price option, let the patient know everything that is included in the price. I find it’s a good idea to have an itemized list of the services included over the period of the contract and what the associated costs are for those services.
Don’t let an objection be the end of the conversation. The key is to acknowledge what the patient is saying and then proceed to address their concerns and assure them that better hearing is worth the investment. And… the patient gets YOU and your expertise. The recent Humes’ study indicated that patients are more satisfied when a professional is involved in the journey to better hearing. Mention that you offer financing and the solution can be obtained for only ____ dollars per month.
A simple Google search will reveal many helpful articles and videos to help you overcome the common price objection. The most important thing is to Track your Help Rate and try to improve it. Many professionals tell me that their Help Rate is 90% or more but industry statistics don’t support that number. Don’t guess how good you are at helping patients. Know your numbers!
Next week my blog will feature info on how to overcome the “I want to think about it” objection.