Why ‘Creating Value’ is a Myth
Let’s get right to the point. Every time a patient with a nice car, $200 jeans and an iPhone balks at a treatment plan…we get mad. Sometimes, downright angry!
“You need to create value!” says every non-helpful person ever.
Can anyone tell me, what that even means?
Spoiler alert! You can’t create value. If there were a truly magic way to do this, business would be a cinch for anyone with a library card. But it’s not. So, let’s take a closer look.
People value what they can see, understand and appreciate. But more importantly, most people are willing to spend money on services and products that will enable them to increase their social currency.
Imagine you’ve just performed the most spectacular endo-riffic procedure of your life, MB2 was staring right at you, the patient was perfect and you’ve saved the tooth…HOORAY!!! Well, sit back down and prepare for a hard truth. The only thing 90% of these patients will truly appreciate in the visit is getting out of pain.
The value of the clinical skill, preparation and execution will only be partially-coveted by peers who will hear the tale as you present at a local study club. I say partially because they will be thinking about how they might have done it better.
Why does this sting so much? Simple: you‘ve dedicated your life to your craft. You’re good at what you do, and it’s not too much to ask for someone to appreciate your skill and hard work.
The truth is, these reactions aren’t fair to the patient. They have no idea what you’re doing in there. If you are that good, the patient will see very little evidence of the repair when you’re done.
Imagine you’re out of town and a tree falls on your car. The local shop preforms a miracle and fixes your car before you come home. They even replaced the tree. Psychologically, you’ll never appreciate what it took for them to pull it off. You’ll appreciate the speed and service, but probably not the skill it took. The only evidence of that will be the bill. Sound familiar?
We’ve all watched dentistry experience a “race-to-the-bottom.” Who can be cheaper and who can give whitening away fast enough is a very slippery slope. We have to get away from competing on the four P’s (Price, Product, Promotion, Place), because everyone is using the same playbook.
In my next article I’ll share 3 tips you can implement to combat the value myth.