Wheelchair

How to Determine the Right Wheelchair Price for Your Customers

By kelingmedical

This is difficult to do, but medical device distributors have to make sure that they’re selling and making money from the wheelchair. In this post, let’s discuss what the optimal wheelchair price should be for your customers with a sustainable business model.

Price – Some Factors to Take into Account When Pricing Wheelchairs
Cost of Goods Sold (COGS):
This is your cost price which determines the final retail price. : The amount you paid to vendors, the shipping, and fees. You have to factor this in the final price so you’re covering your costs and selling for profit.

Market Demand:
Price should reflect market demand. If you’re selling a lot of a certain type of wheelchair, you can price it more high. However, if you are selling models that aren’t as popular then you have to charge less for them.

Competition Pricing:
Learn competitors’ price so you don’t fall behind. If you are pricing too expensive for other distributors, people will leave. But price too low and you’ll be losing out on the revenue.

Value Proposition:
If you have wheelchairs that have special qualities, such as more durability, comfort or customization, you might not have to pay for them as much. Be sure to point out what your wheelchairs offer the customer.

Profit Margin:
The profit margin must be a good one that distributors need to aim for. Price stability is vital but make sure you have a price model that is profitable for your business and supports operating expenses.

Strategies for Pricing Wheelchairs
Tiered Pricing:
Provide different prices according to the features and kinds of wheelchairs. The low priced models with manual, for instance, will typically be cheap while the higher priced models with electric features or functions are usually pricey.

Bundle Offers:
In offering bundles (eg a wheelchair along with some accessories (i.e cushions, foot rest)) you can provide added value and additional revenue.

Discounts for Bulk Orders:
Discount on bulk orders to appeal to larger businesses or hospitals who would want to buy bulk.

Conclusion
The right wheelchair price consists of a combination of price, demand, competitor price, and a good margin of profit. Strategic pricing strategies such as tiered pricing, bulk discounts, value-added bundles etc can help you negotiate a price that’s appropriate for your customers and business goals.