There comes a time when every practitioner needs to consider raising prices. Maybe you started with a lower rate as an introductory offer. Maybe your skills have improved or been enhanced by the addition of some technology. Perhaps your costs have increased.
Fundamentally, the time to raise your prices is when the value of what you deliver is not represented by what you are charging. Never raise your prices unless that is true.
The Wrong Way
The biggest mistake practitioners make when raising their prices is to lead with an apology.
NO! Don’t ever do that!
When you lead with an apology, you are coming from the mindset that you are doing something wrong. If, as mentioned above, you are raising your prices because the value of what you are delivering is not represented by what you are charging, you have absolutely nothing to apologize for. Please don’t do that.
The Right Way
When you decide to raise your prices, get really comfortable with the amount. You want to make sure you aren’t going to need to raise your prices again in the near future. You don’t want to give people the impression that you raise your prices all the time. Give some serious thought to the number and plan of keeping that rate the same for at least 2 years. It’s okay to run discounts/promotions/packages to inspire appointment purchases.
Once you decide what your price is going to be, you want to give advance notice and provide an opportunity for people to prepay for services at the current rates. Here’s how that might go…
This notice is to let you know that effective February 22, our new rate for appointments will be $_____. For those of you who would like to take advantage of the current rates, we are allowing you to prepay for unlimited appointments at the current rate until February 21. To take advantage of this offer please (call the office, or give them a link to prepay). We appreciate the opportunity to continue to add value to your appointments while we support you on your wellness journey.
You want to give a minimum of two weeks (three is better) lead time for the price change and make sure that you do what you can to make sure your entire clientele gets the message in time to take advantage of the prepayment options. Utilize email, social media, appointment reminders, and your office staff to make sure everyone is informed in a timely manner. You will appreciate the added cashflow into your practice when committed clients prepay for services.
Honestly, when price increases are implemented in this manner pushback is rare. That being said, you may get a person or two who pushes back. A few thoughts…
Are these really the type of people you want to have in your practice? Maybe this is a way to level-up your clientele.
Stay in your power. Simply stating “I take price increases very seriously and I would not have raised my prices if I didn’t feel it was the right thing to do. I understand that these changes can be uncomfortable for some people which is why I provided an opportunity to purchase appointments at the old prices.” If they still push back, offer to refer them to another practice that has lower prices.
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