Why Your Pricing Strategy Might Be Holding You Back

Why your price strategy might be holding you back. Let's go to the board and let's figure this out. All right, now, some of you guys, right now you're charging about $200 a visit. Okay? Okay, now you're maybe doing packages, and the packages, you're decre. Decreasing the price of the visit. So maybe your package price really comes out to like 170. This is for a package, and this is a visit. Okay, so let's do some quick math on this. I'm going to pull this up. So quick math. Let me pull up my calculator. I'm going to show you why your strategy actually might be the thing that's killing your business. So here we go. All right, so $200 times 12, because that's typically what people see a provider for. Okay, that's 2,400. $400. Now, if you do a visit, if you do a package and each visit is 170 times 12, that's $2,040. Do you guys see the price difference? 400 price difference, $400 price difference. Now, some of you guys are probably like, okay, well, how is that killing my business? This is just one client. You have multiple clients. This could actually. 400 plus 400, like, even in a day, you could be losing out on a thousand dollars easily compared to if you were doing 200 a visit from 170 a visit. And some of y' all are even like, well, let me throw in a wellness visit. So then you say, 120 for a wellness visit. Now what the heck does this mean? A wellness visit is actually the exact same thing that you would be doing in a normal visit. I don't know why we think we have to have some fancy name called wellness. You do not. We don't need you to have a wellness visit. It's just a continuation of care. That's it. I would not have some fancy name that. That you feel that you need to have to make sure that it's justified or whatever else. I would just say, okay, we have reached 12 sessions. I would actually recommend you coming in once a month so that we can continue to make sure this problem doesn't come back. That's all I would say. And leave it there. I would not say, okay, now we're going to start wellness visits because now it's like in their head that it's something different, and maybe then there is a different price for it, but you actually don't want a different price because when they are actually seeing you, maybe in a package or maybe per visit session. What's to say that they're going to be like, hey, let me just break, let me just get the wellness visits and come in for that. And it's actually the same thing as a normal visit. And also what I see is some of you guys are also doing this. You're saying 70 to $80 maybe for just like one of the services. So maybe it's a dry needling session or maybe it's a cupping session. This is a down sell, guys. This is a down sell. Do we want to do a down sell? No, we do not want to do a down sell. We want to do an upsell. So instead it would be $200 a visit plus $15. So $15 for dry needling. So now you're going to get $215 per session. That is how you want to do it. This is why it's killing you. Downselling and saying, well, guess what, we're going to do $70 to $80 for dry needling. I've also seen this. Oh yeah, by the way, our massage, again, here's another down sell is $80 a visit. Why would they not want to ch. Of course they're going to choose massage. Which one would you prefer? You want to pay 200, you want to pay 80? Of course they're going to pick the lower thing. And in the patient's eyes they believe that massage is the same thing as you working on them in the visit. They do not see any difference. So of course they would say, yeah, why not do this for $80? Okay. And then I'll add on dry needling. Okay, great. So if I now do a massage plus dry needling, which is basically therapy, well, now we're at 160 a session. Is that still cheaper than 200? Yes, it is. So you're killing your business model. You're completely killing and sabotaging yourself. So let's do this right. Here's what you need to do. Number one, that's erase all this. Number one, you must be over $200 a session. That's key to make it in this world and to actually pay the therapists of what they want to be paid or the providers of what they get paid, you need to be over $200 a session. So instead I would be at number one, change the price to 250 a session. Okay, that's key. That's going to increase your overall bottom line and you're going to be able to pay your staff more and invest in things more. Whether or not, that's business coaching. Whether or not that's a new phone, whether or not that's a new laptop, whatever it may be, you could invest more in your business. More profit, more investment. Okay, next thing, what are things that we can actually upsell them on? So one thing could be if you had shockwave. Oh, there goes my headphones. Okay, shockwaves. Well, you could charge anywhere between 150 to maybe $300 as an add on. Okay, A session, by the way. So now we do 250 a session plus, let's just say 150. So that's 300, that's $400 for one hour. Now, with shockwave included, that's an upsell. What else is an upsell? Well, number two, you can talk about hormonal health. Every single provider that's listening to this, you guys can get a certification within six months. Thanks, guys, for joining and thank you, Jane, for sponsoring Pelby Biz Podcast. We can't thank you enough so that we can help more, more providers across the world. Thanks. Then six months to read labs. So what you could do is upsell them on labs. So I would say, okay, let's get your labs done. And I'm going to read that and that, that alone is going to be upsell this. So in this visit we're also going to be talking about labs and we're going to, we're going to charge $200 to read the labs and walk you through that. Okay, great. Well, now we're at 450 for one hour. Okay, 450 for one hour. That's an upsell. Let me think. What else did upsell? Number three, you could maybe have a kit. That is something that the patient needs for their recovery. So maybe it's pain with intercourse. Well, what things are they going to need with pain with intercourse? They may need some lube. They're probably going to maybe need a wand. They're maybe need a wedge, like a nice pillow for different positioning. They're going to need. Let me think, let me think. Maybe they're going to need like a nice scent that makes them like feel relaxed and calm. So maybe something that smells good. I'm making this up, but you're going to get the point. Maybe this kit. Well, maybe this kit is like 50 bucks. Okay, so great. So now for one Visit, that is $300. Okay, $300 because I, I gave them a kit of what they needed. Again on here. Number four. Maybe they had hip impingement and you want to Dry needle them. Great. So dry needling, Okay, dry needling is 15 bucks. So now that's two. Let me see, 265 a visit. That's for dry needling. Again, this is an upsell. Okay? Maybe you have, you can get on Amazon. There's a red light that can go across someone's belly. Maybe for someone that has chronic endo or chronic pelvic pain, maybe red light therapy. So maybe over here, number five would be like red light therapy and that just to have that thing, because you could easily wipe it and give it to the next patient, put it on their belly while you're doing all the manual stuff. And they're lying face up, right? So maybe 15 minutes or 5, 10 minutes of red light therapy, you're going to charge an extra 20 bucks. Okay, so then that is going to be 2, 270. And that's not going to cost you. It's just going to cost you the one time to get the red light therapy. But 270, if they want the red light therapy as well. Okay, maybe you also have some laser you're using like a Class 5 laser. So number six, like a Class 5 laser, and you're using that to heal tissue. You can sometimes use it around the vulva. There's different areas or maybe joints or whatever, right? Maybe that's an upsell. And you can say that is $20 as well to use. So that's going to be 270 for having a Class 5 laser. Do you guys see how I'm stacking value and basically all these things basically allow the patient to get the result faster and with more confidence that they're going to get the result. Because it's very clearly laid out that like this thing is going to help you get this. Okay? And so when we're talking about building and making sure your pricing structure is good, you guys have to think about this. What is the upsell? The other thing I would say that's really trending right now is I'm really talking about it. It's called group coaching. So they can do one on one a session, but maybe they can also do group coaching with you or maybe they can do fitness classes with you. So maybe, and I'm not saying you teach the fitness classes. That is key. You should not be teaching the fitness classes, but maybe there's a fitness class, right? And each maybe it's $38. As for like their Pilates classes at this, that's at your place. So now per week they're spending with you, two I can't do math. $250 plus $38. So what is that? 250 plus $38. Okay, so that's 288 right there. Okay. Because they're spending each week with, each week with you $38 on a fitness class. So if you overall are trying to increase your patient value because you're like, I am so freaking tired of trying to get more and more patients. Well, what else do your clients want that you could upsell them on so that you don't have to be like, okay, more and more and more and more leads. These are ways that you could do it. So let me just recap. Shockwave therapy. Maybe you can read labs. Maybe you're going to give them a kit. Maybe you're going to upsell them on dry needling. Maybe you're going to do red light therapy. Maybe you're going to use a Class 5 laser. Maybe you're going to add a fitness class in each week that we want them to attend. Or maybe it's something virtually online that we want them to attend. Okay. Different ways to upsell them. What I don't do here is downsell anything. Nothing at online or at the clinic is below 250. Because if I have that, I'm downselling them. Now, there is a way to do that, but I'm not publicly putting that out there like, I am all this. I'm not saying, hey, by the way, you can also just come and see me for a massage at $80 an hour. No, there is ways to downsell. And I put that in another video. Today is not that. Today is making sure that your structure is right. Also, let me say this. I also don't like downselling on packages. Meaning the package price is 200, but then. Or the visit price is 200, but then the package price is 170. That to me, you're decreasing your value and you're saying it's not, it's not worth that. I like to increase the value. So if the pack, if your normal Visit price is 200, leave that or discount it by only maybe $50 or 100. That's really actually not going to have someone move the needle that much just from a hundred dollars. I'm just being honest. What will make the patient move is that if you increase the value. So maybe if you're part of a patient package. Let me just do this here. Okay, so if you're part of a package, let's start there. Me erase. Okay. Then what happens is you're so packages how you increase value. This is key. Most coaches are going to teach you how to decrease your value. I'm going to teach you how to increase your value because I'm all about high quality, high standard. So increase your value. Number one, you're going to increase your value by what does the patient need and want? So we charge cancellation fee. What if you bought into the package and we waived two of those cancellation fees? So wave two, cancel fees. So that means they have two times that. They can be like, hey, I'm sick. I can't do this. That we're not going to charge them half the price of the visit or the full price of the visit. That is significant. Okay. That's going to move them into the package. What else do you think they want? They. What do. What do our moms want? What do they want? They want massages. They want their hair done. They want their nails done. All the different things. So is there a way that you can get offers from other businesses? So offers from other businesses. Okay. In the area that's going to help increase your value. Like a chiropractor. They may have to go to the chiropractor. So why don't you put a free visit from a chiropractor and in your actual products? That is huge. Okay. Another way to increase the value, maybe you have a kit that you're going to put in here that's going to. So if they buy a package, they get all of this. Maybe they also get, like one fitness class that, you know, someone at your facility will be teaching, whether or not it's online or in person. So you see, I increase the value because this is everything that they want. Most of y' all are decreasing it, and that's going to drive the patient out of there, and it's not going to drive the right person to you. So this is key. So make sure that you understand that you know your words. First off, say, and stick to your high standards and make sure that you price your offers right so that the right people are attractive and the right people want it. All right, guys. Bye. Bye. Quick interruption. For those that have questions on today's episode, please text my personal number. It's 703-783-2388. I'd be happy to answer any questions that you have to get you unstuck. Let's get back to the episode. Thanks so much for listening. And you guys can text me at any time. It truly is my number if you feel that you have questions or that you feel stuck. So text me at 703-783-2388. Text me at any time and I will respond. And yes, it is me. So hopefully we'll talk soon so we can get you unstuck.