It's staggering just how much “dread” fills a chiropractor when I say these three words…
“RAISE YOUR PRICES”
The psychology around raising prices has everything to do with your understanding of just how irrational and powerful the FEAR OF LOSS is within a human being!
Fear is often overcome by understanding some facts, and some in the field real life scenarios … of how this really plays out … well here goes!
Three of the biggest objections I get about raising prices are….
- “I've just raised them in the last 12 month”
- “But I'm already the most expensive”
- “But nobody in the area charges more than …..”
Objection 1- “I've just raised them in the last 12 month”
Is a complete mute point. Just because you have raised your prices recently has zero impact on raising them again if it's appropriate. In one experiment we raised our own prices every month for 6 months, consecutively, until we got enough feedback from the marketplace that we had hit a good point.
Objection 2- “But I'm already the most expensive”
Good,then you may as well be even more expensive because there is no point in being “half pregnant”. Said differently there is no point being just a little bit more expensive than everyone. Being substantially more expensive is a market differentiator in itself.
Furthermore, if someone is not going to use your service because you are the most expensive then it matters not if you are $10 or $50 more. Equally, if someone chooses to use your service BECAUSE you're the most expensive, which many do, then you may as well make it count.
Objection 3- “But nobody in the area charges more than …..”
Please remember two key points. Firstly I always teach that you should NOT have any prices on your website. The job of a good website is not to give all the answers, it's to get people to enquire. Replace your prices with a “price enquiry” webform… YOU WILL NOT BELIEVE HOW MANY PEOPLE FILL THEM IN.
Secondly, in today's day and age, you cannot even afford to be “the same” as everyone else. People automatically think that you are “better” or “more experienced” simply by you being more expensive.
When a chiropractor first joins my group, normally the very first piece of advice I have is RAISE YOUR PRICES!
The very normal response I get is one of shock and horror. It often takes a little “persuading”.
Never in the history of getting my clients to raise their prices has anyone EVER lost more than 5 patients and often just that decision is worth 6 figures annually!
ARE PEOPLE REALLY RAISING PRICES NOW?
I've just jumped off a call with a client who owns a million-dollar per year practice. He just told me he raised his prices by over 20% last week.
That's in the middle of one of the biggest financial shake-ups in the history of mankind
GUESS WHAT HAPPENED?
NOTHING. Everyone just paid the new fee and they stand to make close to six figures extra annually because of it!
LET ME SAY THAT AGAIN…
NOT A SINGLE PERSON LEFT!
QUESTION TO PONDER:
What is preventing you from raising your prices substantially?
To be continued ……….in next email!
A-Z PRISE RISE STRATEGY
Love and light,
P.S. Whenever you’re ready…here are 5 ways I can help you grow your practice…!
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