As a newly qualified therapist, it can be really difficult to think about where to price yourself in the market. Do you start off low because you are new and inexperienced or go in at the price of your competitors?
Likewise as an established therapist should you offer discounts or loyalty schemes? There is not an easy answer to any of this however, we have given you some things to think about and questions to ask when choosing your 'going rate'!
Things to consider...
- Do your research! The first step is to check out your competitors, location will play a part so find the price range for your area. Remember that prices may vary between a clinic based or mobile therapist to take into account demands on the therapists time between appointments and travel.
- Don't assume that you cannot offer as much as your experienced counter part. Your knowledge is fresh and your skills are up-to-date. Keep it that way with regular CPDs, this will not only grow your confidence but also your portfolio.
- If you choose to start out below the market range, only do so for a limited time. It will be difficult to bring these clients in line when you increase your fees.
- You are a highly skilled professional with a huge body of work behind you from your studies. Charge your rate and people will buy into your skills. If you are good at what you do and you share your knowledge and explain the work you are doing people will be happy to pay your price. Be brave and walk tall.
Discounts, loyalty schemes and 'mates rates'.
Our thoughts are that you should not be discounting your treatments. Discounts are great for attracting new business and bookings although is it attracting the right people. Do you want to fill your client list with bargain hunters always looking to pay less. Can you compete on price and continually offer lower prices. Even with regular clients it sets a standard and getting people back up to full price will be more difficult. It also sends a message relating to worth; is the treatment not worth the full price, has it cheapened your offering.
So we move onto loyalty schemes, again this is something that can work well to get bookings flowing and perhaps encourage rebookings if you are offering prepaid options although will you find it sustainable to fit in the 'free' sessions. The key would be to have a plan of how to absorb any financial loss and schedule the extra sessions in.
Another issue we come across is 'mates rates' or skill exchanges. It rarely serves the therapist unfortunately and can feel difficult to navigate. Something we encourage at the Academy as an alternative to this that when you are in the stage where you need case studies choose them wisely. If you select friends let them know how many treatments they will get for free and then let them know the cost moving forward should they wish to book back in. Our preferred method though is to chose to reserve the case study spots for the clients you would like to work with in the future (or friends that will rave about you and market your business!).
Always ask yourself why do you feel the need to undersell yourself?
Adding value for your clients rather than discounting
There are always ways to add perceived value although why not reserve this for your loyal paying customers to ensure they rebook rather than seeking new customers at discounted rates. Our favourite way to add value in treatments is when we see clients scrapping the rate cards and treatment lists. As a therapist you have a set of skills, a toolkit as it were. We love to see therapists treating clients in the way that will benefit the client most. For example if the client would benefit from hots stones treatment or cupping to really unlock tension why not incorporate this into their treatment rather than expect them to book in for a specific 'Hot Stones Massage'. In this case your pricing would be based more on the time they spend with your rather that a predetermined treatment.
Another lovely way we see our therapists adding value for their clients is through products. Our aromatherapists can blend prescriptive blends based on any client complaints and will often then also make up an extra 5ml of aromatherapy oil and pop it into a rollerball for them to take away. Making the clients feel held in our minds is powerful.
Necessity is the mother of invention
Whilst it remains important to pitch yourself inline with the going rate in your area it can be helpful to look at your price point from the angle of what do you need to earn. What are your overheads and what time can you block out for appointments to ensure you will make a profit. Likewise how many appointments can you feasibly fit into these blocks of time?