I want to talk to you about the fact that increasing your price is guaranteed to make you more money. Not only that, but it will also get you better results for your clients! Don’t believe me?
When I was first getting started, I was probably a lot like you. I was doing all sorts of discounting for friends and family and was trying to get anybody and everybody I could in the door. My strategy was initially to cut the price to bring them through the door. Otherwise, they just didn’t want to come see me, right?
What happened was the opposite. They didn’t flood through the doors because I cut my price. A few people would come in, a friend here, a friend there, maybe my mom or brother. But the problem was that once they’d come, I struggled to get them to come back. I got that initial visit and maybe I got them to come back a couple times, but it wasn’t consistent. It was a struggle to get them to follow a treatment plan and do that work at home. As an acupuncturist, it’s kind of like a 50/50 relationship. You can really accelerate those results if you get your clients to be taking action at home. I just struggled to keep them invested in their well-being.
Let’s be honest. It’s not only a challenge for new practitioners, it’s also a challenge for seasoned practitioners! I’ve seen this time and time again. My clients coming to me, they’re five or ten years in business and are still asking if they lower their price by $5, will it increase their client numbers when things get slow? That’s the mentality. My business is slowing down. I need to get more people in the door so how about I drop my price by five bucks and magically, more people are going to come in. If only that were true!
Seasoned practitioners are also thinking that they cannot raise their price. Everybody resists me on it and I would say it’s more than just resistance. It’s a literal arm wrestle to get them to increase their price, because of fear! Which is a false fear, because the fear is actually charging what you’re worth for your services! What are you afraid of:
You’re going to lose clients.
Deep down inside, you just don’t see the value that you’re bringing to the table
There’s a fear that you’re going to be way above the market price, which will cost you clients
There’s so much fear around the money. The issue isn’t the money, right?
Not owning your value because that hamster wheel that you’re on is causing your confidence to creep down and plummet and that’s a really, really, really bad train to be on. The fear is masking what’s really going on. You’re afraid of having too high of a price, too low of a price, increasing your price, asking for full price, whatever it is, the fear is masking what’s really going on – self-doubt.
It doesn’t have anything to do with your price. The real problem is you don’t know how to bring clients in the door and the truth is that actually increasing your price is going to guarantee that you make more money in your wellness business! AND, you’ll get better results from your clients. I know you’re like, “Say what? I don’t even know what you’re talking about, Michelle,” right?
How Increasing Prices Is Guaranteed To Make You More Money
Here’s why this is important. You want to aim for a number of clients that you need to run a profitable wellness business, which builds your confidence. This will help you get the money you want and the money you need. Confidence goes up, so you’re standing up a couple inches taller and you’re starting to be attractive to the right type of clients.
The ones who are ready to invest in themselves and looking to work with a practitioner that can deliver that amazing outcome that you offer.
You’re going to start attracting the ones that are willing to pay and do the work at home. That’s amazing, which actually means better results!
Now, I know what you’re thinking. I can’t charge more because “fill in the blank”. You’ve got a hundred million excuses. Whatever it is that you’re telling yourself, it’s your fear showing up. Don’t let the fear win! Every single client I’ve worked with, I’ve worked with hundreds of people, that have raised their price are still in business today.
These practitioners are actually making money in their wellness business and are seeing clients who are engaged and invested!
When I was in my acupuncture practice, my mentor told me to raise prices. I about fell out of my chair, but I did it! It didn’t shut my business down and I was happier making more money. My clients that have raised their price are happier. They’re more confident and are getting the right clients in the door. The clients are happy, invested and are getting results. Better results mean better testimonials and more referrals which means more business. Increasing your price is guaranteed to make you more money with better results for your clients even if you lose a few. Because they may have not been your right client to begin with.
You might be asking yourself, “How do I go about charging more because I’m way too low, I’ve been discounting, I’ve been giving it away, and I’ve been fearful to go up even five bucks in my business? How do I go about raising my price from wherever it is today?” Here is the recipe you can follow and apply to your business or based on your unique situation.
1. First and foremost, Post a Notice.
Most people don’t post that rates will be going up, but I find that it makes you feel more comfortable. I recommend putting a sheet of paper up in your entryway, wherever you’re greeting your clients, wherever you’re checking them out and rescheduling them and put a notice there.
2. Set the Date of Rate Change And Post it For a Month
Choose the date on the calendar. Create the notice. Put it out for a month ahead of time. If people bring it up, tell them in a matter-of-fact tone and let them know.
3. Follow Through On It.
You’re going to have to handle a few objections. Some people are not going to say anything, while others are going to be say, “It’s about time.” You’ll be surprised how many do that. Many haven’t raised prices in years, so it’s time to start covering cost of living, right?
Simple and easy. Increasing your price is guaranteed to make you more money with better results. Better results mean more testimonials, more referrals, happier clients, and a happier YOU! That equals a more robust and booming practice, which is what you deserve and of course, making money.
Making the Maven Episode 103: What to Do When Your Clients Wants to Back Out
Dixie’s client is getting cold feet and finding reasons not to continue. What should Dixie do? Dixie Reynolds is one of the members of my Maven Inner Circle. She is fairly new to business, only having started her LLC just last year, but she has over 30 years of experience as a nurse in the healthcare industry. Right now, she’s made her transition from nurse to health coach but is running into some resistance with one of her clients. What should she do? Well, on the show, I offer her some advice on how she can prevent this from happening in the future and what she can do now to help her client succeed.
Key Insights & Aha Moments
*Who is Dixie and what does she do?
*What is Dixie currently struggling with right now?
*Dixie is very new in her business right now. She has two paying clients.
*Why did Dixie leave her career in nursing to become a health coach?
*Why did it take Dixie 30 years to transition into this new career path?
*Dixie opened her LLC just last year but has only just recently started making money.
*One of Dixie’s clients is backing out right now and getting cold feet.
*How did Dixie structure the sessions with this client?
*How can Dixie prevent this from happening to her in the future? Here’s where I chime in!
*Dixie’s client has expressed resistance, this is what Dixie can do to help her client overcome these feelings.
*People want to back out all the time. It’s their way of trying to sabotage themselves. You need to call that out.
*Dixie realizes she needs to give a bit of tough love to her client. But think about it this way, no one else is helping her succeed. The best thing you can do is just be honest.
This one item has been coming up for me a lot lately when I’ve been coaching, so I feel compelled to talk about it. How to follow up and increase your business by 50%. That’s right! Simply by doing one thing:
You’ve got to do it the right way, because when you do, you can literally increase your business by 50%!
Does this sound like you?
You’re at a networking event and you have an amazing chat with someone. You put yourself out there, make a great connection with a potential new client who has expressed interest in coming to see you at your clinic.
You exchange information, but for some reason, you never hear from them again. What’s up with that?
She never called to make that appointment.
Or your best friend who is totally into holistic health jumped up and down when you said you were going to school for acupuncture, to learn Reiki, to do cranial sacral therapy, etc. She was the first person to raise her hand and say “I’m going to be your very first client.”
But that’s all it turned out to be. Enthusiasm. You’ve now been in business for over a year and she still hasn’t come in to see you. What’s up with that?
Or you hosted a table or were a sponsor for an event. It was packed with your ideal clients and you chatted with them all. They even were signing up! You had them all set to join your email list and maybe get a nice freebie opt-in and you were confident you were going to have your next two weeks fully booked after your event.
But only one person scheduled. You can’t even believe it because everyone seemed so excited!
If you’ve answered yes to any or all of these, than you need to think about FOLLOW UP!
The problem isn’t that these leads never called you. Or that they may have changed their mind. The problem is that you never followed up with them! Something so simple and you never took the time to do it!
When you follow up, you have to take the initiative, but you also want to follow up the right way. When you do, you’re going to see that 50% rise in your business. 50% more from your existing leads, hell yes!
Remember, people are busy. They have their own lives to manage and aren’t thinking about helping you grow your business. They are putting themselves last and not prioritizing their health and well-being.
We, as healers, see this time and time again. That’s why they are sick in the first place, right?
While you may be thinking that you don’t want to bother them or seem pushy, you need to hear some tough love.
There is always going to be distractions, but it’s your job to follow up and build your business! You’re leaving money on the table!
Let me give you some tips for effective follow-up:
Day 1: The day you meet them
Day 3: Follow up with this new lead
Day 6: Follow up again
Day 10: Follow up again
Day 17: Follow up again
And so on, so forth. Get it? Here’s an example.
So I’m at a networking event and meet Jenny, who is suffering from headaches and I know I can help her. I talk with her about how I could potentially work with her to get her from Point A to Point B and she is really excited. She expresses interest in scheduling an appointment with me, so we exchange info and I go home, excited for the contact.
Normally, this is when you’d go home and wait. You might send one communication but you’d be putting the power in her hands and waiting for her to come to you.
Instead, I’m going to use the steps above!
Let’s say I met her on a Monday. Two days later it’s Wednesday and I follow up with an email and say, “Hey, it was great to meet you! I’m really looking forward to helping you with your headaches. Here is the link to schedule a time with me and if you have any questions, here is how you can get in touch! Done.
I still don’t hear from her. So three business days later, now Monday, I reach out to her again and say, “Hey, Jenny! I haven’t heard from you, but as a reminder, here is the info on how to get scheduled. I know it’s probably not at the top of your priority list, but it’s time for you to start making your health more of a priority. I know I can help you get results. I look forward to seeing you soon!”
Another four days pass and I don’t hear from her again. But I know that people are busy and this is where I know you will say, “Oh, I don’t want to be pushy.” But I’m going to follow my model above and reach out to her, which would now be Friday.
I say something like, “Hey, I know you’re busy and I don’t want to be a pest, but I just wanted to remind you that I can help you with your headaches! Here is a link to get scheduled. Hope all is going OK with you and feel free to reach out if I can answer any questions.”
As a reminder, you’re finding a way to be polite, but assertive. Maybe slightly pushy because showing that you care for someone can seem that way.
If I still don’t hear from her, my next step will be to reach out to her another week later. This time I say something like, “Hey, Jenny! You must have changed your mind or maybe you don’t need any help anymore, right? Just let me know. I’m here for you when you need me!” And that’s it.
Find a way to be a little bit pushy, but still really nice about it. And if you don’t hear from her after that, it doesn’t mean it has to completely fall off.
At the very minimum, put her on your automated marketing list, with permission, of course.
By following up the right way, you can increase your business by 50%! Who doesn’t want that?
Making the Maven Episode 102: Are You Always Just Learning, But Not Doing?
Hey everyone. For this episode, it will just be yours truly talking, Michelle McGlade! I am so passionate about helping you guys succeed, but one thing I’ve noticed is that you have a hard time putting down those books. You might feel like you’re not good enough, not experienced enough; not ready, but the truth be told, you have to stop overlearning and start getting your butt out there and helping people who desperately need you! On today’s show, I share my personal story, the defining moment if you will, on why I had to help other people with their pain.
Key Insights & Aha Moments
*Today it’ll be just yours truly talking, Michelle McGlade! It’ time to do a quick solo show and talk one-on-one with you.
*I’ll be taking your questions at the end of the show!
*Do not forget to join the Facebook group community! You won’t regret it!
*It’s time to put those learning books down and get those clients in the door.
*I slipped on wet ice while I was at a skating rink (I wasn’t even moving) and I pretty much broke my entire leg. I had to get surgery and I was deathly afraid.
*My leg was so bad, the doctor wanted to present my case at a conference!
*I was in acupuncture school at the time and my husband had to literally carry me into class! I had a walker, but it was just too painful getting from the hallway to the classroom.
*I did everything I could to be the 1 in 10 to recover from my type of injury. Physical therapy, acupuncture, laser therapy, massages, everything!!
*One day when I was getting acupuncture done, I just start balling my eyes out crying, and my acupuncturist told me that this was a gift. That this experience will make me a better doctor. I didn’t believe it at the time, but he was right.
*At the end of the day, the experience I had, and the passion I have for helping other people, extends way beyond acquiring another degree. I hope this story inspires you to stop constantly trying to learn and learn and learn without any action and instead forces you to take action!
*What about continuous learning?
*How can you leverage your personal value?
*Stay till the end and I’ll answer some of your questions!
Lowering your price by $5 won’t get more clients, but I’m 100% confident that having a lead generation process will absolutely lead to more clients! And even better? It’s easy and it works!
I was inspired to discuss this based on a question in my free Facebook community. This person happened to be a massage therapist in the Midwest and did a lot of customized massages, like therapeutic deep tissue, along with incorporating acupressure, Reiki and reflexology. She’s been charging $75 for a one-hour massage for the last four years and up until recently, she hasn’t had any problems retaining business.
However, she questioned her price-point and asked me if she lowered her price to $70, would she get more clients? She knew the average in her area was around $65, so her thought process involved lowering her price to attract more clients.
NO! Absolutely not!
$5 doesn’t matter to a buyer if they already value what you’re offering. Even if you see those client numbers decreasing and it’s killing your confidence, you’re going to start feeling a little desperate. You want more clients in the door!
The mind games start happening because you’re seeing numbers go down, along with your income.
The last thing you want to do is get caught in the hamster wheel where you have no plan, no process and no clients! That’s a huge problem!
Instead, let’s talk about creating a lead generation process, which is basically just a recipe. It’s something you can go back to time and time again and follow step-by-step.
When you have a recipe you’ve never tried before, what do you generally do? You follow it to a T! You measure everything out perfectly. You do everything exactly the way it’s laid out and once you start feeling more confident, you might start experimenting a little bit. Maybe you start adding a little of this or take away a little of that and you make it work for you.
Soon, you may not even have to look at the recipe card anymore!
That’s what lead generation is. It’s a process for your business.
When I was first getting started I was running from process and procedure. I ran from phrases like “lead generation” and “sales process” because I thought I’d just throw everything at the wall and see what would stick. It worked in the beginning to get clients, but I can tell you, it was completely overwhelming. It was exhausting and definitely wasn’t sustainable.
I didn’t have something that was repeatable to go back to and easy to follow. I didn’t know what I was going to do when the ups and downs came in my business.
But now I’m older. Wiser. More seasoned.
Think about it. Why go it alone? Why try to figure everything out the hard way? Why not just take a recipe, practice it, and tweak it until you make it work for you?
Here’s the thing. When you’re going through those ups and downs and need more clients in the door, lowering your price by $5 isn’t going to bring in more clients.
But a lead generation process will!
I want to give you an easy recipe for getting clients in the door. There are four parts:
Use your existing network
Reach out to the network you already have! I call this low-hanging fruit. Reaching out to potential clients that are cold and don’t know anything about you or your business is so much harder. You’re much more likely to get business right away through your network. So make a list of people you’ve worked with in the past who haven’t been in in awhile, people who have expressed an interest in coming to see you, or maybe even partners or other practitioners who said that they may have a referral for you. Make that list!
Invite them into a conversation
Depending on what type of relationship you have with them, it could look and feel a bit different for everyone. If it’s somebody you know well, you’re going to set up that coffee date. If it’s a patient, or someone you haven’t seen in awhile, send out that email. Think about the relationship and what form of contact would make the most sense.
People are busy! Just because you reached out doesn’t mean they will immediately remember to get back to you. Many of us put our health as the lowest priority on our list, so this means you need to remind them! You need to be that little bug on the wall!
Bring them to a decision
That’s right. Yes or no. Follow-up forever until you get that final decision! I know that sounds simple, but 99.9% of you aren’t doing this!
Remember that lowering your price by $5 isn’t going to be bringing more clients in the door, but creating that lead generation process absolutely will!