In the Million Dollar Wellness Intern program Dr. Andrew Arnold, Founder talks about the 3 stages of resistance the wellness practitioner faces when choosing how much to charge.
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The practitioner’s own price resistance
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The client or patient’s price resistance
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The client or patient’s payment resistance
All of these are perceived reality. They are not real but rather borne out of fear, survival, and scarcity!
Clients unconsciously pick up on this fear and despite the words spoken and heard and then decides not to follow thru.
It is critically important therefore, you are clear on your positive delusion and this means integrating your fees with your worth.
This is human nature which is why pricing, like most of the MDW Intern principles, needs to thought of counter-intuitively.
When considering your price point there are several key things to review.
- Review your flight plans.
- Know your values, vision, purpose, and message.
- Know your niche
- Know your product and service.
- Know your price band.
- Know your conversion %.
- Know your costs.
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Review your flight plans.
Remind yourself of the destination you chose, for you personally, your practice and your clients, your flight plans. Review the steps you created to get you, your team and your clients from here to there. How much do your clients need to invest to achieve an optimal health outcome according to your wellness journey?
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Know your values, vision, purpose, and message.
Review WHY you do what you do? What’s your passion behind your modality? What are the beliefs that form the foundation for your flight plans?
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Know your niche
Know your niche or niches. Research tells us the tighter you niche the more likely a client will enroll and engage which means buy. Remember, this does not exclude all the rest. When we give our clients too many options they end not making any decision. It just becomes confusing and overwhelming. When we are specific this shines a bright light which helps you stand out. Others who initially, are not looking for your niche will also see this light more easily and ask questions.
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Know your product and service.
Know the key features of your product/service. Know the key benefits to your product and service. Know how to communicate these powerfully and effectively to your prospective clients.
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Know your price band.
Know your price band for your modality. Research other professionals in your area and more widely. Position yourself at the 80% mark, i.e. not the highest but definitely not lowest.
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Know your conversion %.
Know how many clients are engaging with you, i.e. online and calling and then how many are converting. If more than 70% are converting your prices are TOO LOW! Use online analytics, e.g. Google Adwords, Facebook Advertising, etc.
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Know your costs.
Know how many new clients costs you, i.e. marketing spend. Know how much it costs you to operate as a health professional, i.e. membership, professional indemnity insurance, board fees, etc. Know how much it costs to keep your practice open if you are the practice owner. Break these numbers down into an hourly figure.
About the author:
Dr. Andrew Arnold is a Chiropractor and founder of the Million Dollar Wellness Intern program.