It can feel really icky to stick a price on your skills, expertise and talents.
After all, you most likely didn’t join this profession to make a shed load of money!
Far likelier is that your main driver was that you wanted to make a difference. You wanted to help people in pain to suffer less and recover if possible.
And you loved the idea that you could do all this without drugs and equipment. Instead, you could simply use your hands, your expert knowledge and apply them to each patient.
Ultimately though, when you start practising by yourself the debate begins as to where to place yourself on the scale from cheap to ridiculously expensive!
Are you Prada or Primark?
This is the question I ask Clients who are struggling with price. Where would you like to be on the scale from budget clothing shop Primark to swanky designer label Prada?
Some Osteopaths are charging Prada prices reaching into the hundreds of pounds! How on earth are they getting away with that, I hear you ask!
Well because they provide fantastic service, usually in fabulous surroundings, huge attention is placed on the individual, there is no rushing the patient and their perceived value is enormous as a result. Who knows if they are any more skilled than a new Graduate who has excelled in training?
Earlier this year, one of my VIP Clients, who worked in a gorgeous treatment room and was very experienced, wanted to be busier. He decided without a doubt that he wanted to be closer to Prada pricing! So we aimed him towards the top end of the market, leaving plenty of business for those Practitioners in the area who charged much less. And of course, with the right marketing, he’s now very busy! Win/win!
How can you price yourself correctly?
Because I grew up on a farm and have always loved business, I decided to study Economics at college. The key law was that of supply and demand. As you know, the more demand there is and the lower the availability, the higher the price can go.
So that will be one factor in deciding price. However, another economic factor is, what the target socio-economic group are wiling to pay.
What is not a factor is what price competitors are charging and where you would place yourself on THAT scale! That just leads to everybody’s prices staying lowish! It also is impossible to accurately compare YOUR perception of their skill set to your own.
And why are we comparing ourselves to others anyway? I don’t. I set a fee I know I’m worth to your business and your profits. I put my heart and soul into your growing your business. You put your heart and soul into each patient’s health. What’s that worth to THEM?
It’s helpful to occasionally reflect on this as there are still too many burnt out Osteopaths in this world…
Different prices for Principals and Associates?
This can be a hot potato! I understand the argument that if everyone is charging the same there is no perceived difference in competence and skill.
But I do have an argument for raising the prices of the Principals. In trying to help Associates to be busier, a lower price can encourage those with lower budgets to book in and be seen. It gives greater choice to the patient and naturally spreads the load. The Principal is also not over-booked and is afforded precious time to be allocated towards marketing and business development. But earnings are not reduced.
I have encouraged this with several of my Clients and it has worked a treat. Initially, they are not keen for the reasons mentioned earlier. Some have even found that patients will travel huge distances especially to be treated by them too!
However, this also translates into increased earnings and they are not left exhausted after another week rammed full of patients! It gives them an opportunity to continually review and improve business practices and evaluate how they operate in the community.
For me, that makes sound and healthy business sense.
Working with me as a VIP Client is the fastest way to increased patient bookings and an optimised Osteobiz.
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