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30 Nov 2021

The Pitfalls of Pricing – how to get your pricing right

 


Watch my answer here:

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Nea
rly all the therapists I mentor aren’t charging enough.

Getting your prices right can be really hard. You want to be “affordable”. You don’t want to upset your clients. You don’t want to get “too big for your boots”. You don’t think your work is worth charging more for.

So many of the problems we have about our pricing come our own heads.

So we need to get our heads straight about the prices we charge. What we SHOULD be charging and what’s stopping us from charging more.

So what’s the problem?

The main issue that I see for therapists when they are trying to figure out their pricing, is that they tend to charge the “going rate”;  I see so many therapists in the Facebook groups or other forums asking what other massage therapists are charging, so that they can charge accordingly. This is such a bad idea – for two reasons:

Firstly, therapists in general, are really bad at setting good rates for themselves. As a group we want to help people and we tend to have a guilt mindset around earning earning money.

Secondly just because another therapist is charging a certain amount doesn’t mean that they’ve got it right! And it doesn’t mean they are serving the same client base as you.

I see so many therapists who think the only way to get clients is to charge a little less than other local massage therapists. This is not only a bad idea for their own business, it’s bad for the industry as a whole.

Charging low rates encourage clients to value our work and it creates a literal race to the bottom!

How do you work out what you should charge?

You need to set your prices in a way that supports you financially and reflects the value you are giving your client. The first step is to do the maths and work out all the costs associated with your massage treatments and think about what it is you would like to earn.

This process also includes thinking about how many clients you would like to see in a week. This will give you the figure that you need to be earning and it will help you to work out how much you should charge per session, so you can make that money.

Then, move away from thinking about charging per hour and instead focus on the outcomes you are offering. Sometimes we get so focused on what an hour of our time and expertise is worth that we forget the value we are giving our clients.

If a client was to think, what is it worth to be pain free? you can guarantee that would be a higher figure than an hour of someone’s time.

Thinking about your pricing through this lens, you will feel more confident about increasing the prices of your treatments.

You can’t do it wrong!

At the end of the day the only way to go wrong is to charge too low and not covering your costs. As massage therapists we need to accept there will always be clients who cannot afford our services regardless of what we charge. If you’re struggling to attract clients, its likely because you are not describing the value you offer clearly enough.

You can absolutely charge high rates, but you need to position yourself as a premium brand with a premium experience so that you can attract clients who really value your work.

 



If you want to raise your prices and position yourself as a premium brand, so you can work smarter, not harder, click here to book a free call  We can discuss what you’d like to be charging, what’s getting in the way or stopping you from doing it and how 

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