Questions for those of you who have been in business for a year or more:
1. How do you set your fees? What influenced that price and what, if
anything, motivated you to change them, if you have?
You should set your fees based on how much you want to do the work. In any market there are people who are willing to purchase at almost any price point.
The key is, do you know how to market to them?
The WRONG way to set prices is as follows:
- Check what all your competitors are doing
- Price yours somewhere in the middle
- Or even worse, come in at the lowest price
There are 2 reasons this is bad
- It creates the mindset that you must allow your competitors to dictate your prices and by that fact… how much you can make in your practice
- You are competiting on price as a marketing strategy and as soon as you do this you become a COMMODITY. If there is nothing unique about you or your service but what it costs, then you will get price shoppers. Bad Thing!
Also, the idea to come in at the lowest cost is particularly a bad strategy as you run the risk that someone will want to go lower.
Plus, it in no way positions you as an expert. Experts are never the lowest priced option.
Low price = cheap
2. Do you have a rough idea of how many clients shop around before
choosing you? How important is price in their decision to come to you?
If your prospects are shopping around on price, it means your marketing has not done it’s job in positioning yourself as an expert and as providing service that is so different from the competitors that they can’t compare what you do to any one else.
This is unfortunately what most hypnotists have allowed to happen by being a swiss army knife instead of a samurai sword. By that I mean, most hypnosis ads say "stop smoking, weight loss, stress relief, bed wetting, nail biting, etc. etc .etc"
Instead of being the Pain Managment Expert or Pain Free Birthing Specialist.
I don’t know who said it first, but it’s very true
"There’s riches in niches"
When you position yourself as an expert, price will have very little to do with your prospects decision to do business with you.
Think of it this way… high end speciality restaurants almost always require a reservation made well in advance, but you can always get in at McDonalds or Denny’s. Do you want to be the McDonalds of Hypnosis?