New Year’s Quick-Money Month – Week 1: Raise Your Rates! Part 2/3
Infuse your practice with extra money to jump-start your business New Year: Raise Your Fees, Follow Up with Prospects, Reactivate Former Clients and Sell Gift Certificates. Consider these ideas to quickly bring in extra money that you can use to stabilize your finances or invest in growing your holistic health practice. If done according to The Prosperous Practice Painless Fee Increase Strategy, you can make some quick money, as well as generate repeat business with long-term, loyal Ideal Clients!
This week we’re looking at how to painlessly raise your fees, while motivating clients to pay and schedule in advance!
Announce your fee increase 4-6 weeks in advance of the date you intend to implement it. Be careful not to spring it on your clients at the last minute. They may need time to adjust their budgets.
Use a combination of contact methods – email, postal mail, phone messages and personal conversations – to inform your entire client base of the upcoming change in your fees. Send everyone at least 2 reminders of the fee change.
With each notice, include an irresistible free offer – a bonus treatment, a gift or amenity, with the pre-paid purchase of a series of sessions at the current rate.
In your announcements and reminders, lead with the bonus offer, followed by the announcement of your fee increase. As an example: “Get a complimentary hot stone massage with the purchase of 4 pre-scheduled sessions at the current fees, before our fee increase on [expire date].”
This strategy has two benefits:
1. For clients: They save money on future treatments; they delay paying for a fee increase; they get the convenience of preset appointments.
2. For you: You get money up front for a quick cash infusion; your schedule is booked in advance; you spend less administrative time on scheduling and processing payments.
It also cuts your marketing time. You don’t need to try to get clients to return, because they are pre-scheduled to come in several times over the next few weeks. How cool is that?!