https://www.youtube.com/watch?v=bs8ttLpHqfs
Week 6 of Accelerator is here and I can’t believe it’s our final class…
First a quick re-cap:
Weeks 1, 2, 3, 4 and 5 of Accelerator were all about teaching my students how to increase the number of people who want to do business with them…
You can catch up on the highlights here…
– Accelerator Week 1
– Accelerator Week 2
– Accelerator Week 3
– Accelerator Week 4
– Accelerator Week 5
This week I showed my group of great Physical Therapy business owners how to achieve ‘Price Freedom’.
What is Price Freedom? It’s the ability to charge whatever prices you want (the prices you deserve) without losing patients, and growing your business at the same time.
It’s all about creating a price structure that makes you more profitable AND offering other products and services that are aligned with your perfect patient, that they’ll want to buy from you… forever.
So with that said, lets get into “10″ of the biggest highlights from the final week of the New Patient Accelerator Program, week 6, so you too can discover how to MAXIMISE the cash value of your new patients…
Key Takeaways
#1 The Number 1 Thing That Allows You To Charge Higher Prices…
Raising prices is often hard for many business owners – we get emotionally attached and worry that people will say ‘no’ to paying what we really want to charge.
But there’s a way around that – GREAT Marketing (and continued investment in your clinic Marketing)
Which is why your Message to Market match is so vital…
It’s the job of your Marketing to attract your perfect patients to your clinic with messages that resonate with them so powerfully, that they wouldn’t ever dare risk going anywhere else.
Get that right and you’ll be able to charge more than your competition.
#2 Patients Really CAN Afford Your Fees
A lot of business owners face people telling them ‘they can’t afford their fees’ – it happens in every industry, in every town…
And unfortunately it’s happening more and MORE in the PT industry, especially as the cost of health care rises!
So do you have to suffer? Nope!
This is another reason why investing in your clinics Marketing is KEY to being more profitable… If more people know who you are, and more people want to do business with you, then essentially you’ll have a steady stream of people lining up in your waiting room – so you can confidently raise your prices.
(And not live in fear of losing one or two people just because you’re charging a higher fee).
#3 Selling Is An Exchange Of Value
When you can get your customers to understand the value of what you’re selling (the benefit to them of a monthly massage, or maintenance Physical Therapy) they will be more inclined to spend money with you.
If you don’t present the value to them on a sliver plate over and over and over again – a LACK of value will automatically be assumed.
The day you STOP communicating the value – is the day they drop-off.
People don’t buy ‘massages’ and ‘PT’ – they buy how it makes them feel.
Get this right and you’ll bust this next thing I’m about to tell you…
#4 The Myth About Higher Prices
One of the most worrying myths in business is that people buy primarily on price.
NOTHING could be further from the truth – we’ve just been conditioned to believe it’s true.
If people bought primarily on price, we’d be driving the cheapest, oldest cars, we’d never eat out in restaurants, very few people would own iPhones or iPads.
Again, this is why we need provide value up front (over and over again), and give them tons of information first – then they’ll be happy to exchange $1000 to do business with us.
#5 Remove The ‘Professional Ego’
And I mean this with total respect…
…As PT business owners we’ve got to throw our ego under the bus otherwise it can stand in the way of having a conversation about the value of what you’re providing with someone who questions price.
This is the reason WHY I do free telephone consultations…
WHY I hold free ‘discovery visits’…
Because these free options I give to people, who need to know more before they say ‘yes’ to my services, don’t cost me money, they make me money in the long-run.
#6 The Wrong Way To Set Prices
One of the big mistakes a lot of Physical Therapists make when it comes to setting their prices is that they either:…
- Look at their competition and base their pricing on the average (who wants to be average?!)
- OR they pull a number out of thin air that THEY are comfortable with.
BIG mistake – these pricing strategies are what will keep you from making a profit and charging what you deserve.
Which brings me onto this:
#7 The Best Person To Decide What You Charge
And nope, it’s not you – in fact, you’re the WORST person to decide what to charge.
Simply because you’re too close to your business and customers. So, who should make the decision??
Your customers!
When you test your prices, your patients will tell you what they’re willing to spend.
So go ahead, test it, don’t be fearful – you’ll soon find out 😉
(And I bet most people won’t even notice)…
#8 Don’t Become A ‘Commodity’
Most PT clinics allow for ‘apples to apples’ comparison.
STOP!
When you do that you’re allowing customers to assume that all Physical Therapists do the same thing – which means they’ll ring round alllll the other clinics in town and ask about the prices they charge.
If you take part in this – you’ll become a commodity, and people will assume they can get what you do – for less.
Now, I know you’ll be wondering…
‘What are some ways I can avoid this
and charge MORE than other clinics??’
So I’ll let you in on one…
#9 Change The Name Of Your Services
A simple way to remove yourself from the “apples to apples” comparison trap is to get creative with the NAMES of your services.
People LOVE walking into a shop, purchasing a product, and being certain of what they have bought – but the problem with PT is, that people are not really sure what they’re buying – no one really knows what we do!
By giving a patient the service they’re buying a name, they’ll feel as if they’re paying for something special that they’re certain of (and it’ll make compliance much more likely!)
As well as PT services, do this…
#10 Offer Something Else!
You may have heard of a “cash up-sell”…
A cash up-sell is an added bonus – once you’ve been able to attract your Perfect Patient…
…once they see the value in what you do, and once they have experienced your unique service…
They usually want to come back for MORE.
Just think how easy it would be to offer a massage package or pilates class to a lady in her 50’s… if your entire clinic is packed with these 50 year old ladies then it becomes very easy to offer this to them – and for you to be successful with it.
It doesn’t have to be massages, and it doesn’t have to be 50 year old ladies…
…what that is, is an example from my clinic. And it’s so successful that our cash up-sell process covers just about all of my expenses… meaning that the actual PT service is 100% profit.
So in your clinic – once you know who your perfect patient is, you’re then much more likely to be able to offer a Cross Fit athlete some sort of cash pay option that is in-line with keeping him fit and healthy so that he can stay in the gym.
To sum it up: you can only raise profits in “3” ways:
1. Increase the number of people who buy from you
2. Increase the amount they spend with you
And,
3. Increase the FREQUENCY of times they spend money with you
It all starts and ends with knowing your perfect patient…
…adding value to their life…
…building that TRUST, and getting them to the point where they will want to buy from you at your rates – including any other service you’ve got.
Which is 100% possible using the Accelerator Method.
If you’d like to get notified of when this class next becomes available – please click here and we’ll be sure to add you to the early priority list, next time.
Here’s to charging higher prices like you deserve.
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If you’re brand new to my PT Business Education Material:
- Violating Social Norms and Outdated Levels of Thinking - 22nd October 2020
- MORE from LESS: The Go To Strategy During A Financial Downturn (Like here in 2020) - 15th October 2020
- How To Confidently Sell Your Physical Therapy Services - 29th April 2020
- Telehealth: What Does The Future of PT Look Like? - 17th April 2020
- How To Get More Buy-In From Patients - 16th April 2020
- Telehealth: Have You Already Done It Without Realizing? - 16th April 2020
- Telehealth: What Is the Most Important Thing You Can Sell Right Now? - 15th April 2020
- Telehealth: Is A Marketing Funnel Needed Right Now? - 14th April 2020
- Telehealth: What Happens To Discovery Visits? - 13th April 2020
- Telehealth: How Will I Compete With “Big Box” Insurance Companies? - 10th April 2020
