Please note this post has nothing to do with Channing Tatum. I Googled “models” and this is what came up.
We do have some options when it comes to working out how to talk about our pricing and our fee structure. As I explained last week most of us as consumers want to know the total and complete price of goods and services before we commit to a purchase. Yet in the world of health and for clinicians we seem to have become somewhat slow on realizing the potential for different types of pricing models that we can actually incorporate into our business.
Let me explain 3 specific models and some of their pro’s and cons
1. Pay by the hour/ session
We all know this one well. This is where we commit to a session or an hour or a consultation and we pay a set fee. This is traditionally how we see a Doctor or a medical specialist.
This is great for clinicians who have a steady stream of client’s and repeat referrals so that they can continually fill up all the time they have to sell each day or each week.
Its not so great for the client’s or the customer who may be happy to commit to one session, but then needs to be re-sold every session to keep them coming back. This then creates a level of tenuousness about your client relationship and their ability to actually achieve anything therapeutic.
Quite frankly this can be really hard work
It also creates a dynamic of constantly selling your time for money and as I have discussed on my blogs before today this creates a limit to your earning capacity.
2. Packages
This may be something we are a bit more familiar with from a Beauty Therapist or a Fitness Studio.
It’s where we sell a ‘package’ of goods and services for a fix price. It might also be a program. An exercise program, a therapy program, or a training package
For a clinician this could be 6 sessions following an initial assessment session. This way you can help your client and customer to understand what it is going to take to help them get from point A to point B. And this way you only need to ‘re-sell them” as the package of sessions draws to a close.
This is convenient for the client who then knows how much time, effort and money it is going to take to get from where they are upon initial assessment and where they want to go. Because we all struggle with the unrealistic expectations of client’s don’t we?
It also offers greater cashflow opportunities for you as an entrepreneurial clinicaian as you know how many packages or programs you need to sell each week to keep your cash flowing.
3. Retainer
For those of you who have had some exposure to corporate or business you may be familiar with this type of fee arrangement. This is quite simply where you get paid a specific fee on a periodical basis (often monthly) to provide a specific service or range of services.
This is most often what we see from Business coaches and Consultants, and other advisors.
This is a fantastic opportunity for Health Professionals and clinicians who want to create EAP services, wellness programs or other advisor/ training services to complement their clinical work. This is such a wasted opportunity for so many clinicians.
How different would your cash flow look (and your anxiety levels feel) if you knew that you had a dedicated $2500 coming into your business each week or $10K coming in each month from a customer who has you on retainer.
What if you had 4 of them………………..
How we present our fee is a statement of the value we place on our knowledge, skills and expertise. This is not something to be taken lightly or done slap happy. Please don’t compete on the lowest price. I want so much for you than that. If you feel the need to reduce your price, then increase the perceived value instead.
Are you ready to get your head right and be able to set your fees with clarity and confidence? I would love to talk to you what type of pricing model may work best for you, and help you to take control of your value and your worth. All you need to do is click here and book in for a FREE consult with me.
Here’s to your success
#knowyourworth
Jo
PS Do you know someone who would benefit from reading this today – then please share the love.
PPS – here’s that link again for the FREE consultation with me click here
