Highlights from Episode 22
Question 1: CarolAnne – Thank you for all of your efforts to provide this platform for private practice questions and answers. I look forward to every episode! My question is about the psychology of pricing.
The past few years I’ve tried several ways of pricing my services. The most popular is offering a prepaid discount. In the past, clients could prepay for 4 to 6 hours and get a significant reduction in fees. Now I have simplified it to only one option of paying for 3 hours in advance for $300. FYI: On the rare occasion that a client did not use all of the time they purchased I gladly reimbursed them the remaining amount.
I have a busy private pay psychotherapy practice and recently raised my rates and now my rates $200 for an intake session and $100 an hour for the prepaid rate. $200 sounds like a lot more money than $195 – just like $95 sounds like a lot less that $100.
Retail stores certainly use this pricing psychology effectively and I’m wondering about doing the same thing for professional services. I have mixed feelings about it and would love to hear both of your opinions. Should I price my services a few dollars lower – instead of in $100 an hour increments? Thank You.
Question 2: Karen Druce – What is the best way non-Allied Health Professionals can market to local GPs in Australia?
Question 3: Colette – I feel like I am going in circles. I’m a therapist and want to do more coaching so that I can work remotely. I’d like to offer my services via Skype and over the phone. I’m concerned about doing therapy out of state due to my license as it’s for California.
The thing is, I can’t decide who to target for my coaching? I’ve never had a niche for my therapy practice, and I think I probably should have one for my coaching practice, but I don’t know which one. Here are some I have thought of: relationship coaching, mother’s going back into the workforce, mother’s with young children, parent’s of teens.