Try this double whammy: New Years’ Rate Increase & Regeneration Strategy

Rate Increase & Client Regenerator Strategy

If you’re in need of more business, and want to charge higher rates for your services, this is a great way to end this year and start 2012, the New Year off with a bang.

I covered this double whammy: New Years’ Rate Increase & Regeneration Strategy in my “Fresh Start” Bonus call on Tuesday and  I thought you would find it helpful too.

This is what a member wrote to me after the discussion of this concept:
“Hi Irene- I enjoyed our Fresh Start call today. My “aha” moment was when you were discussing how most therapists undervalue their services. That is very true for me and I am contemplating raising my rates on my treatments. I like your idea of informing clients of my rate change via a snail mail newsletter. Since I have been in practice for so many years, I have a large list of clients and this will be a good way to clean up my mailing list before the postage rates go up in mid-January. I’ll be putting that newsletter together this week. Thanks and I look forward to our next call.”

The New Years’ Rate Increase & Regeneration Strategy Concept:
1. Decide what your new rate will be starting now for new or inactive clients and starting in January for active clients.

2. Send a fun, Happy New Year letter or newsletter by mail, that also advises them what your new rates will be.

3. In the newsletter, give them the opportunity to lock in your current lower rates if they would like, by pre-paying for as many sessions as they would like.

4. They must make their pre-payment by a date you pick in January.
(Give them at least 5 days from the date they will receive the mailing)

5. Determine what their redeem-by date will be, so they know they must redeem their sessions by that date, or their prepayment simply becomes a credit on their account rather than a guarantee of a number of sessions.
(You decide each client’s redeem-by date based on the number of sessions they pre-purchase and the frequency of visits you determine is best for them.)

It’s a Win, Win!
You get a nice cash advance and a guarantee the client will continue to come back, and they get your lower rates for as long as they want!

One additional idea you can add:
Prior to sending the newsletter, if you have the (wo)man power to do it this week and next, make a quick phone call to each of your past clients. Wish them Happy New Year, and let them know you are going to be mailing them your new newsletter which will include a New Years gift, and just want to verify their contact info is current and confirm they would like to receive it. This helps you clean up the addresses before mailing so you save on postage returns and peaks their interest. Sometimes, just making the phone call will result in a new appointment right there and then, or a Gift cert purchase!
(Your New Year’s gift to them if they book in January can be a Buy one- Get one for a friend, a FREE 30 minute certificate, a FREE $25 gift card, FREE 30 minutes added to their hour session… you find a good one that will work for you! )

Try this double whammy: New Years’ Rate Increase & Regeneration Strategy this week (if you have time) and see how many past clients you are able to bring back into your practice.
Keep in mind, even if your past clients don’t come back in right away or respond to your offer, you have accomplished three important business growth elements:
#1. Raised Your Rates
#2. Cleaned up your mailing list so you won’t waste paper and postage
#3. Reminded clients that you are still practicing, should they or a friend of theirs need you in the future!

Happy New Year everyone!

1 comment for “Try this double whammy: New Years’ Rate Increase & Regeneration Strategy

  1. December 30, 2011 at 12:36 PM

    Thank you for this informative article. You’ve taken the scary topic of raising rates and turned it into easy to follow steps! What a great way to start off the new year!

Leave a Reply

Your email address will not be published. Required fields are marked *