Standing Out In A Franchise World And What You Can Do About It

By Kristen Tammaro-Sparks

Lately I have heard some buzz about franchise businesses coming in and undercutting and devaluing the wellness industry.

No I personally don’t think that anyone else in the whole entire universe has control over your choices how you do business, the success that you receive and the happiness you have in building your business.  So how can you compete with pricing and bring competitive edge pricing into your wellness practice?

Pricing is a very important part of your business if not marketed correctly you could be left with no clients wanting your service.  Pricing isn’t everything but there are times competition will determine your price.

As I see it, there are three price points low, medium and high.   All three have a valid place in the pricing structure and all three attract many many many clients but how you market each one is wildly different.

Pricing structure #1 LOW PRICE. Lower prices attract the masses, it is also the easiest pricing point to market but usually the most difficult to sustain. Usually with lower prices you need to either have many locations for it to be profitable, many employees that are working for you or be willing to work many many hours yourself. This pricing structure usually does not attract clients that would normally pay a higher price.

Pricing structure #2 MEDIUM. This pricing structure is the hardest to market.  It’s the most saturated and doesn’t make you stand out either way.  Consumers have a hard time justifying the price and keeps them curious if the lower priced competitor is just as good or if the higher priced competitor offers better value.  Now you could offer the most amazing treatment with all the bells and whistles but clients will still have this thought.  If you still want to stay in the medium price range, then you really need to do a lot of nitched marketing to 5-6 nitches.   There is a lower incentive to actually continue to consume your product or service over and over again without that fleeting thought that your client might have to go somewhere else.

Pricing structure #3 HIGH PRICE. This is the service that is priced above standard industry either by a little or a lot they have price themselves out of range that will not attract the lower-priced clients and keeps the medium priced clients curiously wondering why the price is so high.The higher price structural also makes it a no-brainer for certain clients to choose you because they associate higher price with better quality.  Pricing can evoke an emotion and if the client feels as they they are doing something great, amazing, spectacular for themselves then they have no problem paying that price. Higher pricing structures will often see a lower number of clients coming in the door, it’s a bit more challenging to market but it also makes you get super clear about who you serve.  This means that if you are charging higher prices you better believe you have your ideal client down to a tee.  You will also turn away clients that don’t fit who you serve.

So before you get all upset that a franchise is coming into your local town, city or competitive area think twice about stressing over if they’re going to put you out of practice.  Have you looked at your pricing structure? Are you priced in the low, medium or high range?

Instead see what you can do different in your own business to be more efficient and memorable. Remember that clients want to be seen, hear and appreciated!

standing out in a franchise world Standing Out In A Franchise World

Here are a few ideas you should be incorporating into your wellness business to create a competitive edge.

Tip #1 – Online scheduling. Being a solo business owner means you make all the decisions and are in charge of all aspects of your business.  So take a load off girlfriend, stop trying to be super woman and doing it all.  Also online scheduling is a win for your client because calling to book an appointment is becoming a dinosaur.

Tip #2 – Accept credit cards.  This is a no-brainer folks.  In some cases, it allows for flex spending (a debit card dedicated to a certain amount of money that is tax free for health related purchases), allows your clients to gain point or free miles and it simply convenient.

Tip #3 – Incorporate extras into your treatments that are low cost per treatment.  An example of this is in my own practice I offer hot stones (core stones to be exact- you should check them out and tell Dale I sent you) and hot packs with every treatment for no extra cost.  It’s something I advertise on my site, in the intake process and at networking events.  The initial cost was a few hundred dollars but 4 clients later I had paid for that investment and I have been using the same process ever since. Keep it under $1 per treatment.  Don’t go and add something that will eat into your time or bottom dollar.  What can you do that is quick, easy and can be done in the same amount of time as the treatment.

Tip #4 – Work with insurance companies.  Not many wellness professionals work with insurance companies because they think it’s too much work or they simply don’t know how.  Educate yourself, go to a training, learn about your local laws.

Tip #5 – Get educated!  Clients can tell when you have gone to a continuing ed class or certification.  Use this opportunity to tell them what is so different about the new training or modality and use it as a marketing tool.  don’t forget to blog about it!

Tip #6 – Blog!  Use your blog to let your prospective clients know about you, your personality and your expertise.  Don’t know where to start when it comes to blogging?  Just tell your story.

So make sure you are standing out! Do your marketing, know who you are serving and raise your prices girl!

In the comments below answer this one question with a yes or no…are you happy in your pricing structure where you are at today?

Love + Success,

Kristen Tammaro Sparks

photo 150x150 Standing Out In A Franchise World

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