We want your fee per minute to better reflect that top level service. Therefore we’ve increased the $20 dollar limit on the fee per minute. You can now charge up to $30 per minute!
If you feel ready to raise your price, we encourage you to give it a try. However it is important to be sensitive to your customers. Make sure you read the below guidelines so you raise your price the right way and keep your valuable customers!
Rememeber: It takes 6-8 weeks to gain insights to the real impact of the price increase.
Note: We will not accept any negative talk about Kasamba regarding a price change. Your price should reflect the value of services you provide – you do not need to hide behind Kasamba. Be proud of the value you provide!
Raise Your Price Checklist
Rememeber: the decision to raise your price is completely up to you. Speaking negatively about Kasamba regarding a price increase will be considered abuse and addressed accordingly.
Within these price ranges client behavior remains essentially the same. What this means is that for your initial price increase, you should consider moving up to the high end of your current range up to $19.99.
Currently we don’t have any information on client behavior with prices above $20. If you wish to raise your price above that level, we encourage you to pay special attention to how the clients will react. You can see below “How do I know if the price increase is working?” to determine client response to the price increase.
Determining your optimal price requires being attuned to your clients. If you raised your price in the past the results will give you an indication of what is an appropriate level.
If you feel ready to raise your price, we encourage you to give it a try. However it is important to be sensitive to your customers. Make sure you read the below guidelines so you raise your price the right way and keep your valuable customers!
Rememeber: It takes 6-8 weeks to gain insights to the real impact of the price increase.
Note: We will not accept any negative talk about Kasamba regarding a price change. Your price should reflect the value of services you provide – you do not need to hide behind Kasamba. Be proud of the value you provide!
Raise Your Price Checklist
Determine your optimal price
Identify clients with price sensitivity
Build a plan for success
Communicate to existing clients
Explore opportunities to bring in new clients
Adjust your strategy to new client expectations
Measure your success
(If necessary) Have a plan for returning to your original price.
Rememeber: the decision to raise your price is completely up to you. Speaking negatively about Kasamba regarding a price increase will be considered abuse and addressed accordingly.
How to successfully raise your fee per minute:
Q How to determine your optimal fee per minute
A Until today our market research has identified 4 general price ranges:
- $1.99-$3.99
- $4.99-$6.99
- $7.99-$11.99
- $12.99-$19.99
Within these price ranges client behavior remains essentially the same. What this means is that for your initial price increase, you should consider moving up to the high end of your current range up to $19.99.
Currently we don’t have any information on client behavior with prices above $20. If you wish to raise your price above that level, we encourage you to pay special attention to how the clients will react. You can see below “How do I know if the price increase is working?” to determine client response to the price increase.
Determining your optimal price requires being attuned to your clients. If you raised your price in the past the results will give you an indication of what is an appropriate level.
Q How to identify clients that may be sensitive to a price increase
A Clients will differ in how they respond to a price increase.
- Some clients will continue to have sessions as usual
- Some clients will ask for a return to the original price
- Some will gradually have fewer sessions
- Some may not contact you once they see the price increase
The most important thing is to identify clients that a) generally have longer sessions, b) raised price related concerns in the past, and c) are likely to gradually have fewer sessions. The clients have the highest risk of reducing the number and length of sessions.
Here are some actions you should take to keep track of your clients:
- Identify clients that had more than 10 sessions with you
- Mark those clients as “favorite” in your client list
- Create a client table to track changes 2 months before and after the price increase
You can use this this table to measure there sessions:
This way you will be able to track if the amount of sessions is going down, up or staying the same. In the event that the number sessions go down, be prepared to reach out to the clients using the below suggestions.
You can easily see your session history with a specific client by:
- Clicking on “Session History” in the client’s listing
- Clicking on “View all closed sessions with this client”.
Q How to communicate an increase in price?
A For those loyal users you identify as being price sensitive, you should not raise the price immediately, give them time to adapt your new price. You should adopt an open discussion around the price. When you contact clients, it’s important to put your price increase and any offer of a lower price in context. You are raising your price, but because of their loyalty you will keep it at the original price for them.
Example 1:
Dear Meghan,
I’m writing to let you know starting next week I’m raising my fee to $25.99 per minute. However, because of our long relationship, I want to provide you a loyalty discount. When you wish to have a session send me a message, and I’ll lower my fee to $17.99.
Talk to you soon!
Spirit Seeker
Example 2:
Dear Shirley,
After 2 years at $4.99, my new fee per minute is now $7.99. I found that clients are looking for authentic guidance, the new price better reflects the actual value of my service. While we finish the discussing the effects of the mercury retrograde, I will keep my fee for you at $4.99 up until the end of the month.
I look forward to speaking soon!
Spirit Seeker
Example 3:
Dear Jackie,
Starting Monday I will be raising my price to $11.99 after over 2 years at $9.99. At the same time, I will be offering you, one of my most valued customers, a special discount at the original price until the end of the month!
Please let me know if you have any questions. I look forward to talking soon.
Spirit Seeker
Q Focus on retaining existing clients while building a new client base at the higher price
A The long term success of a price increase depends on your ability to
- Retain your existing clients
- Build a new client base at the new price level
Therefore, along with your price increase, you should redouble your efforts to perfect the best practices available on the forums and the Advisor Quality Program Homepage.
Q How to handle client objections to your price increase
A If a client contacts you asking you to lower your price it is important to consider the request on case per case basis. If the client is a valuable client it is a good idea to lower the price until he or she gets acclimated to the price. You should, however, feel completely justified in keeping your price at the new level!
If you don’t consider the client one of your more valuable clients then you should base the decision on your intuition.
Q How to prepare for a price increase
A As a general rule, the type of clients you receive change as your price increases. You will need to give yourself some time to adjust to different client expectations. According to members of the advisor community who have raised their prices in the past, clients in higher price ranges tend to have high net worth careers and are more considerate with the questions they ask. There also may be more time between sessions, so the focus shifts from quantity to quality. That’s why at higher price ranges it’s important that you provide the best quality service possible.
Not only will the nature of the session be different, but your busiest hours may change. At $19.99 almost 60% of sessions occur between 4PM-11PM EST while at $1.99 sessions are more spread out throughout the day. Therefore you may have to change the hours you are available to make the most of the price increase.
Because there is an initial learning curve, make sure you have flexible availability following your price increase. Don’t raise your price if you know you will be camping in Yellowstone National Park for the next three days. Wait until you get back to make the change.
Q How to know if the price increase is working
A To accurately determine if the price increase is successful, the best thing to do is keep track of your personal key performance indicators (KPIs) from before and after the price increase. Below is an example table you can use to follow the changes:
In order to use the table effectively you will need to
- Look at the same length of period before and after
- Use at least 6-8 weeks of sessions
Looking at earnings day to day or week to week can give a misleading picture of your earnings trend because of random variability. Additionally the effects of new clients at the new price range will take time to accrue.
Templates to use in a cases where advisor returns to original price
It is important you communicate this change to clients, especially those who haven’t had a session since the price increase. Below are templates you can use:
Template 1
Suzanna,
It has been a while since we last spoke. I’m writing now to let you that I’m lowering my price to $10.99.
I look forward to speaking with you soon!
Spirit Seeker
Template 2
Charlie,
After a brief period at $9.99, I’ve decide to return to $7.99. This change is based on my decision to provide you with the long term support you need.
Spirit Seek
Template 3
Laura,
I hope this mail finds you well. I’m writing to let you know my price is now $17.99. Following 6 weeks at $22, I’ve returned to my original price so I can better serve your needs.
I look forward to seeing you soon.
Spirit Seeker