Sloganeering and Pricing of Events
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Pricing of Events: My PERSONAL Experience
I just learned an important lesson about pricing. I decided to do my first bootcamp (which then became TWO) for half of what I THOUGHT this event should be priced at.
I had decided that the price of the event should be at least $5,000, maybe even $10,000. I figured I would eventually land on $7,777 because I’m based in Las Vegas.
Well, evidently, my little MBA brain had gone on vacation for a short while. When I announced the next two dates of my FredInfoBootcamp, I priced them at $5,000 with a $500 discount if people paid cash in advance.
Registration has been slow at this new price point. I have learned my lesson. No matter how good an event is, the MARKET determines pricing.
I THINK that there are two forces at work that have resulted in a slower than expected registrations for March and May.
First, is the fact that the dates are a little while off. The next two bootcamps are more than two months off. Most people don’t make plans to attend events like this so far in advance. Thus, slow registration.
Second is the pricing issue. When I decided to price the event at $5,000, I was basically doubling the price of the event.
It’s tough to raise a price for an event that much at one time.
Let me backtrack a second. This event is worth a LOT of money. But, only the market can determine it’s true price.
I want to do these events because I want people to actually leave these events with a product. Not just information, but an actual finished product.
Do I want to make money? Sure. But if I provide real value first, the money will follow.
So, here is what I am going to do and suggest you do as well when it comes to pricing. When you have any product or service or event, don’t try to raise prices more than 20% at a time.
This way you can do events (or sell products), accumulate great testimonials, put them on the site and thus justify the STEP STAIR price increases.
So, in my case, the pricing on the bootcamps will be: $2997 for March and May. You will get a $300 discount for paying the full amount, up front, in cash.
But, like the first two, you’re going to want to GRAB your spot now. Take a look at:
Sell one, Keep one
My Mom died three years ago. We had a couple of lots in Florida in our joint names that I looked into selling right after she died.
After doing a little research I decided to go ahead and sell one of them and to let the other one “ride.”
My thinking was that even if the other one appreciated another $X, I’d be able to take some profits now and then have someupside as the value of the property increased.
Well, the value of that land is now less than 50% of what the one piece sold for. And I was going to LET IT RIDE! HA!
To make money in any business you have to know when to get in and when to get out.
Moral of this story? Take some profits when they are available.
Sloganeering is NOT a Business Strategy
I spend a lot of time around people who are in the speaking business. Or at least, they claim to be.
One of the things that continues to perplex and amaze me is the notion that if a person just figures out what to CALL themselves or their process, the game will be won.
I recently got an email from a very nice guy who had given himself a clever moniker. I don’t want to tell you what it was, but I’m sure HE considered it very clever.
It is all over his website. It is plastered on every piece of email he sends out. It’s everywhere.
He is so enamored with the name he has chosen to adopt that he even spends time to give you a definition of a portion of this moniker on this website.
What is wrong with these people?
Coming up with a clever name for yourself, your business, or your process is NOT the answer to the ills of mankind.
In almost all cases it is simply SOLGANEERING.
Sloganeering is defined as the adopting of a name or set of words in the expectation that by doing so you will change the course of history (or at least your own personal history and fortune).
This is HORSES**T!
I don’t know where it started and I frankly don’t know when or where it will end, but I think it’s ridiculous.
Taking on a clever name does nothing to the CONTENT of your message.
As my friends in the deep south used to say: “Put a pig in a tuxedo and it’s still a PIG!”
I use the term “The Product Guru” for myself. Simply calling myself by that name does not help me, or generate results. Excelling in the field of product creation and development is what has given me my noteriety. NOT the NAME I decided to use.
So, go ahead and call yourself anything you want. Come up with some fantastic set of words that, if believed, would give you mystical and magical powers.
BUT, in the end realize that the only thing that people care about are results. They don’t care if you call yourself “ABC XYZ”. All they care about is what can YOU do for THEM.
Deliver measurable and achievable results and your clever name will be of little or no consequence to the people who put money in your pocket.
All the Best,