Pricing your workshop can be challenging for many as it often raises the question of “self-worth”, “self-confidence” and the true value you provide.
Pricing your workshop can often feel like pricing artwork. When the price is high, the perceived value is quite high. When the price is low, the perceived value is low. But there are general practices you can follow to ensure you are on the right track.
Here are some tips to keep in mind and common pitfalls to avoid when pricing your workshops:
Tips for Pricing Your Workshops
- Get clear on the value of your workshop. You never want price to be the determining factor people use to decide. If that is the case, you have not fully articulated the value and benefits of your workshop as it relates to their world. Get clear on the value your workshop provides and reflect it in the marketing and price of your workshop.
- Understand your target audience and what the market will bear. It would be foolish to price your workshop without any notion of the state of your target audience. Price your workshop with your eyes open and take into consideration what your target market will bear.
- Stay grounded and focused on what you believe to be true. In the end, you have to be the one to be able to quote the price with confidence and clarity. If you cannot, you haven’t set the right price.
- Offer an “Introductory Price”. If you are piloting your workshop for the first time or want to test out a price, offer a lower introductory price with clearly articulated expectations that this is a pilot.
- Offer an “Early-bird” rate to encourage early registrations. A great way to secure registrants early and anticipate the number of attendees is to offer an early bird rate and ensure the difference in price is appealing enough to inspire people to sign up early. (generally $20 or more)
Common Pitfalls to Avoid
- Pricing your workshop much higher than perceived value. Your price should always reflect the value you provide. And, you should be articulating that value so that there is no question in people’s mind the difference that workshop could make for them. If the price is perceived as too high, however, you have missed the boat. Before marketing it, pass the price and details by a pilot group made up of your target audience and gather feedback.
- Pricing your workshop too low. Stay competitive in your rates – don’t under price your services and what you offer. People will perceive it as low value. Free teleclasses as a form of marketing is very different than a free 3 hr workshop. People begin to question its validity.
- Not calculating total cost/expenses. Do your homework. Sit down and track all expenses that you have and plan on incurring by running the workshop. Be sure when you are pricing your workshop and calculating your margins, you are working off of the true cost.
- Thinking your workshop is a failure if you only attract a few people. Be patient as you may not have a full house the first time around, but hold it anyways! You never know how large the attendee’s networks are. You may only have a handful of attendees, but you may be able to provide a more personalize approach and lo and behold, they all want to come on as new clients. J
Key Takeaway Points
- Do what is most comfortable to you. In the end, you are the one who will state the price to others. If you are not comfortable with the price, it will show in your delivery. That which you put out, you get back.
- If you are not sure, start low and work your way up. Look at what Hyundai did – they offered a very economical car of high quality and built a strong customer base. Over time, they were able to raise their prices and retain their customer base. You too can build customer loyalty where they keep coming back for more and are willing to pay a premium for it.
- Seek support and ask for help. You do not have to do this alone. Seek out the support you need! You may be pleasantly surprised with all the people who want to help you. See more info on Workshop Coaching under Our Courses.
- Have fun and follow your energy & passion!! Go with where you aliveness is and you won’t be lead astray! Remember, people want to learn from people who are passionate and energized about their topic.