Client Magnets Official Blog

When you’re planning a live event, one big consideration is price. You want to set an appropriate price; a price that’s low enough to fill the room, but high enough to show that you mean business. Many people who are planning a live event for the first time aren’t sure how to price their event. Fortunately, you can use specific strategies to set your price point for maximum return, in a way that is consistent with your goals.

Pricing a Live Event for Selling a Product
The purpose of your live event plays a big role in how you’re going to price it. If you’re creating or selling a product, the price of the event itself isn’t necessarily your biggest revenue stream; it’s the product. In those cases, you’ll want to set the price at a rate that is low enough to fill the room, because you’ll get more benefit out of maximum exposure. If you set your prices too high, you could miss out on potential buyers who might be interested in your product, but unable or unwilling to pay your high event fee.

Free Versus Paid Events
One mistake that many people make when planning a live event where the purpose is selling a product is to create a free event. People mistakenly believe that if the event is free, people are more likely to attend, and that free events attract a bigger audience. That’s simply not true. Free events require just as much effort to get people in the room as in paid events, but paid events yield revenue for that effort. Even with free events, you still need to advertise and go through the same processes as if you were filling the room at a paid event, so you might as well make it a paid event and get some return for that effort.

Pricing a Live Event as a Platform for Coaching Programs
Live events are a great way to launch a coaching program. Pricing live events for these coaching programs, however, is more important than any other live event pricing. You must price a coaching event in a way that is consistent with the cost of your coaching program.

Offering a $20,000 coaching program to people who pay $200 for tickets to your event is a mismatch of expectations. $200 ticket-buyers typically won’t be prepared to spend $20,000 on a coaching program. A good rule of thumb is to price your live event at roughly 20% of the cost of your coaching program. If you’re pitching a $20,000 coaching program, price your live event at $2,000. You may get fewer attendees, but those attendees will be more qualified and prepared to spend the money to utilize your program.

Charge More than You Think
When planning a live event, charge more than you think you can charge. If you think people would pay $20 for your event, charge $50. When planning a live event for the first time, people almost always undercharge. Charge more than you think you should charge, and you’re probably closer to a realistic price tag for your event.

Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. She publishes a free, weekly newsletter for trainers, speakers, coaches, consultants, complementary therapists and solo professionals. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com