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What are Seminar Pricing Strategies?
Question:
I’ve put together several business/computer seminars aimed at business managers. I’m very concerned about the way these seminars are priced. These seminars are very valuable to businesses in that the information I’ll be providing will allow them to save many thousands of dollars in money that they would normally be spending on computers, software, office automation, etc. My marketing materials do a good job of pointing this out. The classes aren’t sales pitches, although they’re likely to lead to more consulting work for me. These are 1/2 day seminars, and the class size (due to space limitations in my office) is limited to about ten people. Pricing is $95 in advance, or $129 at the door. I’m wondering if these things are priced right. These seminars are very unique, and it’s hard for me to compare them to anything out on the market, except very broadly that they are computer related, and aimed towards owners and managers of small businesses with ~ 5 to 30 computers. The response hasn’t been overwhelming, but I haven’t done too much advertising yet, either (refer to my thread on "What are typical Seminar Mktg. Methodology Stats?" for details about that). But I am wondering if I am offering these classes for too low of a price from a marketing perspective. From my point of view, even if I am only able to run half of the classes, and those classes are only half full, It’ll still be well worth my time — and not just from the seminars, there’s sure to be consulting work coming out of these things too. But based on the perspective of value to the customer, I could certainly charge four to five times the current price. I know that pricing leaves a big impression on the potential client. I’m wondering whether I’ve priced these seminars too low. Any/all opinions and feedback appreciated! Thanks, Mike Turco — Save thousands of employee hours, and significantly reduce your business overhead. Extremely cost effective Consulting
Response:
I don’t know much about marketing seminars, but I know that if I got a flyer talking about a $95 seminar, unless it was sponsored by the SBA, a college, etc., I would assume it was essentially worthless or they would be charging more than $95. Just one man’s opinion, not the result of any research. Could you do a test mailing to a limited subset of your target audience at a higher price to see if that would improve your response? Even if your response just stayed the same, charging say $495 would give you a hell of a lot more money to put into promotions. From what you said, I assume the attendees will get many multiples of that cost back in savings. If not, it’s probably not worth their time to attend the seminar even if it was free! Their time is the most valuable commodity. Charles J. Dudek Marketing Executive Seeking Employment resume: http://home.earthlink.net/~cdudek/ – Hide quoted text — Show quoted text – >I’ve put together several business/computer seminars aimed at business >managers. I’m very concerned about the way these seminars are priced. >These seminars are very valuable to businesses in that the information I’ll >be providing will allow them to save many thousands of dollars in money that >they would normally be spending on computers, software, office automation, >etc. My marketing materials do a good job of pointing this out. The classes >aren’t sales pitches, although they’re likely to lead to more consulting >work for me. >These are 1/2 day seminars, and the class size (due to space limitations in >my office) is limited to about ten people. Pricing is $95 in advance, or >$129 at the door. >I’m wondering if these things are priced right. These seminars are very >unique, and it’s hard for me to compare them to anything out on the market, >except very broadly that they are computer related, and aimed towards owners >and managers of small businesses with ~ 5 to 30 computers. >The response hasn’t been overwhelming, but I haven’t done too much >advertising yet, either (refer to my thread on "What are typical Seminar >Mktg. Methodology Stats?" for details about that). But I am wondering if I >am offering these classes for too low of a price from a marketing >perspective. >From my point of view, even if I am only able to run half of the classes, >and those classes are only half full, It’ll still be well worth my time — >and not just from the seminars, there’s sure to be consulting work coming >out of these things too. But based on the perspective of value to the >customer, I could certainly charge four to five times the current price. >I know that pricing leaves a big impression on the potential client. I’m >wondering whether I’ve priced these seminars too low. >Any/all opinions and feedback appreciated!