For those of you that remember Leslie Crowther shouting “Come On Down” it was a tricky one – a lot of guessing going on as to how much things cost.
So how do you get the right price? Is there such a thing?
At this time of year, many of us are busy with Halloween and Christmas preparations, but it’s also a great time to plan ahead – January will be here before we know it.
So, how about looking at your prices? January is a great time for a price change – new year, new fresh ideas, new opportunities – here’s our mini checklist of what we look at when considering price changes:
How long have you been charging your current price? Obviously, if you’ve just changed it, then perhaps wait a bit longer before changing it again
What are other companies charging in your area? Not necessarily dance companies, but children’s activity companies, other adult classes, other sports and activities – it’s always good to do your research
What are the costs involved in offering your service or product to your customer? What does it cost you?
What would you be willing to pay for that service or product? What do you think your customers would be willing to pay? Put yourself in their shoes.
Is your product or service unique? What makes it stand out from others? Is that worth more to your customers?
How much time does it take you to offer that service or product? So don’t just look at hard costs such as venue hire etc, how many man-hours does it take to manage that class/event – and factor that in to the costs too?
You have probably already carried out this exercise when you first came up with your costs, but it’s always good to revisit – can you get better deals on your costs, i.e. negotiate on venue hire, bulk buy merchandise, etc.
You can then look at how much you think it a fair price, believe in your product and service but don’t outprice yourself
Consider block options for your customers – bundles, i.e. book 10 classes and get a hoodie, or book a Popdance Party and get 10% off classes, or buy a hoodie, T-shirt and water bottle for a bundle price
Once you’ve decided on your new prices, why not run an offer such as “book a Popdance birthday party with us before 30th November at 2015 prices – whether your party is in January or anytime next year, simply book before 30th November to get our 2015 prices”
There are tons of opportunities available to us – to do all sorts of offers and bundles – it just takes a bit of “time out” from running our classes, parties and events, to do a bit of planning that makes a world of difference – and this comes from someone who never used to plan ;)
Every penny counts and it’s definitely worth taking the time to make sure “The Price Is Right”!
Did you find this tip useful? We’d love to hear from you – get in touch by emailing [email protected]
If you are interested in working with Popdance – take a look HERE
Take a look at the jobs we currently have available for amazing dance teachers HERE
