The Price Is Right?

how to make a good living through dance

Is it?

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 info@popdance.co.uk

If you are interested in working with Popdance – take a look HERE

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