These Savvies explore the topic of Marketing in more detail —
Successful speakers recognize the importance of marketing in making their speaker’s business grow and thrive. As you would expect, in this section of your business plan you describe your marketing activities in detail.
Too many beginning speakers approach marketing solely from a creative point of view. While there's certainly nothing wrong with being creative — in fact, it's essential to your success — you are setting yourself up for disaster if you don't also "run the numbers" on all your marketing activities.
Now let’s explore the ramifications of the example in the previous session.
But what about actually increasing your marketing costs? That’s not very smart, is it? Again, it depends — run the numbers!
Now let’s consider another “what if” scenario. Specifically, what if you increase the price of your product? What happens?
You should now have a greater appreciation of the dramatic difference tiny changes can make. A small increase (or decrease) in the price of your product, an increase in the perceived value of your product, an “insignificant” change in your marketing mailing — all of these can have a staggering effect on your bottom line.
You don’t need to restrict your test-marketing to big differences. If you’re doing a marketing campaign anyway, why not try out various marketing techniques?
Compounding doesn’t apply only to financial matters. It’s the central idea behind viral marketing. It’s the old idea of “I tell two friends, and they each tell two friends, who tell two friends….”
Before you explore how to determine the appropriate price for your speech (or other product), let’s consider several reasons why the fixation that many speakers seem to have on their speaking fees simply isn’t justified. For example….
Now that you’ve seen that speaking fees are not your sole concern (and possibly not even your primary concern), let’s start exploring how you can go about pricing your products and setting your fees. An important consideration in pricing your products (whether they’re physical resources or programs that you present) is the resource’s “preconceived value”. (Not its “perceived value” — which we’ll talk about later. This is its preconceived value.)