Leading retreats and small “immersion” style events is one of the most fulfilling things I do in my business – and what provides the foundation for its long-term profitability and stability. If leading (and monetizing) retreats is something that interests you, then there’s one KEY variable that makes everything work better: a premium PRICE POINT.
Pricing a retreat – or any offering, really – can be challenging; there’s often a temptation to price low to make sales easier. In this week’s video and article, I discuss some ways to increase the perceived value of your offer, instead, so it's still easy to sell, and also energy rich and profitable for you to deliver.
So, first I just want to clarify what I mean by “retreat” or “small event.” What I'm referring to is an intimate experience with about 5 to 15 people. An event that size naturally lends itself to premium pricing, which is when a product is perceived as more valuable due to how it's positioned, who’s buying it, some premium value it offers, or because of how/where/when people are going to consume it.
If you've ever paid for movie theater popcorn then you’ve experienced premium pricing. Supermarket popcorn in the supermarket costs very little, maybe $2 or $3 for a bag, and popcorn you can make by yourself at home is even cheaper. But in the movie theater, it's closer to $10, why? Because you’re not buying popcorn, you’re buying a movie experience — a movie experience that is far enhanced by popcorn.
So, when we buy products with a high perceived value, we're willing to pay more. How can you increase the value of your retreat so you can charge a premium price?
#1: Get really connected to the audience for your retreat, and make sure they are financially solvent enough to pay a premium price. If not, consider a new audience. (More on this in the video).
#2: Discover the MAIN pain point or problem that your retreat will solve with/for them, as well as any additional pain points or problems (especially any problems they don’t even KNOW they have!) Watch the video for more detail and examples of these.
#3: Define the promise of your retreat, AKA: your “highly desirable outcome.” What are you guaranteeing that people are going to get from this retreat? One way is to focus on an outcome — a highly desirable outcome — that you can help your retreat attendees get.
#4: Create a retreat PACKAGE, and bundle it together with other high value offerings (so that you’re not selling a “Retreat” you’re selling a “Solution.”) Watch the video for a specific example of this piece.
#5: Once you’ve done all of the above, NOW you’re ready to look at the final piece: Price. When we pull together all of these elements, we can often see that what we’re offering truly has a premium value proposition, and deserves a premium price point.
I recommend pricing in the range of at least $1,500 and up to $5,000, with a “sweet spot” at around $2,500 (that’s where I started my retreat pricing).
Now, if that price point seems high, then I invite and encourage you to take a closer look at your target audience, value proposition and package. If your audience has a significant problem that they are actively trying to solve, and you can deliver a comprehensive solution in a compressed time frame, then it should be worth at least that amount.
If you’re interested in diving deeper and learning how to design, fill, monetize, and transform lives through retreats, let’s connect! Book a call with me at www.SuperstarActivator.com/go
PS – I’m delivering a session on this topic (profiting from retreats) at my friend David Newman’s Consulting Revenue Summit next week. Want to participate for free? Sign Up Here!