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.
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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
Michelle