Join host Shannon Jamail as she delves into the nuanced world of retreat pricing with expert Erin Haag. They explore the dynamic between price-conscious and value-driven buyers, and the strategies for setting retreat prices that reflect the true value of the experience.
Retreat Pricing Insights:
- Price vs. Value Shoppers: Erin outlines that retreats priced under $5,000 tend to attract price shoppers focused on budget, whereas retreats with a higher price tag draw in those who value the experience over cost. Shannon reflects on her own pricing strategies that range from $3,000 to $7,000, aligning with the type of clients she aims to attract.
- Impact of Economic Fluctuations: They discuss how premium-priced retreats remain stable even during economic shifts, highlighting the resilience of targeting value-driven consumers.
Strategic Pricing Approaches:
- Setting Higher Prices: Erin and Shannon talk about the importance of pricing retreats to not only cover costs but to ensure profitability. This approach helps in adequately supporting attendees and sustaining the business.
- Consultation and Profit Goals: Erin shares her consulting firm’s strategy aiming for at least $25,000 profit per retreat with a 50% margin, advocating for setting ambitious financial targets to reflect the value offered.
Industry Pricing Norms:
- Valuing Services Appropriately: The discussion underscores the importance of not undervaluing one's services. Erin emphasizes the broader impact of appropriate pricing, particularly how women reinvest in their communities.
- Gender Disparities in Pricing: Observations are shared about how male retreat organizers often set higher prices for similar offerings, stirring a conversation about recognizing and asserting the worth of one's services.
Overcoming Pricing Challenges:
- Addressing Low Pricing Issues: They highlight how underpricing can lead to cancellations and insufficient profitability. By evaluating past data and acknowledging the comprehensive effort required to plan and execute retreats, retreat leaders can better understand their value.
- Advice for Retreat Leaders: Erin provides practical advice for aligning price with value, ensuring that the transformative experience promised at retreats is effectively communicated and priced.
Concluding Thoughts:
- Value Beyond Price: The episode wraps up with a focus on how retreats provide transformational experiences far exceeding the offerings of typical vacations or trips. This unique aspect should be a major factor in pricing strategy.
- Direct Engagement with Erin: Shannon closes by discussing how listeners can connect with Erin to refine their marketing strategies to appeal to value-focused demographics.
Learn More: Listeners interested in improving their retreat pricing strategies or seeking personalized advice can reach out to Erin through provided contact details in the show notes.
Connect with Erin
https://luxuryinbusinessretreats.com/
Instagram: @pricingoverhaul
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