Today’s topic is the example of a good idea that could have been great. First, have a look at this IT workshop Money Back Guarantee proposition… Don’t get me wrong, it’s different and will probably resonate quite well with the target audience, but can you pick up the sub-optimal presupposition?
It’s not obvious… Re-read it again.
There is a pre-supposition that the MAXIMUM value is $1,195…
If this was my client, I would propose multiple levels of value – to be decided only after-the-fact.*
- FREE – not worth attending, sorry.
- $399 It was a good workshop, but I can’t really leverage it beyond my self-development.
- $1,159 It was everything I thought it would be, thank you.
- $1,999 This was groundbreaking, career-making stuff. I wish I had learned this 20 years ago!
It is NOT recommended to leave the top end open-ended (pay what you think it’s worth). That is not a strategy that works for something like this. It HAS worked for restaurant meals because people KNOW what a good “expensive” restaurant meal costs. One Melbourne restaurant has this as their on-going pricing model. LentilsAsAnything.
For an IT workshop, the value gained is largely intangible and hard to quantify and monetise.
So if you want to take good ideas and make them great, contact us.
* That decision would need to be made AT the end of the workshop, when the feelings of positivity are at their maximum. I would also make sure that for participants who work for large organisations, they get the $1,999 pre-approved to make sure there is no “purchasing or procurement” issues to deal with. If the participant only gets $399 approved, this pricing structure becomes self-defeating.
If Continuing Education Credits are applicable, I would stipulate that they will be fully accredited regardless of the payment, to further remove the risk and make the value proposition (irresistible).
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