The Equation Of Perceived Value On Our Dream

The third and final Social Media Workshop focusing on Blogging happened this morning. Taking on more responsibility to explore new avenues of income adds a level of exhaustion to your day. Can I just say “whew”? Cath was amazing not only sharing all her expertise by writing the workbook for the class, but by presenting too. So why am I tired?

I sat there and clicked, scrolled, and drank 3 cups of coffee. but the mere act of putting these seminars together proved a few things. You can do something new, it will take some work, and in the end people will ideally appreciate it.

Mission Accomplished

Mission Accomplished

The feedback we received from the seminars were positive so I can answer the question I have been routinely asked: Yes, we are planning to do teach them again. That will mean more work, because now we know what works, what doesn’t and what we can expand on. The next round will be longer classes since there is just too much to cover in two hours. Another suggestion was beginner and advanced classes to cover getting started vs. very detailed getting-under-the-hood stuff.

So the big question – was it profitable? Yes, in the sense that we did better than breaking even. There is a ton of potential to improve on registrations and pricing. Lessons learned on time for marketing, getting the word out and a vital look on perceived value. Wondering what the heck perceived value is?

Wikipedia defines perceived value as an equation of Value = Benefits/Price. Exceeding customer expectations for the cost provided. Since this was our first seminar series I know I priced based on cost cutting as opposed to the value of the information.

Entrepreneur discusses getting past the budget roadblock of clients by recognizing “Consumers will only spend their money when the perceived value of your product or service is greater than the value of their money”.

How can we apply this to future seminars? Every 2-hour seminar I’ve ever taken for under $50 has been a huge sales pitch with a tiny bit of information. Meanwhile we are delivering a ton of information in 2 hours with actionable items, marketing tips, step-by-step instructions, and much more. That sounded a little like a sales pitch right there. Sorry.

Time to re-evaluate. Yes, affordable is good, but if we are being “perceived’ as the quick-and-dirty sales pitch presentation, we are losing our ideal audience. Pricing is important, but it is one element of the equation that needs to be moved into the profitable sector.

Our next classes are slated for early 2010 (no dates yet) and they will be new and improved. Lets just say I won’t be starting to work on this project until December.

Have a profitable week, Heather

Heather - The Entrpreneur

(Heather’s dream is to have multiple streams of income, starting with launching an e-commerce website that showcases her one-of-a-kind designer jewelry, which are crafted by her.  Heather’s post day is Thursday and her newly launched sites are couture jewelry available through For Your Adornment, and  Twitter background design on Twitter And Beyond)

DREAM GOAL:  $25,000 A MONTH FROM 6 SOURCES OF INCOME BY NOVEMBER 01, 2010

The following two tabs change content below.
Heather’s dream is to share with the world her success at becoming healthy after age 40. Heather lost over 88 pounds through changing her diet and incorporating exercise into her busy life. She would like to take what she has learned about becoming fit after 40, and using her Metabolic Training Certification to help others struggling with weight issues mid-life. Heather’s post day is Monday.
If you aren't sure how to comment on this story, click here.

Latest posts by Heather Montgomery, Get Fit (see all)

  • Kim, the traveler

    The Dream Team!

  • I think with your brilliance and personality and Catherine’s brilliance and redhead personality, the two of you could make some serious money teaching what you know to the masses. And I agree that you should charge WAY more.

  • Pingback: Tweets that mention » The Equation Of Perceived Value -- Topsy.com()

  • Veronica

    I wish I had put them on my calendar and attended them! Next time I will with advanced notice and then I will have the opportunity to learn from you and Cath some of the things you both do so well.
    Great post sweetie…..

  • Proud of you Heather!!! (And you Cath!) I know what it takes to organize an event like this (used to plan many events, and lead workshops, and am starting to do more of this again in 2010…).

    Love it that you went for it, will be doing more, and glad to hear the evaluation results were so positive – Knowing you two I’m sure it was JAM-PACKED with incredible information, tons of value.

    You’re so right that people *do* need to feel like they are paying “enough” so that it feels valuable… Price any service too low and people will not believe it is worth as much (even if the return on investment is amazing).

    Figuring out that pricing equation – market value, perceived value, and what will bring a good return as well – takes time I think!!!

    Keep it up girl, you’re doing great!!!

    xoxo
    L

  • Catherine

    My head hurts.

    (laugh)

    You did an amazing job. I would say more but I’m tired today and I am sure I won’t make any sense.

    How in the heck you found it possible to write a coherent post is beyond me.

    Word :-)