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.
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’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.Â Heather’s post day is Thursday and her newly launched sites are couture jewelry available through For Your Adornment, andÂ Twitter background design on Twitter And Beyond)
DREAM GOAL:Â $25,000 A MONTH FROM 6 SOURCES OF INCOME BY NOVEMBER 01, 2010