This episode was inspired by another question that was asked recently in the Just Start Now community – which is a safe space for my members to ask any and all questions no matter how small or seemingly silly, at any stage of business.
The question went something like this: you’ve got a great idea to run an event – maybe a talk or webinar, a challenge, a special class, something in-person or online – but you can’t decide: should you charge? Or let people attend for free?
In this episode I talk about:
Deciding on charging or free – practical considerations
- Have you done your maths? Is your event going to cost you money, if so how much, and are you willing (or financially able) to run it at a loss because it’s part of a wider strategy?
- Do you think you already have an audience with enough ideal customers in ready to buy from you? If yes then doing something paid makes sense and means you could also upsell something else at the end (if that’s appropriate). If no, then doing your event free as an audience or mailing list growth exercise might be the best route – to give yourself new eyes on what you do and people to buy over the coming weeks and months.
- If you choose free: set yourself a goal of how many people you’d love to have come – and trust the sign ups are ideal clients that will buy from you in future once they’ve seen how great your event is
- If you do it paid: accept you will get a smaller attendance but if it sells it will get you closer to really ‘ready’ ideal clients who are more likely to convert sooner to other products and offers (because they’re used to paying you, even in a small way!).
- Ultimately there is no ‘right’ or ‘wrong’ decision and you’ll only learn from giving it a go!
Deciding on charging or free – some mindset questions to ask yourself
- What is your protective voice saying to you when you make the decision to charge or not? Are you making a decision on paid vs. free from a healthy place? Or a place lead more by fear and risk avoidance?
- What outcomes do you want? Are they clear and if you achieve them, how will this expand things for you?
- What will you make it mean if you don’t hit the outcomes you want? If the only outcomes you focus on are sign-ups, attendees, engagement or immediate money made or bookings, can you add in some other parameters to measure as well? Things you’re in control of and can learn from?
- What will make you feel resentful? You’re in control of what you ‘give away’ – no-one can make you feel resentful about running this event apart from you. Decide what that line is, or whether you can embrace whatever the outcomes are.
- How much marketing do you have capacity for? Because whether you choose paid or free, one post or one email alone is not going to fill your event. You do need to be resourced to talk about what you’re hosting multiple times over a series of days or weeks.
Any questions about this episode or the Just Start Now community drop me an email (firstname.lastname@example.org), send me a DM on Instagram or book in a chat here.