It’s a question I used to ask often – “What should I charge?” Actually, most of the time I wasn’t asking a question at all. Instead I was stating (in a whiny sort of voice), “But I don’t know what to charge.”
That’s because I didn’t fully grasp the concept of ROI.
Return on investment – ROI – is not just a phrase/acronym that coaches, speakers, trainers and experts should know about and use. It’s an important concept to grasp – and embrace. Because coaches, speakers, trainers and experts help others move from point A to point B in some area of their businesses and/or their lives, considering the return on their customers’ investment is essential.
That which someone receives in exchange for spending their money on your product or program constitutes the return on their investment – ROI. The greater the return on their investment, the more valuable your product or program is to them.
So how do you know if your product will be valuable to a customer in terms of ROI?
There are 3 things that I consider when creating a product, program or presentation – particularly one that is high-end.
- Is it comprehensive?
- Can it be mastered?
- Is it transformational?
Here’s a real life example based on a high-end product – a women’s retreat – that I offer: The Italy Retreat for Women Business Leaders and Entrepreneurs. When creating the retreat itinerary and curriculum, I knew it was comprehensive – the depth and breadth of the experiences are vast. I also knew first-hand that one cannot remain unchanged after such an amazing week in Tuscany, so, it was definitely transformational – life-changing. However, when I considered mastery, I realized there was something missing.
Mastery refers to the “how-to” that you teach – the strategies and techniques that your customers can learn, implement and master. In the case of the retreat, I decided to include an entire online mastery course – The Dream Lifestyle Blueprint – so that participants can put into practice specific strategies that can help them extend their online “reach” and automate their income.
Now the Italy Retreat for Women has all three elements – in big doses: It is comprehensive, it includes strategies that can be mastered and it is transformational. Because the return on investment – ROI – for retreat participants is high in all 3 areas, the price of the retreat reflects as much.
So, “What should I charge?” is not the right question to be asking, because it’s incomplete. “What should I charge, based on ROI?” is a better question, and one that all coaches, speakers, trainers and experts should be continually asking as they create products, programs and presentations.
To know more about Pamela Haack’s products and programs, and to receive a complimentary copy of the Dream Lifestyle Blueprint visit: PamelaHaack.com