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Terry Owens Inner circle Ft. Wayne, Indiana 1707 Posts |
I actually had other "performers" in an area that I lived complain that I charge too much. I told them you charge what you're worth. The flip side of the coin, people feel like they're getting something better when they pay a higher price.
My wife had produced an album that we sold in churches. We started at $7 for the price, and sold a few...we said that we wanted to be a blessing and dropped the price to $5. We didn't sell any more than at $7, we then raised the price to $10 and sold out...people want to value what they are getting and when your prices reflect that as a performer, people will value you more...IMHO |
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todd75 Inner circle 1277 Posts |
Terry...you hit the nail on the head. Raise your fee and you get even more business. There are times when I charge as much as $395.00 for a b-day and I am still blown away that people will pay it but they do and then they tip me.
We have another guy that started performing in my hometown about a year or so ago and he came in at $125.00 which for no experience is alright. After doing shows for awhile and getting his name out there, I told him he should start raising his price some. He did and he is still working as far as I know but just near as much as me and some of the others that charge double and triple what he does. People look at "cheap" as well...cheap! Expensive is better in their mind. |
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jlibby Inner circle 1044 Posts |
By an interesting coincidence, I'm a full-time editor too. Now that I'm getting back into the birthday market, I'm charging a little less than I think I'm worth just to get the ball rolling. My goal is to (hopefully sooner rather than later) become the local "star" and pretty much have people throw money at me.
A worthwhile goal, in my opinion. This is an excellent discussion topic! See ya! Joe L.
My new FREE ebook on the classic Mismade Bill trick is ready for you:
https://funnybirthdayshow.com/mismadebill/ |
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millarhouse Regular user New Zealand 199 Posts |
I agree Joe, it is an interesting topic and I like your plan. There is really no clear answer. People charging too much, people charging too little and everything in between.
- rates for people starting out - rates for seasoned professionals - what the market will allow (price resistance, wealth of local area,....) - the relationship between quality and price It has been a healthy discussion, that many will have learnt something from. But ultimately it will boil down to each individuals circumstances. |
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Terry Owens Inner circle Ft. Wayne, Indiana 1707 Posts |
Some good thoughts millarhouse...In Fort Wayne, I have Dick Stoner...hard to compete with him if I did what he did, he's such a treasure to have and a good friend. But my market is different, and feel that what I charge, even though it isn't cheap, is still a bargin, because of the years of experience I have. You also have to figure in the amount of time, even a half hour show takes far more than a half hour of your time. Driving there, set up, peformance, tear down and driving home. A half hour program could take 2 hours of your time.
In the case of doing day cares, I keep the price where the local director can book it without getting approval. Some of them are not allowed to sign contracts or make decisions based on certain dollar amounts. So in those cases if you keep your price within that range, you can get more bookings. |
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KC Cameron Inner circle Raleigh, North Carolina 1944 Posts |
Ok, this is a gross over generalization, but this is my experience. Anyone have any thoughts pro/con/ or how to overcome?
I have found that the cheaper magicians are going after a totally different market than higher priced magicians. The problem is, if you start out at $150 (and do a good job) they will refer you to their friends, that are generally in the same economic group. If you charge $250 you get referrals from a higher economic group, etc. I think transitioning between one group and another is difficult, because when you raise your rates, suddenly the referrals you are getting can no longer afford you . . . and you have to start all over again. Does that make sense? Anyway, my solution is to have several shows of varying price. That way I hope to cover mid to high end parties. |
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The Great Smartini Inner circle 2280 Posts |
One way to overcome this would be to have more than one character or bigger/smaller shows as was mentioned previously. If I have a booking for a less expensive show then I will perform for a shorter period of time and probably work out of a small case versus having a backdrop, sound and my other larger props.
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Mumblemore Inner circle 1426 Posts |
Has anyone segmented the market with "coupons"? That is, charge higher rates, but give 25 percent or 50 percent off coupons? This might especially solve part of the problem if you want to offer cheaper rates in some neighborhoods than others. You have one posted rate, but when people call and you quote them and they say "but I have a 25 percent off coupon" (make it non-transferrable to other people), they feel special and know that your rate is higher (i.e. they got a one-time deal). My problem with this so far is that in my first round of coupons, I did not put the all-important expiration date. So I have people months later still calling for their 25 percent off, and will no doubt have them for months to come. . . If you say "valid through Dec 31, 2007" for example, this would seem to be a good strategy. What do you think?
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Mumblemore Inner circle 1426 Posts |
Another, related question. Do people give discounts for referrals? If so, how much?
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randirain Inner circle Fort Worth, TX 1650 Posts |
A good business stradegy would not to go down on price but go up.
Give them your price, but if they don't like it too much go up and some stuff to it. Such as... My regular show is $200. But if you want party favors it's $275. Or I can bring magic and teach them something for $350. etc. etc. Now that original price of starts looking pretty good. You should never go down. Randi |
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KC Cameron Inner circle Raleigh, North Carolina 1944 Posts |
Funny, I just was discussing coupons today with a toy store that is hiring me . . .
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osmar New user Burke, Virginia 32 Posts |
I offer 3 versions of kids show...Silver, Gold and Diamond....my most economic version goes for $150.00, and the most expensive can be as high as $600.00...basically I leave it up the client...I ask them how long they want me for and based on that I give them a price...if they want a regular 45 mins show (gold), and they don't like my fee ($300.00) I offer them the 25 mins show for $150.00...most people in my community (hispanic) have no idea what the average rate for a magic show is...and to mention any amount above $200.00 for 45 mins. of tricks can certainly discourage them to hire any magician at all...a smaller show at a more affordable price gives them a taste of what a show is about, in the end...we both win...they get a magic show, and I get $150.00 for only 25 mins of work.
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Mumblemore Inner circle 1426 Posts |
Omar also seems to have a viable strategy for segmenting the market according to ability to pay. However, I find that performing is sheer joy and that setting up and taking down are sheer drudgery. Really, a birthday show (short or long) takes about an hour of lugging each way for 40-50 min of performance. While I'm glad it works for you, and I'll bet it also helps get the word out about your show and about the virtues of hiring a magician more generally, I'd wind up giving them the extra 20 min for free (performing is my joy perhaps even more than theirs). What we really need to do is find a way to "pack nothing and play huge."
I do like the three precious stones/metals as names (much better than diamond, tin, and plastic . . . makes even the "gold" customers feel like they're getting something good. |
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