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gregkoren Regular user 164 Posts 
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A woman recently asked me how much I charge for an hour show. I quoted her a price and she said I charged too little and therefore must not be that good.
I probably should’ve impressed her by tripling my price on the spot, but I was left somewhat speechless. Has this happened to anybody else, and if so, how have you handled it? Also, when it comes to putting a price on your act, how do determine what the market will bear? |
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stoneunhinged Inner circle 3067 Posts
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Research, research, research. Then a few years of experience and a lot more research. Eventually you'll get it.
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Andrew Morse Regular user Corvallis, OR 157 Posts
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Listen to Michael Ammar's 'Negotiating Higher Performance Fees.' Cheapest $8.
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Domino Magic Special user 999 Posts
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It's not a matter of figuring out how much the market will bear. It's not even a matter of research to know what others are charging. It's a matter of determining what you're worth. If you're worth $500 a show and the top guys are charging $5,000 a show, don't raise your price to $5,000 if you're not worth it.
Now we have no way of knowing how much you're worth and you may be good, but the potential client that you lost is probably right in her assessment of you because if you were really great, you'd be charging a lot more and would have the experience to know what to charge. |
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lou serrano Special user Los Angeles, CA 671 Posts
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Domino,
You make an excellent point. Lou Serrano |
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Al Angello Eternal Order Collegeville, Pa. USA 11045 Posts
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That kind of stuff happens all the time. I would be willing to bet that she wouldn't be satisfied with any price you quoted. Were you talking to my X wife?
Al Angello The Comic Juggler/Magician
http://www.juggleral.com http://home.comcast.net/~juggleral/ "Footprints on your ceiling are almost gone" |
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Benji Bruce Special user 930 Posts
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Your price is determined by how buyers perceive you. If everything about you screams EXPENSIVE then when you quote a price they will have no doubt that you're worth it.
What price did you quote her? And what context was it in? (Were you performing at a restaurant? Did she call you up because she saw you in the phone book? etc) |
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seadog93 Inner circle 3200 Posts
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I read someone, somewhere say that when your turning down gigs because your booked so much, then it's time to raise your prices.
I have not yet had that problem myself, but I do look forward to it. 
Also I think that getting spin off bookings is a good way to make sure your show is good. I mean if people watch your whole show and then hire you on the spot, or at least get your information, then you must have at least a pretty good show.
"Love is the magician who pulls man out of his own hat" - Ben Hecht
"Love says 'I am everything.' Wisdom says 'I am nothing'. Between the two, my life flows." -Nisargadatta Maharaj Seadog=C-Dawg=C.ou.rtn.ey Kol.b |
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Benji Bruce Special user 930 Posts
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Quote:
On 2010-03-31 21:43, seadog93 wrote: I've always thought that was horrible advice. I was charging about $300 for an hour of walkaround a couple years ago. Then I increased my perceived value by getting a good demo, etc and after talking with a big time agency I told them I charge an average of $2,600 per show. This was a complete lie as I was charging $300-$600. And they booked me for my asking price. Ever since...I've dramatically increased my rates. |
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Al Angello Eternal Order Collegeville, Pa. USA 11045 Posts
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Greg
When an agent calls me up for a gig, and askes me how much do I want. I simply say "what do you think I can get?" That lady was a wacko, and you never had the chance with her, so forget about it.
Al Angello The Comic Juggler/Magician
http://www.juggleral.com http://home.comcast.net/~juggleral/ "Footprints on your ceiling are almost gone" |
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gregkoren Regular user 164 Posts
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Thank you, all, for your thoughts. (Al, you made me laugh!)
Living in Ohio, I supported myself though magic. Then I married, my wife and I moved to Maryland, we started a family, and so on. Now, twenty years later, I'm trying to get back in the business. (I should add that during those twenty years, I continued to perform gratis for friends and non-profits.) I mention all this, Benji, by way of saying that I quoted the woman a price of $150. Twenty years ago, that was a lot of money! I have no trouble saying I'm better than good, but obviously I still have much to learn, which is why I'm seeking counsel. Again, thank you all for you input! |
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jlibby Inner circle 1044 Posts
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Greg, you said $150, but can you tell us what kind of booking it was?
My new FREE ebook on the classic Mismade Bill trick is ready for you:
https://funnybirthdayshow.com/mismadebill/ |
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jlibby Inner circle 1044 Posts
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Quote:
On 2010-03-31 18:51, Al Angello wrote: You've got a point there, Al. Usually, if people don't book you, it's because they think $150 is too much.
My new FREE ebook on the classic Mismade Bill trick is ready for you:
https://funnybirthdayshow.com/mismadebill/ |
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Domino Magic Special user 999 Posts
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Quote:
On 2010-03-31 21:53, Benji Bruce wrote: The late trade show magician Dick Ryan used to say that if you want to double your income, double your rate. You want to make more money, raise your prices. There's nothing wrong with raising your prices and charging more IF and this is a big one, IF you're worth it. I know a lot of acts that charge too little because they don't have the confidence or sales ability to ask for more. I also know some acts who overcharge because they can't deliver what they promote. So how do you know if you're worth it? It's easy actually. Are you consistently getting standing ovations? Do you get letters of recommendation without asking for them? Are you consistently getting referrals and repeat bookings? Ok, maybe not everyone is going to get a standing ovation, BUT the other examples are a good indication that you're worth it. |
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seadog93 Inner circle 3200 Posts
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Quote:
On 2010-03-31 21:53, Benji Bruce wrote: Holy Cow! Well I think your the one trust on this.
"Love is the magician who pulls man out of his own hat" - Ben Hecht
"Love says 'I am everything.' Wisdom says 'I am nothing'. Between the two, my life flows." -Nisargadatta Maharaj Seadog=C-Dawg=C.ou.rtn.ey Kol.b |
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Benji Bruce Special user 930 Posts
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Hey Greg you should read Money Talks by Alan Weiss, It is a book for speaking engagements but the business practices are the same. He has a whole section on prices.
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MrHyde Special user 810 Posts
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Quote:
On 2010-03-31 21:53, Benji Bruce wrote: Horrible? I think it's quite a valid indicator that your pricing is ready to be increased. It's not the only one but it's certainly telling you something and is one of the metrics that we can track. Simple supply and demand. If your price in your market results in you running out of product to sell (your show) what should you do? PS. I agree with your recomendation on Weiss, great book, |
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gregkoren Regular user 164 Posts
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Hi jlibby, the booking was for a parlour show for a private event, 50 to 60 folks.
Thanks for the book recommendation, Benji, I will check it out. I guess it's safe to say I'm behind the times in my understanding of today's market. |
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Scott Burton Inner circle 1131 Posts
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Choose who you want to work for.
Regardless of whether you charge $150, $1500, or $15000 or more, your price will be too high, too low, or just right for some segment of the entertainment buyers out there. A local company here is flying in Jeff McBride to perform for their clients. Do you think that they would rather pay $100 for a magician to save money? Or even a $1000 magician to help the bottom line? Forget that! Sometimes people WANT to spent a lot of money on an entertainer. Because sometimes people want high quality (and price can help in creating a perception of such). Lowest price doesn't always win. There are pluses and minuses to each potential market segment and your product must fit the bill for what they are looking for. There is also the positioning factor as well. Pricing is a big strategic decision but the good news is that it can be adjusted along the way as you learn and find your fit. |
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Benji Bruce Special user 930 Posts
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Quote:
On 2010-04-01 02:30, MrHyde wrote: Yup it is horrible advice. If you charge $300 and hour but want to charge $1000 then it will take a long time to get there. But if you just increase your rates to $1,000 then all you have to do is find people who will pay that much. |
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Posted: Mar 31, 2010 06:18 pm 
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