Workshops vs Retainers

Selling is selling.  Whether you are selling a low value item or a high value one it can take the same amount of effort.

I know this sounds counter intuitive doesn’t it.

Take a scenario where you have a coach selling seats at a workshop at £150 a ticket, or a retained monthly service for £400 a month.

In my experience, and that of my clients, both of those sales can take the same amount of effort to generate the lead and close the deal.

Now there will be more people who want to buy the workshop ticket than the monthly retained service but the actual sales conversation will be very similar.

The icing on the cake

To make it even more “painful” you have to sell multiple tickets at £150 in a short space of time to fill the workshop.

So lets do the maths, you have to sell, for arguments sake, 10 tickets at £150 each to generate £1500.

So that’s 10 sales conversations to make £1500.

With the retainer it’s one conversation to generate a minimum of 6 months revenue at £400 a month so £2400 in total.

And that’s taken 1 sales conversation.

Now do you see where I coming from!

 

A blend is good

Don’t get me wrong it’s good to have a blend of offerings.

And if you are good pitching from the stage then you can upsell some of the workshop tickets into retainers so you get more bang for your buck.

Here’s the trap I see people fall into…

They think running workshops is easy money.

They aren’t. Ask anyone that runs them frequently!

The 1st one fills pretty easily but then it gets harder as you’ve used up your low hanging fruit.

You need a huge pool of people/audience to pitch to that continually grows otherwise it simply isn’t sustainable.

And you focus on the ticket sales instead of securing the high ticket sales, so basically you are working hard for the wrong, well at least less beneficial, sales.

 

What’s the solution

Focus on the core of your business, which in this case is the monthly retained work.

To keep things fresh, fun and to boost your revenues and sales funnel, run a quarterly, or half yearly, paid workshop.

But always keep your eye on those monthly retainers.

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