DO NOT assume your retreat will fill up because you are excited.
DO have an exit strategy in place.
Nobody wants to cancel their retreat plan. Sometimes life events happen, and cancellations occur as well. Have an exit strategy. As mentioned in a previous lesson, you need to know the minimum amount of booked attendees to decide whether to move forward with the retreat. In the pricing for profit strategy, the retreat price is calculated with your minimum amount of attendees.
DO NOT give something for free without accounting for it in your budget.
DO profit from all your discounts and collaborations.
Decide how many different types of retreat prices you will offer to your customers. Having a value-based pricing strategy allows your clients to work with their budgets and offers them an option to upgrade.
Examples: Room based pricing:
Private bedroom with ensuite bathroom
Special Access pricing:
VIP access will give the attendee something extra for a higher price. It can be private one-on-one lessons included plus other perks like a journal, a message, etc.
Shared bedroom pricing Plus VIP access
Private bedroom with ensuite bathroom plus VIP access
Determine what type and how many discounts you will offer.
Example: Group discounts:
Offers a discount for bulk purchases. This is a good idea for very large retreats.
Bring-a-Friend discount: Offers discounts to your clients when they bring a friend.
You will implement promotions, value exchanges with other professionals, and maybe even giveaways. Your financial breakdown must be clear before setting all your prices to account for the loss from the discounted price in your regular price.
Example (for simplification we will keep the numbers rounded):
The minimum group size is 10 attendees
Your advertised regular price is (this is your high-profit price): 5000$
Your ideal retreat price is (you are content with this price): 4000$
Your early-bird price (this is your absolute lowest price): 3500$
You break even at: 3000$
If you sell 4 early bird specials at 3500$ each. The difference is 500$ from your ideal price of 4000$.
Take 2000$ and divide it by 6 (the balance of sales ended to fill your retreat). This equals 333$.
Add 333$ to your ideal price for your retreat
It is 4333$. To make a bit more profit you will bring the price up to 4499$.
This will allow some room for other discounts if need be. Best to plan for a minimum of two sales during your marketing campaign.
In the end, you are making the profit you desire and you still have room to move up to 5000$.
TIP: We rounded the prices above for simplicity, but NEVER price that way your retreat. Psychological pricing is a marketing strategy where a client perceives a price to be lower than it is. Always price less than the rounded number. Instead of 4000$ price at 3999$.
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