Bookable Pricing and Value
Bookable offerings could be offered at a wide range of prices
Bookable offerings enable you to craft, position and price an array of offerings to provide more opportunities for audiences to interact with you throughout the year and for you to make income. Part of why this is exciting is that while there may be an expected price range for a traditional event, these bookable opportunities can be priced based on the perceived value of the experience. Since many of the bookables that you will be offering will be new to your audiences, the value of the experience will be shaped by your creativity in defining and positioning the experience.
Bookables could range from a small “pay-per-view” fee for exclusive video content (remember, not all digital media has to be free) to a once-a-year, unique and more time-intensive offering, such as being the commissioner of a piece.
Bookables give you a chance to think in terms of how amazing an experience you could offer for 2 to 100 times your standard event price.
Why will fans be drawn to bookable offerings?
There are many motivations that could drive someone to purchase a bookable, perhaps the most important being that they value and want to support your work, just like they do when they make a “regular” donation. However, unlike making a donation, buying a bookable provides the fan with something cool that will have direct value to them. They get something that they think is great and have the good feeling of knowing that they’ve helped you. With bookable offerings, you get to offer your patrons a “thank you gift” that is much more exciting than an NPR tote bag.
In essence, bookable offerings often provide an interaction. So by nature, bookables are designed to deepen relationship building, which reinforces the commitment that transforms fans into advocates.
The East Bay Community Foundation published a research study in May 2010 with interesting findings.
- It noted how donors to small groups and individual artists differ
- It recommended seeking donors who connect with your work based on “a personal relationship with the artist; a passion for the artform; an emotional or intellectual interest in the subject matter of the artwork; [or] an involvement with the culture or community touched by the project.”
- It identified five values held by donors that were “the most important motivators”: humanism, distinction, localism, bonding, and progressivism. (To clarify these, we recommend you just download and read the free report. These values are summarized on page 10.)
In addition to “do-good”-related benefits, the draw of bookable offerings is driven by:
- Customization: These events are tailored to your fans.
- Scarcity: You are the only one who can offer this experience.
- Value: This is an exceptional experience for your fan.
So, in designing your bookable offerings, ask yourself:
- What could I offer that someone would think is worth $100, $1000, $10,000?
- What kind of person would find that experience at that price attractive?
- How do I describe it to that kind of person in the most compelling way possible?
What has value will differ from person to person, which is why identifying a range of offerings targeted at different profile types is part of the recommended strategy when designing your offerings and testing your price-points.
Setting the price
For each bookable, there are a range of ways to approach setting the price. You should come up with your own internal price points, which take into consideration the actual and opportunity costs, so that it is sustainable for you to implement. This is important enough to say again - be sure to set your pricing at a level where you are comfortable with the compensation you are receiving. When looking at your costs, remember to include the GoSeeDo commission that is due on successful sales of bookables.
You might also decide on the number of each experience to provide. (You may or may not mention this in the description depending on how you are positioning the scarcity.)
Once you have the price in mind, there are a few ways that you can represent the price of the bookable to your audiences. You can: a) set a fixed price, b) ask the fan to “Inquire for details”, or c) make a base package and price that works for you, and then provide add-ons for additional price points.
People generally have a tendency to under-price themselves. You are not necessarily looking for a lot of people - Do you want to offer 10 Mentorships at $100 per, or 4 at $250 per? There are a lot of variables, and sometimes you’ll choose to do something at a lower rate because of some other incentive. There are many strategies and we’ll be creating templates, checklists, and tips to help you along the way.
Using a range of prices
In fleshing out your portfolio of offerings, it's good to spread your items out over a wide price range. One exercise a number of artists have found helpful is to set the price of their 1st bookable at $1000 (because it gets them out of the habit of under-pricing) and then to design other offerings stepping down from there toward $100. In some cases you might even decide to de-activate the $1000 offering for awhile, but it can still be inspirational to start by thinking big.