0089: VO Rates – Price Versus Value

Raw transcript:

today I want to talk to you about your
voice over and other Talent rates and
perceived value and a huge mistake you
can make
when pricing your services in this
episode of the vo Heroes podcast
[Music]
I’m a member of a mastermind group I’m a
member of several Mastermind groups but
one of the Mastermind groups that I’m a
member of uh I I saw someone post the
other day about an inspiration
uh this member was inspired by the fact
that their birth date was uh the July
7th and that it had been seven years
since they had introduced a product
that they normally sell for forty nine
dollars
and they were inspired because of all
the sevens that were floating toward
them in life
to for the day offer that course
for seven dollars
now there’s some question as to whether
or not the course was worth forty seven
dollars it was likely worth a lot more
than that the way this person described
their course
but they were very surprised and the
reason they were posting in The
Mastermind is that after a lot of hype
you know they’d figured my purse my
price this is seven dollars thousands of
people are going to buy this course
and
they were very surprised to find out
that exactly two people purchased the
course
two people all day long lots of
promotion
and
they asked why did this happen
and almost to a person the answers were
what I first thought of which is this
concept of perceived value
so just to illustrate this if you don’t
know what I’m talking about you go to a
car dealer and there’s this beautiful
car gorgeous car it fits exactly what
you want the right color and the right
options and the look and the feel and
the just everything about it is perfect
and the car is priced at one hundred and
forty dollars
what
I mean you look at this and you go wait
this car should be like 20 30 000 40 000
I don’t know
140 what’s wrong with it all of a sudden
your brain doesn’t it doesn’t make a
connection the price is wrong or there’s
something wrong with the product the
perceived value of the car is a lot
greater than what the price is which
means something must be wrong
and the same thing happened
with this person’s course people are
looking at this it’s got all these
modules it trains them on all these
things they’re giving it away for seven
dollars basically what’s wrong with this
course is it out of date does it have
bad information what’s wrong with this
and what I noticed was more than one
person and I was planning on typing it
until I’d seen the the stream of
comments said if all these sevens were
in your life you should have priced the
course at seven hundred and seventy
seven dollars you would have sold dozens
hundreds of them who knows
because of this issue of perceived
values now how does this apply to us as
performers
we are often
asked to say what are your rates we’re
often asked to say do you have a price
list somewhere or we look at a project
and we need to price it and immediately
our head goes how do I price this so I
get the gig do I you know price way
undercut the market do I my advice to
you is
charge what you’re worth
Plus
because there’s going to be stuff you
don’t you don’t see coming there’s going
to be pickups and there’s going to be
changes in the copy and there’s going to
be all there’s going to be a a failure
of your computer who knows what’s going
to happen
give yourself
the ability to make a reasonable living
or even a great living and
understand that’s not a negative to the
person who’s buying your services
they’re going to take a look certainly
they’ll look at their budget but they’re
going to take a look at what you’re
offering them and you’re going to take
they’re going to take a look at the
price and they’re going to see if it
matches they’re going to see if the
perceived value of what you’re doing is
relatively similar to the price that
you’re charging now
for an unsophisticated buyer
uh perceived value is a challenge
because they don’t understand what goes
into what we do and that’s a
conversation for another day because
sometimes you have to share with a
client why you’re pricing things the way
they are but at the very least
choose to charge not of steeply
discounted or slightly discounted rate
maintain your price floor
and remember the concept of perceived
value in fact the higher the price the
higher the perceived value
what if you were doing a commercial and
you were charging you know
four thousand dollars for the commercial
I mean think about the fact that that
big stars charge a lot of money to do
things
and they do because they can put butts
in the seats that’s the perceived value
right they’re a known quantity do that
for you in your own special way don’t
minimize your value watch your pricing
and don’t undercut your perceived value
right and I promise we’ll talk in
another episode about how to justify
your pricing how’s that let’s do that
all right so uh if you have comments
about this if you have challenges around
this if there’s something about your
relationship with pricing that is a an
issue for you please put it in the
comments below I would love for you to
subscribe to the channel uh hit the like
button uh be notified when the next
episode comes out you can click the
notification Bell for that or whatever
your social channel is all about uh
thank you for sharing what you find
valuable in these podcast episodes with
other performers that you know I’m David
H Lawrence the 17th I thank you so much
for watching and for listening and I
will see you in the next episode of the
vo Heroes podcast
[Music]

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