Maintain Your Market Value During Tough Economic Times

Every entertainer has a perceived market value – the amount of money people are willing to pay for your services based on their past experience with you or their name recognition of you. Unfortunately, during tough economic times many entertainers feel they must reduce their fee in order to get the gig. They think short-term and become a “gig pig” rather than adopt a long-term philosophy of protecting their value. Whatever your perceived market value is, you must protect it, nurture it, and grow it despite the current economy. Lowering your price in the short-term economic recession hurts your long-term profitability. Granted, you need money now to pay your bills, so it might be easy to justify lowering your rates. There are other ways to make some short-term money to fill in any gaps in income, such as a temporary part time job. Even better, start saving some money so you have a cushion to fall back on when times are tight. Whatever you do, if you want to build your reputation, you need to turn down gigs that could hurt or inhibit your long-term pricing. As you work your way through the current recession, keep the following best practices in mind 유흥알바.

1. Don’t change your price; change who you market to.
If your current target market can no longer afford your fee, offer your services to a new market who can afford you. If you are a corporate entertainer, for example, and your fee is $5,000, that’s a lot of money for a company who paid $1,500 for the holiday party entertainer last year. For a company that paid $10,000 for their entertainment, however, $5,000 is a steal. If you work fairs, don’t waste time and money marketing to one- and two-day events. Go for the three-week fairs in Texas, California, and the massive Calgary Stampede Fair in Canada. These are the ones with bigger budgets who can afford your fee. Likewise, if you work birthday parties, target wealthy neighborhoods. If you work schools, target wealthy school districts. Economic pain is relative. So shift your focus to the target markets that consider your current fee a great deal.

2. Just say “no.”
In order to be perceived as a $10,000 entertainer, you must turn down the $200 shows. Here’s a common example: An agency you have never worked with before offers you a show for $200. Your normal rate is $2,500 plus travel. For whatever reason, you accept the $200 gig. Regardless of what you said to the agency on the phone (“Okay…but just this one time”) or how you justified taking this gig in your head (“My fridge is looking pretty bare”) that agency now has you pegged as a $200 act. They’re certainly not going to think of you when that $5,000 gig comes in. Always remember that when you do a successful show at $5,000 you get more shows for $5000. When you do a successful show at $200 you get more shows for $200. When you do say no, don’t avoid the conversation and tell them you’re booked on that date. Explain your reasoning. Remind them that your price is X. It may take several gig turn-downs, but eventually the agencies and bookers will learn that you’re serious about your price.

3. Don’t equate dollars to minutes on stage.
Many entertainers think they have to lower their price for short performances. They say, “Well, it’s only a 25-minute spot, so I’ll do it for half the price.” Yes, it is a 25-minute spot, and you’re used to doing 50 minutes. At first glance, it may appear that you’re doing half the work, but the show is on a Friday night outside Boise. You’re still packing for the show, flying to Boise, renting a car, doing a sound check, delivering the show, packing up after the show, staying at a hotel overnight, returning the car, flying back home, and unpacking. That’s a full two-days of your life, not to mention any prep work you did for the show in terms of writing, tailoring your material, supplying promotional materials, preparing contracts, etc. Plus you missed your Friday night date with your wife and your child’s soccer game on Saturday morning.

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