We’ve been looking at seminars your organize yourself, to help build your marketing platform. As your marketing platform grows, more people will attend your seminars to hear you speak on your subject.
Your seminars will become more than a simple promotional vehicle as you yourself become better known. The seminars will become products themselves. As your seminars grow more popular, your fees will rise as well, because there’s only one of you and you can give only so many seminars a year.
At this point the seminars become a vital part of your gravity well. When your seminars were free or inexpensive, people might have stopped by to hear you speak without having to incur a financial commitment. But as you began to charge more for your seminars â€“ the cost of your time and your knowledge â€“ your attendees will have moved closer toward your gravity well. Such attendees would have been attracted and pulled by the more expensive products you offer. Along the way, these people will sign up for your newsletter, purchase your books and even order recordings of your lectures as less-expensive alternatives to the live seminar.
If you handle this part of your business correctly, the financial benefits of organizing your own seminars will probably outpace the income you might generate from a bestselling book. For example, if 100 people each pay $400 to attend your six-hour seminar, your income for each seminar would be $40,000 minus expenses. Even if your expenses equaled $5,000 for each seminar, holding 10 such seminars a year would net you $350,000. By contrast, you would have to sell over a few hundred thousand copies of your book to reach that amount.
This success depends, of course, on the size of your marketing platform. A side benefit of seminars is that they are a good way to measure the size and quality of your marketing platform. If 100 people in a town 1,000 miles away from your home are willing to pay $400 for your seminar, you can assume that you have a good marketing platform. On the other hand, if only 10 people from your local French club show up for a reading of your new novel set in Paris, you may have a way to go before you’ve built an effective marketing platform.
In our next post, we’ll look at seminars that others organize and in which you take part.
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