This week I want to share with you some secrets.
Many of you don’t know this about me, but when I was younger, I was actually an aspiring rock star.
YES…..A Rock Star! In fact, I was part of a “Big Hair” band during the Heavy Metal era of the 1980s.
Can you guess which one was me?
Yes, I spent a good part of the late 1980's playing music putting on shows in venues all over California.
It was during this time I learned some of my most important lessons in business. One important one was how I experienced the harsh reality of "pay to play".
In the 1980's rock music industry, up and coming bands would have to literally pay to play shows.
Clubs would require bands to buy their tickets in advance so that they received money regardless if the our band actually sold the tickets.
This left the clubs with a safety net of compensation and the bands to work up front with no guarantee they would be paid.
One time, my band and I played a huge show with over 500 people. The agreement we made with the venue was that we would receive 50% percent of the "door" earnings after the show that night.
When it came to the end of the night after rocking the house and playing one of our best shows, our total earnings came to a whopping $50!
This experience left me with my second important lesson:
While I know in some industries and bigger corporations this is unavoidable, but in my experience, the majority of the time it's a matter of positioning your services and offerings in your terms and require payment up front prior to starting the work.
Paying to play isn't just something you want to avoid in the music industry.
It's something you want to avoid in any business industry because it essentially leaves you at risk for not getting maximum compensation for your value and leaves you acting as a credit union to your clients.
On this episode of The Pricing is Positioning Podcast, I discuss these topics further and I get to talk to you a little bit about a time in my life that my kids are embarrassed I talk about!
In this episode I talk about:
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Anchor your value and establish your value ladder.
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