{"id":1565,"date":"2021-05-17T12:29:08","date_gmt":"2021-05-17T12:29:08","guid":{"rendered":"https:\/\/www.liz-taylor-consulting.co.uk\/?p=1565"},"modified":"2021-05-26T12:34:04","modified_gmt":"2021-05-26T12:34:04","slug":"putting-a-price-on-creativity","status":"publish","type":"post","link":"https:\/\/www.liz-taylor-consulting.co.uk\/index.php\/2021\/05\/17\/putting-a-price-on-creativity\/","title":{"rendered":"Putting a Price on Creativity"},"content":{"rendered":"

Over the last thirty years I have been lucky enough to forge an event management career that not only allows me to channel my creativity into something that I love but has also allowed me to commoditise that creativity.\u00a0 Through my consultancy business, I have taken that idea a step further. I am brought in to analyse other people\u2019s businesses and offer a creative view on how they can maximise certain elements to increase their profits. \u00a0They love the depth of ideas and impartial advice \u2013 which leads to commercial success. But how do you value the input of creative ideas? \u00a0Putting a price on creativity can be a real challenge as it comes in so many guises, and there\u2019s often not a direct line to monetary value.\u00a0 Here\u2019s my thoughts.<\/p>\n

CREATIVE CONSULTATION<\/strong><\/h3>\n

I am recruited to support businesses for a variety of reasons. Sometimes it\u2019s because they recognise that creativity is not a strong point. And that\u2019s fine, because it is mine. Others are so immersed in their own business that they find it hard to look at it objectively and creatively. That creative spark is something that it\u2019s easy to lose sight when you live and breathe a business. This is where I can bring real value to a company. Again, I feel lucky to work with so many people that recognise the value of asking someone to take a fresh look, with a creative mind.<\/p>\n

\u201cThere is no doubt that creativity is the most important human resource of all. Without creativity, there would be no progress, and we would be forever repeating the same patterns.\u201d – <\/em>Edward de Bono<\/p><\/blockquote>\n

What struck me as I read back these opening paragraphs was that I used the word lucky twice. An indication of just how engrained attitudes towards creativity are.<\/p>\n

\"\"<\/p>\n

LUCK VS VALUE<\/strong><\/h3>\n

If I had been employed as an accountant for thirty years, would there be less of a question over the value of my services. Perhaps if I were a sportsperson or a banker, I wouldn\u2019t feel so lucky that I had found so many individuals willing to place a financial value on that service. Yet because what I\u2019m really selling to people is my ideas, in many ways I am lucky. Creativity is one of the most undervalued skills in society.<\/p>\n

During the pandemic, those who have embraced creativity, have been willing to diversify or try something new are the ones who have thrived. Many in the hospitality industry or creative arts have found ways to change and break out of their old patterns. In turn they have reaped some financial reward.<\/p>\n

Yet still, creativity is undervalued in so many ways. We all winced at the adverts that were \u2018created\u2019 for the National Cyber Security Centre to encourage young people to get into tech. They depicted Fatima the ballet dancer alongside the tagline \u2018Fatima\u2019s next job could be in cyber (she just doesn\u2019t know it yet).\u2019 Twitter ignited with fury. The patronising tone. The dismissal of the entire creative arts sector as a viable career.<\/p>\n

Had it of been a picture of Cristiano the footballer on the ad, I doubt it would have made it past the first draft. And the timing was insensitive.\u00a0 Released during a pandemic that shattered the dreams of many of those in the creative industries (albeit I hope temporarily).<\/p>\n

Look here: https:\/\/www.bbc.co.uk\/news\/business-54505841<\/a><\/p>\n

Unfortunately, this ill-thought-out campaign is indicative of wider societal attitudes, particularly I have to say from the Government. Sporting prowess is hugely valued. Creative arts much less so in comparison \u2013 potentially because one is more commercial than the other?<\/p>\n

Although I have been hugely successful because of my creativity and ideas, in the beginning I struggled with putting a price on creativity.<\/p>\n

THE TENDER FURY<\/strong><\/h3>\n

Many years ago, in my events business I decided to stop tendering for events. After being burnt on a few occasions where we pitched a \u2018big idea\u2019 for an event, only to be undercut on price and our ideas used anyway, I decided that there were better ways to win new business.<\/p>\n

I\u2019m a firm believer that things happen for a reason. There was a lesson here for me. This experience taught me that one of my most valuable assets is creativity. The \u2018big ideas\u2019 I initially gave away for free, are actually what set us apart from our competitors. Yet in a tender or a pitch, very often you\u2019re expected to \u2018reveal all\u2019 to a client you may not have even laid eyes on, never mind cultivated a relationship with.<\/p>\n

The decision not to pitch was one of the best I ever made. I soon discovered that networking, word of mouth and demonstrating our creativity through actual events were far more powerful in growing the business.<\/p>\n

We found that after securing major corporate and celebrity events, and a focussed marketing strategy, clients began to come to us. People wanted the showstopper, the wow moments. The ideas. The conundrum was, and still is to a certain extent, how do you put a price on creativity?<\/p>\n

Yes, I could list out the different elements of an event. The cost of the lighting. The d\u00e9cor. The entertainment. What I at first, and what many event professionals often struggle with, is pricing the creative elements of the event. The fairy dust sprinkled on top. That touch of magic. And that is all to do with value, both real and perceived.<\/p>\n

\"Putting<\/p>\n

CREATIVE SISTER<\/strong><\/h3>\n

On my Events That Made Me Podcast, I recently spoke to Beth Cullen-Kerridge (a kindred creative spirit) who described how her first ever art show on leaving college, sold out within days. I asked her how she put a price on those works of art, which she often feels very attached to. Her response was this:<\/p>\n

\u201cWe had to talk that through because it\u2019s a bit weird trying to price your stuff because you don\u2019t actually want to give it away yet. Often, I\u2019ve only just made it and I still love it. It\u2019s like giving away your child, it\u2019s hard.<\/p>\n

\u201cIt\u2019s difficult with sculpture especially because I use bronze and marble, they are actually expensive materials. And they\u2019re not just expensive because of the material that they are, it\u2019s the workmanship that goes into it and the time that it takes to do it.<\/p>\n

\u201cOne of my tutors said that you should take how much it cost to make it, then you double that, so, that\u2019s your time. And then if you don\u2019t want to get rid of it you add a little bit more on the top.<\/p><\/blockquote>\n

Interestingly though, that \u2018little bit more\u2019 that Beth speaks of often makes something more desirable. Adding a real value adds to the perceived value. So, for example, there\u2019s a reason some people shop at Harrods, even Waitrose, over Aldi. Why they buy Louboutin shoes or Louis Vuitton luggage. Yes, the quality is there, but you\u2019re also paying for the designer\u2019s name and the intangible qualities that come with that. The associations, the status. The way that pair of shoes makes you feel. That\u2019s to do with the value.<\/p>\n

And value, or rather what we place value on, differs from person to person.<\/p>\n

\"Putting<\/p>\n

CREATIVE SUBJECTIVITY<\/strong><\/h3>\n

In terms of art and sculpture, creativity is very subjective. Another reason that it\u2019s hard to put a price on creativity. A piece of art that captivates and intrigues one person will confuse another.<\/p>\n

I only own one sculpture. It\u2019s a particular piece I bought from a sculptor a couple of years ago. It\u2019s a ladder and it has two figures on it, which represent to me, my two daughters. Now, change the setting. Take away the emotional attachment and the value I put on that. And it\u2019s a lump of raw materials, albeit very beautiful, that\u2019s worth perhaps tens of pounds. But with the story behind it, the emotional investment I have in it and the time, love and attention the artist took to create it. To me, it is priceless. Not that I would ever sell it anyway.<\/p>\n

You can\u2019t put a price on design. What\u2019s in the head of an artist is intangible. The creative process different for each person. Therefore, it\u2019s equally impossible to put a price on time for creativity.<\/p>\n

TIME IS OF THE ESSENCE<\/strong><\/h3>\n

Time, you would think would be very easy to quantify. A minute is after all a minute – wherever you are in the world. But, like Beth, when an artist creates something they\u2019re very passionate about it, they might take three days over doing something that might take somebody else one day. A labour of love. Equally, when I\u2019m invoicing clients, you can be certain that if I\u2019ve charged them for seven hours, they\u2019ll actually have had more like 12. You can\u2019t take into account the \u2018eureka\u2019 treadmill moments where the perfect idea has blossomed, or the nights I\u2019ve woken at 2am with the answer to a logistical conundrum. Or even the days, weeks, months and years I\u2019ve spent curating relationships with suppliers, artists, celebrities. So that I\u2019m able to do in one phone call what could take another person three-days.<\/p>\n

Similarly, creativity can\u2019t be based on time. One idea isn\u2019t better than another because it took longer to think of it. Brilliance can happen in the blink of an eye, and conversely terrible ideas can take an age to come to fruition.<\/p>\n

\"\"<\/p>\n

CREATIVE IMPACT<\/strong><\/h3>\n

I\u2019ve read articles that argue that creatives should charge for their work based on impact rather than time. Yet it\u2019s difficult to measure impact until way further down the line. So, what I have found is that there must be an element of trust. And as a creative person it\u2019s your job to sell the value that your ideas are adding to their business.<\/p>\n

Pricing creativity then, for me, is linked to confidence in the value you can offer a client. Your job is to convince them of that value. Or as I try to do, let the value speak for itself.<\/p>\n

READ<\/strong><\/h3>\n

Loved this report on turning creativity into commercial value: Creativity\u2019s bottom line: How winning companies turn creativity into business value and growth | McKinsey<\/a><\/p>\n

I also hear from peers that finding the time to be creative is a struggle.\u00a0 For me, it\u2019s the treadmill. The Sunday morning with the papers. The least expected time of the day can be my creative moment.\u00a0 You can\u2019t force a creative mind.\u00a0 This article is interesting in pinpointing reasons when and why people can struggle to find their creative mojo – 10 Reasons Why We Struggle With Creativity | Psychology Today<\/a><\/p>\n

My advice \u2013 be kind to yourself. Take time to relax. Give the brain a chance to think big picture.\u00a0 Build your self belief.<\/a> And accept that no idea is off limits!<\/p>\n

Thanks for sharing with your social community x<\/p>\n","protected":false},"excerpt":{"rendered":"

Over the last thirty years I have been lucky enough to forge an event management career that not only allows me to channel my creativity into something that I love but has also allowed me to commoditise that creativity.\u00a0 Through my consultancy business, I have taken that idea a step further. I am brought in to analyse other people\u2019s businesses … <\/p>\n

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