(By Troy Price) ‘Cost Per Wear’ is one budgeting technique used by smart clothes shoppers to determine if the item they are considering is a reasonable investment. Simply put, a piece of clothing’s Cost Per Wear amount is the initial cost for the item divided by the number of times the item will be worn.
Two clothing examples that result in Cost Per Wear amounts that are at opposite ends of the spectrum are bridesmaid dresses and sweatpants. If you have to buy a bridesmaid’s dress you know that you will most likely only wear that flowing pile of taffeta one time, so, if you have to pay $250 for that dress your Cost Per Wear is $250. If you bought a pair of $30 dollar sweatpants in early 2020 and have worn them everyday since, your Cost Per Wear is around 33 cents, and odds are those sweatpants will see a lot more use over the coming months. For more information on ‘Cost Per Wear’ visit The Penny Hoarder.
We podcasters should use this same principle when we consider adding new software or hardware to our podcasting arsenal. Using these mental exercises before a purchase will focus our spending on what will use the most.
Two examples of when I use this ‘Cost Per Use’ technique to guide me towards making solid purchasing decisions was when I consider buying a new mixer and when I consider softwares to create images and audiograms. First let me say that there has never been a day since the Rodecaster Pro was announced that I have not wanted one. Unfortunately, I can accomplish everything the Rodecaster Pro does with the 5 different single-use units that I have picked up over the past few years.
I use this equipment multiple times every day, so I know that while the Rodecaster Pro is a significant investment, the cost per use would be more like sweatpants rather than a bridesmaid dress. (FYI: I cannot wait until my external SD card reader goes on the fritz or the Jingle Palette software is no longer supported, Rodecaster Pro – here I come!!!)
Now, the Cost Of Entry (a business concept explained at bizfluant.com) of an image or audiogram service (read Canva and Headliner) is much lower than a piece of hardware since they usually charge on a monthly basis. This makes the math to determine the Cost Per Use for each service easier on the brain. Simply, if I pay $15 for the service and only use it once, that one image cost me $15. But, if I create 15 images per month, my cost would be a dollar an image. My wife often comments that I would pay a dollar for just about anything, with the number of times I have eaten 4 Wendy’s Chicken Nuggets – I would have to agree… I try to use all the services I pay for so that the Cost Per Use works out to a dollar an episode or less.
In examples of purchasing a new mixer and image and audiogram services listed above, the Total cost of the item/service was not the determining factor. The estimated amount of use of each is what makes each of these purchases reasonable. Consider this approach the next time you have to make a major, or even minor podcasting purchase.
Troy Price is the co-founder of Front Porch Studios in Berea, Kentucky. He has been involved with podcasting for over a decade. Listen to his show “Podcasting Tips From The Front Porch” HERE.