Taking Pride Out Of Pricing
There is something that comes with being experienced ... that something is called:
If you are experienced and can do something well and better than those with less experience, you are worth MORE. Makes sense ... seems obvious ... one of the most awful things as a business owner is realizing that people don't give a sh*t about your experience ... that they don't
VALUE YOUR WORTH
How do you put a price tag on what you offer? How do you decide what someone needs to pay ... and worse??
WHAT IF PEOPLE REFUSE TO PAY IT?
Here are some facts:
- People just starting out are going to charge less than you ... usually
- Potential clients care about saving money and not paying HUGE prices for things ... even if it's well worth it
- If you want to keep up and get the clients, sometimes you will have to lower your prices
- Branding fools people into believing something is worth more
COMPETING WITH NEWBIES
When you work in the wedding industry you need to get used to new companies cropping up every second. Anyone who loves pretty things believes that they can work in our industry ... and, well, they're not wrong. Starting a business these days is the 'it thing' and to be successful you will need to learn how to compete with people who have been doing this for WAY LESS TIME than you ... best way to do that??? ACCEPT IT. Don't get bitter because a wedding planner who has 5 years less experience than you is taking all your clients ... LEARN HOW TO ADAPT instead.
CREATING PRICING THAT FEELS LOWER BY OFFERING MORE
If your competitors are raking it in because they charge less and you aren't getting those clients anymore then you have to figure out a way to lower your pricing by offering MORE. Maybe this means adding 2 more hours of coverage on the day of or throwing in a rehearsal dinner package ... whatever it means to you so that you don't feel taken advantage of, but that you still offer value for a price that potential clients may deem too high.
ACTUALLY LOWERING YOUR PRICES
Nothing hurts pride more than going down in price ... it's unnatural to know you have MORE experience than the year before and LOWER your pricing ... but if you want to survive then sometimes you have to swallow that pill. Even a small adjustment like making your retainer lower or breaking it into 3 payments rather than 2 ... or offering a payment plan that is divided into monthly payments ... the more you can work with potential clients the more likely they will ignore your PRICE and pay attention to your customer service.
If lowering your pricing isn't an option - whether for financial reasons or based on principal - then invest in YOUR COMPANY by rebranding. People will pay more for things that look like they cost more. How do I know?? I do it for my clients each week ... I watch as their inquiries flood in and their hirings go up ... branding and the 'visual life' that your business breathes is a huge part of success ... so make sure your pricing is backed up by not only experience, but an incredible brand.
We are business owners because we have passion ... but at the end of the day we need money to live. You need to make sure your pricing reflects your product and service while at the same time making sure you aren't too far apart from your direct competitors. Don't be the lowest and if possible, don't be the highest ... confusing enough for you???
If you have been experiencing a dry spell for longer than usual then you can read this post about reasons you aren't getting hired .. it may be of help!