I’m a strong supporter of getting paid what you’re worth. Too many wedding vendors work hard, deliver excellent products and services, and get paid only a fraction of what they deserve.
How Much Should You Charge?
In 2002 we attended the Mobilebeat Convention in Las Vegas and attended Mark Ferrell’s “Getting What You’re Worth” presentation. His speech inspired us to raise our rates when we got home, but we quickly discovered that it wasn’t that simple.
You can’t just decide to raise your rates, even if you’re the best in the area. It’s kind of like standing on your roof and screaming, “I’m the best and you should hire me because I cost more!” and expecting customers to come running.
Your price has to align with reality or it simply won’t work. Your price needs a reality check.
How does your price measure up against the REALITY of your market?
Reality Check Points
Demand in your market.
How many weddings do you need to book make your sales numbers? How many weddings are happening in your area, and how many of them have the budget for your service?
Your experience and reputation.
If you are just starting out, your price should probably be average or just below average for your market. If you’re very well-established, your price can be higher because couples will pay more for a “sure thing.”
As much as I’d like to completely ignore the price of my competition, you can’t. Couples judge value by comparison, and if your price is completely out of the ballpark, you may be fighting a losing battle.
Don’t just pick your price out a hat and cross your fingers in the hopes that brides and grooms will go for it. Do your homework first to find out the reality in your local wedding market and ensure that your price makes sense.
You’re looking for some very specific information…
Pricing Numbers You Need to Know:
Number of weddings in your market.
How much the average couple in your market spends on your products or services.
How many competitors you have.
So how do you find these all important numbers? It’s not like someone gives you the Pricing Handbook For Wedding Vendors when you start your wedding business. (Nice thought, though.)
5 Ways to Get Stats For Your Local Wedding Market
For US wedding vendors – Go to TheWeddingReport.com for a comprehensive breakdown of budget, price for your services and number of competitors, down to the zip code!
For UK wedding vendors – Go to Hitched-WIFE.org to get stats for the UK wedding market.
National wedding vendor associations. Associations often gather statistics for their members, so check with your professional associations to gather your market info.
Shop your competition. Search online to gather pricing information, send out a few emails or lurk in the local bride chat rooms to find out what brides are paying.
Ask for the “vital stats” in your local government office. Most government agencies will share their “vital stats” on the number of marriages in your area. They don’t provide budget information, but you’ll be able to discover how many potential customers you have.
When you’re gathering your market research, don’t get stuck on any of this stuff. You don’t need exact details; just get a rough indication of pricing, budgets and the competition. That will be enough to help you determine your price.
Spend a couple hours doing this market research and you’ll be EONS ahead of your competition, and well on your way to pricing for maximum profit!
Now I want to know…how did you determine your price and how is it working for you?
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