With booking season around the corner, it’s a good time to take a look at your pricing and packages before you start meeting with new brides and grooms. How do you know if you need to make a pricing change? Check out the signs below – they are an indication that you are due for a price increase.
4 Signs Your Prices Are Too Low
1. You book every prospect
Do prospective clients question your pricing or book immediately? If you are booking almost all of the clients you meet with, then it could be time for a price increase. While having a high booking rate is great, it also means you are in demand and can charge more.
2. You are working all the time
If your calendar is always full and you are working yourself to the bone but don’t have the money to show for it (or to hire help), then it is time to increase your pricing. When you don’t charge enough for your services you can start to resent both your work and your clients.
3. You are attracting the wrong clients
If you are starting to attract clients that are not your ideal match, whether it is price shoppers or low budget brides, then your pricing may be an issue.
4. Your competition is charging more for less
While you shouldn’t base your pricing on other businesses, knowing what competitors in your field charge can be helpful, especially if you find yourself losing out to them even when you know your work is of higher value and quality.
How to Raise Your Prices
What if you are uncomfortable raising your prices across the board right away?
Here are a few tips:
- Start with increasing your rates for prime dates during peak wedding season.
- Add a higher priced package to your offerings, which will make your previous ‘expensive’ package seem less expensive.
- Revisit your branding. This is especially important if signs 3 and 4 above are an issue. Can you upgrade the look of your marketing materials to match the higher end clients you want to attract? Walk through the client experience- how can you improve? Emphasize what makes you and your business unique from the competition.
Now that you know what to look for, are you due for a price increase?
Share in the comments below!