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Things to Consider When Raising Your Prices

Photo by Avenue-Photo.com

By: Tracey Manailescu

Do you feel that you go way above and beyond the norm? Are you suddenly working with higher quality wedding professionals along with more detailed wedding itineraries? Are the type of clients that are reaching out to hire you different than years previous? Than maybe it’s time to increase your pricing.

You need to think, speak, act and look the part of a successful wedding professional. This means upgrading everything you do. It costs money to be in business. If you can’t spend the money on your company, than why should anyone else?

If you are going to talk the talk, than you need to walk the walk. Below are some things to consider:

Your Brand: Is it time for a website upgrade? Do you need a new logo and business cards? When is the last time you had professional head-shots taken? Perhaps a video interview is the way to go.  Sometimes it is really hard to see from an outsider’s perspective. Ask a friend or better yet, ask for your WPIC alumni’s valuable and honest opinions on the boards. Do you need to do a complete social media overhaul? There are a ton of companies out there who can help you step up your online social media presence, as well as doing a complete brand make-over.

Advertising: Your photos and promotional ads need to reflect the clients you want to attract. You don’t need to be everywhere, you just need to be where your kind of clients are going to be looking. Take a look at where your favourite clients are coming from. Is it from Instagram, Facebook, word of mouth, online ads, a WPIC website listing, or ads in a magazine? Focus and invest more on that.

Attend a Wedding Conference This Year for More Established Planners: You feel ready to take your company to the next level. These conferences come with a price tag. To be surrounded by all of the prettiness, networking and speakers that are influential, and to surround yourself with people that you admire, also cost money to produce, therefore the cost of the experience is going to be different.

Looking and Dressing the Part of a Successful and Professional Wedding Planner:  When you look put together, you feel more confident. It’s a fact. This costs money. Once you realize this, you will also realize that your pricing needs to reflect your brand. If your potential clients (and clients that you are working with now) shop, dine and network at certain places than you need to do it also. Industry experts like Andrea Eppolito and Sarah Campbell-Angers have both mentioned exactly this. You need to understand what your clients like, want and expect. Clients need to feel understood, and what better way to do it than by having a connection with them from the get go.

Know Your Strengths: What makes you different than other wedding planners? THIS is your super power. It may have nothing to do with higher-end clients whatsoever.  Maybe you specialize in problem solving, executing extensive and detailed wedding experiences, working with multi-day festivities, and elaborate fetes. Are you great at negotiating and vendor relationships? Use your skills and overhaul the description of your services. Not so great at self promotion? Hire a copywriter to do it for you, so that you can focus on what you are good at…Wedding Planning!

Remember to keep all of your receipts for tax time!

You may have less clients, but you will have quality clients that you are spending more time and care with. They will expect more from you, and it needs to be worth your time and effort.

Disclaimer: Price yourself accordingly. While we want you to be getting paid what you feel you are worth, you also need to be wary of pricing yourself right out of business.

*Please check the WPICalumni.com boards for acceptable beginner industry pricing standards

 

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