Finding the Right Price for your Business
When it comes to pricing your services as a wedding professional, there are many key factors to consider. We understand that your company is very important to you, so that’s why sometimes it’s hard to set an appropriate price on the products and services you offer. Here are some questions you should ask yourself when trying to decide on prices.
How long have you been in business?
Although just starting out in a business does not always mean you aren’t as good as your competitors, it does mean that you don’t have as extensive of a portfolio as them. Everyone has to start somewhere, so try to find a price that is fair considering your experience. Once you have been in the business a little longer, and have more positive reviews from happy customers, feel free to raise your price a bit!
How much time/money are you investing?
In order to really figure out how much you want to charge for your product or service, you have to figure out how much time and money you have invested into what you’re selling. This can be difficult because you are putting a price on what you think your time is worth, and we all know we think our time is priceless. However, try to be fair. Yes, the main goal is to make a profit, but you also want to make customers happy. If they think you are reasonably priced, they’re more likely to recommend you to their friends and family. We all know how important positive customer reviews are – discussed in this blog!
Have any questions? We’ve got the answers!
What are your competitors charging?
Although everyone hates to admit they do it, it’s the only way to make sure you’re staying current – you have to research competing companies. Not only should you compare your price to theirs, but also consider what you offer compared to them. If you offer two photographers with every package and they only offer one, you can charge a little more. If their venue is more up-to-date than yours, that’s totally fine – some brides want a more vintage look – but think about charging a little less. This could drive more business your way, so in the end you could end up with a higher overall profit!
Who is your target audience?
We know, it’s most likely brides. However, think a little more in depth about this question. This is something most business owners ask themselves when they think about marketing tactics – discussed in this blog about marketing to brides – but maybe not as much when they think about how to price their services. Are you trying to attract a higher-end bride who has an unlimited budget? Or maybe the young couple, right out of college, paying for their own wedding? No matter who you are trying to reach, you need to think about what that audience would be willing to pay and set your prices accordingly.
If you think about these four questions when trying to decide how much you should price your services and remember to be fair, then you will have no problem maximizing your profit. A happy customer who felt like they were charged a fair price will be sure to tell everyone they know about how incredible you made their wedding day!
