3 Key Factors When Pricing Wedding Planning Services

We all understand how important it is to know our cash flow, including monthly expenses and income.

Knowing cash flow helps us determine pricing as well. We can calculate pricing based on what we need to make and based on the amount of time or level of service we offer.

What Should Wedding Planners Consider When Pricing Their Services?

1) Your Feel Good Price

What price do you need to charge to feel good? To feel like it’s worth your time to plan this event? To feel like you are getting paid for your time and talent? To be able to continue planning events without feeling burned out or taken advantage of? To feel valued and respected as a professional planner?

Your Feel Good Price is just as important as the number that comes up when you use a formula to determine what to charge. For example, if you calculate your hourly rate to be $75 but after a few weddings, you worked much harder than that $75/hour pay, then you want to think about what price would have made you feel good for the work you did. Then start charging that.

2) A Price Where You Can Over Deliver

Choose a price where you can over deliver on client expectations. Maybe you over deliver with above average customer service or maybe you give them rehearsal dinner recommendations even though they didn’t hire you for that event. Perhaps you send them small gifts throughout the planning process or surprise them by decorating their hotel suite for the night of the wedding.

When pricing, build in enough buffer that allows you to over deliver, surprise your clients, and exceed their expectations.

3) Does Your Business Support Your Prices

Do you have the website, processes, and value in place to charge your price? Sure, you can say that $10,000 is your Feel Good Price for full-service planning. But if you have a DIY website, an outdated portfolio, and no documented planning process to follow, then your business is going to crash and burn.

For another example, you may have a fantastic website and brand but not enough experience to plan weddings with budgets that can afford a $10,000 event planner. So, you make mistakes, get a bad review, and have unsatisfied clients. Not good.

Next time you evaluate your prices, consider your Feel Good Price, whether your price includes enough compensation for you to over deliver, and what you need to change to ensure your website, brand, knowledge, and processes warrant the price you want to charge.

In addition to these three factors to keep in mind, there are proven pricing methods and techniques that work for wedding and event planners. From the types of services offered to understanding your cash flow, there are many resources to learn how to have a profitable and sustainable event planning business. We gathered all the pricing methods, information, and strategies and wrote a comprehensive how-to guide on pricing your wedding planning services called Pricing With Confidence.

 

Pricing With Confidence empowers wedding planners with the knowledge and tools necessary to be confident with all aspects of pricing (how you charge, what you charge, when you charge) and the services (package templates, custom proposals, individual services) you offer to clients. Learn More…

 

 

 

 

 

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