Let’s talk about pricing. It’s the million dollar question!
Many wedding bosses get stuck on how they price their services. Are you charging what you’re worth? Are you charging too much? It can feel like a very confusing area of your business? Until you bring things into perspective, that is…
Allow me to introduce you to Brandon Burton.
He’s a photographer who has scaled his business beautifully which includes an entire team of photographers. He’s also an educator and teaches other photographers how to run successful photography businesses.
He recently shared a photo on Facebook that resonated with me and a lot of other photographers. Here’s what he posted…
You’re at Target doing your weekly grocery shopping and you’re buying school supplies for the next school year (how is time flying by so fast?!).
Are you buying that stuff for you? No! You’re buying it for your family. You have kids to support.
Your family deserves to live comfortably. You have to have sustainable prices in order to do that. We often tell ourselves that we don’t deserve to be paid or deserve to increase our prices.
It takes money to run a business. It takes money to support your family. Don’t be afraid to make the necessary decisions to live a satisfying life! Whether you’re deciding on your rates for the first time, or you’re looking to raise your prices, these 7 steps are designed just for you.
1.) Your brand has to match the kind of business that you want to have.
If you want to raise your prices, you have to justify that through a higher quality brand image. I’m talking about branded photoshoots, a detailed and organized website, a cohesive Instagram feed, a branded portfolio, and powerful copy that evokes action from your ideal client.
2.) Be honest with yourself.
How good are you at what you’re offering? Do you need more education to really get the fee that you want to charge? Just because someone else can charge more money does not mean you can until you have reached the same level of skill and experience they have. If you want to charge more then keep working on your skills. Take some courses.
3.) Determine what you really want.
Do you want to be a solopreneur and handle everything yourself or do you see yourself as a leader taking charge of an entire team? If you’re a wedding planner, how far in advance do you want to start working with brides? How many calls and meetings do you want to have with them? Ask yourself how many clients or wedding or special events can you juggle at once?
You really need to jot down everything you want to include in your packages, and consider the time commitment for everything. This is all connected to your prices.
4.) Create pricing that can fit clients at different levels.
If you want to increase your rates, pack some extra goodies into your core package that doesn’t cost you very much. I’m talking about time and dollars here. That’ll bring more value to what you’re offering!
5.) Go a little above your minimum rate.
Start offering just above the price you really want to settle on so you have a little wiggle room to offer a discount. It’ll be easier to get that rate to the profit margin you’re trying to reach.
6.) Set your price for your ideal client.
I want you to know who your ideal client is. You need to know everything about her so you can meet her expectations and needs with what you’re offering.
7.) Before you decide on your prices, think exactly like your ideal client.
What would she say about your rates? Can she really pay what you’re charging? You have to be able to think like them, so that you can approach them the right way.
Here are the do’s and dont’s of approaching leads with your higher prices:
- DON’T waver on what you offer or the sales won’t come
- DON’T let a lead walk away because you worry that they can’t afford your prices
- DO believe in what you charge and explain it without hesitation
- DO know your offerings inside and out
- DO act professionally both online and in-person
- DO engage in conversation with each and every lead
- DO conduct market research so you can get a good understanding of what the average rates are in your local wedding industry
When you level up, you’ll begin attracting higher paying clients. It’s like a not-so-secret formula that works every single time. Be patient. You’ll get there, my friend.
I’m rooting for you every step of the way.