3 Key Factors When Pricing Wedding Planning Services
We all understand how important it is to know our cash flow, including what our monthly expenses and income are.
Knowing cash flow helps us determine our pricing as well. We can calculate pricing based on what we need to make and based on the amount of time, our experience, and the 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 But if you have a DIY website, an outdated portfolio, and no documented planning process to follow, then your business is going to crash and burn.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.
This guide is ideal for both new and experienced wedding planners who want to understand pricing methods and techniques. This guidebook is also perfect for wedding planners who want to save time by having ready-to-use templates for planning packages, examples of website wording, and a professional spreadsheet to rely on for calculating prices for weddings and events.