How to Price Your Wedding Services

Dear Wedding Professionals:

Last week, I gave my thoughts about Posting Your Fees on Your Website.  I actually added some thoughts to that blog after reading all of your wonderful comments.  This week’s topic of Pricing is somewhat related.  I don’t think there is a cookie cutter answer for every wedding vendor’s pricing strategy.  It will really depend on you, your goals, your target customers, your location, etc.  And some of you offer consultative services, so your pricing may vary per customer.  But nonetheless, here are my tips and ideas. 

So, how do you price your wedding services so that you earn what you deserve AND still remain competitive? What price will a bride be most receptive to? These are just a few of the questions that you have to think about. Here is how I like to break pricing down in order to make smart, strategic decisions while earning the highest profit…

1.  First, determine your cost for each service that you provide. It sounds obvious but this is your starting point for determining your price.

2. Determine if your service is unique or rare?

• If it is unique, you can charge a premium. Brides are less sensitive to a higher price if it signals better or distinct quality. The trick here is to make sure that you effectively communicate why and how your service is unique. It is a good idea to collect customer testimonials to help demonstrate your distinguished service.
• If it is NOT unique, you’ll have to do some homework. Find out what your competitors are charging? Brides have access to a ton of information and will likely choose the cheaper option for a wedding service that is not unique. You’ll need to make sure that you are within that competitive range.

3. Provide three price packages. For the most part, people tend to avoid decisions that have extremes in them. For example, offering two prices (one low and one high price) forces a person to pick one way or the other. Instead, most people are more comfortable with three options where they can feel like they have more control over their decision.

4. Copy what the movie theaters are doing. We’ve all been to the movies and have had to decide on a Small, Medium, and Large soft drink. When you see…

Small, 12oz, $1.10
Medium, 16oz, $1.20
Large, 20oz, $1.30

…you are more likely to go for the Large because it is such a better deal over the Small and even the Medium. With this strategy, the movie-goer received 30% more soda and only paid slightly more than if he chose the Small or Medium. The same goes for wedding services. The key here is to 1) ensure that the most expensive package offers an obviously better value and 2) ensure that your package prices are close together. Then, brides will be more inclined to choose your largest package.

5. Show the lowest price first. People anchor their decision based on the first value that they see.

6. Add a sense of urgency. Brides are more inclined to choose services that include words like – limited time only or must book before X/XX.

Finally, it's incredibly important to remember that there are actually bigger and better things that brides are concerned with besides price.  Yes, price is important but there are other factors that are just as influential.  Those factors are:

1. Brides value experiences that transform them. Even some of the shyest women embrace the spotlight on their big day. What additional services can you add to your current offering in order to make brides feel special and transformed?
2. Brides value shared experiences. As the economy changed over the last few years, brides began to place more value on family, friendships and relationships in general. What can you do to add to that intimate, meaningful experience to a bride's big day?
3. Brides value experiences that are an extension of themselves. Thinking beyond price and thinking deeper about the personal nature of a DIY wedding, how can you make your products and services more personalized?
4. Brides value things that are beautiful.  Especially given the fact that 2012 is a year when one of the biggest trends is that weddings will be romantic and pretty.  Ask your friends and family if your website and marketing materials are beautiful.
5. Brides choose vendors that they connect with on a personal level. With hundreds of vendors to choose from, brides are more likely to choose vendors that they believe they will get along with.  What will you do during your initial conversations to establish that strong connection? 

Here's to your success!

Christine Dyer, Social Media Expert & Founder of BridalTweet.com