The wedding industry is thriving and a blast to be a part of! For many people, the joy of helping people on such a joyous occasion is a huge perk. But at the end of the day, it doesn’t pay the bills. You need to create prices that reflect your services and expertise to support your lifestyle. So how does one come up with prices for a wedding business? Here are some of the most important factors to consider, plus tips for creating prices when you’re just starting.
Your Experience
By far the most relevant factor when determining your prices is experience. Experience is the foundation that will support your prices. Couples will want to see tangible results, like photos or a product, that showcase their skills. As a wedding vendor, experience is also usually associated with how many weddings you have done and the locations that you have worked in. You must keep track of your experience so that you can accurately pitch yourself and your services to potential customers. So that by the time you come around to talking prices, they aren’t shocked.
Making a Reputation
Reputation plays a huge role in pricing. With the uptick in social media and review platforms, it’s easier than ever to form a reputation (good or bad). The goal, of course, is to gain a good reputation, which will assist you in booking more couples. And with an increase in demand, comes the opportunity to increase your prices. This makes your reputation a powerful tool and a wise area to invest in. Typically, investing in your reputation as a business entails delivering a quality product and experience, topped off with a genuine connection. Customers who feel connected to you as a person and not just a business entity, are much more likely to like and recommend you to others.
Understanding Demand
Unfortunately, it’s not enough to want a successful wedding business. There has to be a demand for your services, which will factor directly into your pricing. Demand pertains to how many people are getting married within your area, and how many other wedding businesses are in your area. The wedding industry is quite saturated, with some types of vendors more than others. One example being photographers! The more wedding businesses there are within your area, the more competitive you will have to be with prices. Even more so if there aren’t a lot of people getting married.
Cater to Your Location
Similar to demand is location. Location will factor heavily into demand, largely due to the population. The number of people in an area will impact the number of wedding businesses present, and therefore drive prices up or down. When setting your prices you should always do some research to see how other similar businesses are pricing their services. By comparing your services and prices to others within your area, you will be able to get an idea of where you fall – in terms of skills, experience, and worth. From there you can set your prices, and later adjust once you’ve received feedback from potential customers.
Leveraging the Data
Thankfully, large wedding publications and national wedding vendor associations consistently compile and share data on weddings every year. These statistics are readily available and are an essential tool for setting your prices. Some of the most relevant information they contain includes how much the average couple spends on their weddings and with specific wedding vendors. This information will help you better shape your services and prices, to book more weddings in the year to come. These numbers can also tell a much bigger story about the economy and the wedding industry as a whole. It’s important that you stay up to date with how the industry is shifting so that you can shift your business accordingly.
At the Wedding Style Society, we wish you luck in running a successful wedding business! If you have any additional tips for setting prices, be sure to share them in the comments below.
