Wednesday, September 9, 2009

"Aspiring" Question of the Week - How Should I Price My Services?

This is one of those questions I get asked all of the time and the answers are always different, depending on where the planner operates their business.

Pricing is a very complex animal. Several factors should be considered including:

-Operating Expenses
-Expertise and Education
-Competitors Pricing
-Market Tolerance

I had a call a few weeks ago from an aspiring planner who needed some advice on how to price a customized service for a non-wedding client. We talked about what she charged for slightly similar services and what the customized job entailed. We also talked about what her market would tolerate and what other planners in her area were charging.

We also talked about how she could overcome objections to the price, because half the battle is in the negotiating...but that's another subject for another day!

Here is what she wrote to me after using the strategies we came up with:

"Hey Wendy, thanks for the advice last week. I increased what I was going to ask for the job and received it. Thanks for setting me straight on fees and giving me the confidence. Hope to meet you in person one day soon. You're a doll!"

This made my day!!

How have YOU come up with your pricing strategy? Have you considered what expenses it takes to run your business? Have you taken into account what your market will tolerate? Have you priced yourself so that you are in line with your expertise?

"Aspiring" minds want to know! :)

Aspire to Plan!


Rene Davenport said...

This is a great informative blog for planners. Thank you for the FREE Q&A last month. I am looking forward to this month! Too bad your office isn't closer to North Carolina, I would love to attend your workshop.

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