Conscious Pricing That Does Good + Feels Good

conscious pricing, wedding businessI was standing face-to-face with a man who was telling me that I needed to hand over $1,500 to repair the hoozitwutzer underneath the wisherwasher on my car or else my car would die.

Now if you couldn’t tell by my extremely (not) accurate car part descriptions, I know nothing about cars. I was simply there, getting my annual car inspection, trusting this man’s expertise and, most importantly, his integrity.

As a professional, you hold a unique power in your hands over folks who don’t know much about what you do – especially when it comes to pricing – no matter what industry you’re in.

What you do with that power? Well, that’s entirely up to you.

You could charge based on competition, increasing your prices with others increase and decrease when others decrease.

You could follow the simple principles of supply + demand.

You could increase or decrease your prices whenever the heck you want.

Or, you could price based on true, genuine value.

I believe that a lot of couples are being ripped off just because we, as professionals, can rip them off.

Just like me standing wide-eyes at the car repair shop, most engaged couples don’t know any better. They are naive and inexperienced. They are simply there, trusting our expertise, and most importantly, our integrity. And a lot of them are being overcharged for under-deliveries during a time of their lives that is fragile, sacred, and really, really vulnerable.

Now before you run to the comment section and break out the Caps Lock guns to fire at me, just hold your horses!

I also believe that you should be earning your DREAM amount of money.

I want you to thrive. I want you to take that dream vacation. Set money aside for retirement. Have an awesome office and a home you love.

I want you to be compensated and compensated well for the work that you do, the knowledge you’ve accumulated, and the genuine worth of your craft.

I’m a wedding industry professional too! And I’m definitely not suggesting we lower all of prices for the sake of making the pockets of engaged couples heftier at our personal expense. No way jose!

The key is to focus on the principle of fair exchange and get comfortable with the concept of conscious pricing.

That sounded fancier than I intended. All it means?

Don’t take advantage. Be fair.

Low value = low price.

Average value = average price.

High value = high price.

I’m challenging you to stop focusing on price first and start focusing on value first.

I’m also challenging you to aim for a high value experience/product that delights your customers and feels *right* to you.

“But how am I supposed to increase the value of something? Isn’t that determined by the market, competition, or demand?”

Great questions, pal!

Value is definitely subjective and it will certainly shift within cultures, time, etc. But you always hold the power to increase or decrease the value of what you do.

5 Ways to Increase the Value of Your Offering

  1. Upgrade your on-boarding/off-boarding process

Send your clients a dreamy, creative welcome kit that goes beyond a chocolate bar and a piece of paper explaining what’s next. Be personable. Offer value. A chocolate bar isn’t all that valuable (I can’t believe I just said that). A date night in-a-box, however? Now we’re talking. A handwritten note of encouragement – yes! So valuable. An in-depth guide that breaks down their upcoming experience, answers frequently asked questions, and takes the time to intentionally let them know that they matter and that their big day is going to be a dream? #Winning

The same goes for your off-boarding process. Let’s say you’re a photographer. Sending a plastic USB in the mail that you’d like returned is not valuable. But a leather envelope filled with prints of your favorite shots? A bottle of wine for the couple to enjoy while looking through their pics the first time? A piece of hand-lettered art with their wedding quote on it as a thank you gift? A-M-E-N.

If you don’t have long-term clients, upgrading your on-boarding/off-boarding process could be as simple as a complimentary phone call or a bonus item that you slip in as a surprise gift!

  1. Make yourself available

I’ve heard horror stories from brides about professionals who are removed, uninterested, and hard to reach. By not only making yourself available but also making it known in your sales process that you ARE available and in what ways, couples will see value.

Establishing your personal and professional boundaries is an important thing to keep in mind here. I’m not suggesting a 24/7 hotline with you on the other end. I’m suggesting an option for a meet and greet at a local coffee house, a series of 15 Skype sessions leading up to the big day just to check-in and connect face-to-face, an explanation of how many days it will take you to respond to emails from your customers/clients. These are all easy add-ons that boost your value way up.

  1. Increase the quality of materials or experience

If you invest more into it, you can get more out of it. Upgrade the quality of ingredients, fabric, paper, florals, wood. Upgrade the type of service provided, time spent, moments available, components provided.

  1. Gain experience

If you’ve only been in business for one year, don’t go comparing your prices to someone who has been serving couples for eight years. Gain experience. Take classes. Read books. Gather testimonials. Make yourself credible and experienced and your value will soar.

  1. Share it!!

If you’ve just gone through the lengths of adding a dreamy welcome kit, an above and beyond thank you gift, an in-person meeting, the highest quality deliverable, and the benefits of your cumulated knowledge, please please please do not go listing the title of your offering, the price, and that’s it.

I want you to describe the value loud and proud. No need to break down the pricing or be obnoxious about it. Just let them know if they’ll receive a complimentary call with you. Describe the goodies in the welcome kit. Explain why your availability is so valuable to both you and them.

And pal, you are on your way to higher value and consequently, higher prices.

Let’s use our gifts and talents to bring more goodness to the lives of couples we work with.

Let’s all sleep oh so well at night knowing that we are charging what we are worth and, in return, giving engaged couples the magical season of love and fullness that they deserve.

 

So tell me, how are you going to offer more value?

//

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