It’s Time to Stop Slashing Your Pricing
Have you ever walked into Starbucks with just enough money on you for a small coffee, but you tell the barista you want a large coffee but at the price of a small?
Of course you haven’t! Who would do that?
So, tell me, why are you allowing that to happen with your services?
Slashing prices for weddings and events is a topic that comes up MUCH TOO OFTEN in our industry. The majority of my coaching clients are guilty of discounting their services, which results in them having to find 2-3x as many clients in order to cover their losses. So, why does it even happen in the first place?
Wedding and creative event professionals who slash their prices are operating on fear.
Fear that their prices are too high.
Fear that they’re not good enough.
Fear that the client will say no.
Fear that they’ll never get any business again.
And then what happens next is that these same professionals operating on fear will discount their prices even BEFORE a client even suggests it, which is the same thing as just opening up your window and throwing your money out.
The problem is, when you’re operating your business on fear, you’re not getting the money you deserve, you’re feeling taken advantage of, you’re struggling as you try to please everyone and every budget, and you’re running yourself ragged until eventually you completely burn out. That’s no way to run a business.
And before I tell you how to fix it, let’s talk about something called value perception while we’re at it. This is the perceived value that clients and couples have of your business or services.
Let’s say you’re shopping for a new sweater. You see one online that says it’s made from cashmere and costs $100. You find another on a different site that’s $45, also cashmere. With such a price discrepancy, you might be questioning the quality of the second sweater. Is it really cashmere? Is it actually high quality?
Now think about your business. When you discount your services heavily, you run the risk of potential clients perceiving your services as low quality or not up to par with others in the industry. It’s just one more way that slashing your prices affects your business.
So, how do you fix it? How do you stop discounting your services and get your business back on track?
You need to demonstrate your value to potential clients, and this comes across in your messaging—whether in person or online. You need to be able to clearly articulate what you bring to the table and explain to your client what sets you apart from others. When you are able to successfully do this, potential clients will be HAPPY to pay your prices (AND NOT asking for discounts) because they will be so excited to work with you.
I implore you to master your messaging. Last week I talked about the importance of storytelling in your business, which is crucial in mastering your messaging.
If you don’t know where to start, if you’re tired of slashing your prices, if you’re too nice, if you’re having sleepless nights over your business, if your clients are losing the value perception that you offer, then it’s time to set up a call. I’ve opened up a couple spots this week to have a conversation with you and figure out what’s really stopping you from figuring out your pricing and how to implement it. It’s going to be the best 45-minute deep dive into your business to figure out what’s going on.