Once you have figured out what services and packages you are going to offer, you will need to figure out a pricing system. Here are a few ideas:
Percentage of Wedding Budget:This type of pricing structure is quite popular among wedding planners. Typically a fee of 10-15% of the wedding budget is the common, but this will typically only work for full planning packages and for larger weddings. For instance, a wedding with a $25,000 budget and a fee of 15% will net the wedding planner $3750.00 for a full planning package, whereas a wedding with a budget of $5000 will only net the wedding planner $750.00. Even if there are only 50 guests, that's still a lot of work for a small amount of money.
Flat Fee:Flat fees are great for any type of package. This means that no matter what the budget for the wedding is, the fee will be the same. This helps brides know exactly what the price will be no matter how many times they need to change their wedding budget (and it will happen). Also, if the couple only needs some assistance and would prefer a partial planning service or Day-Of coordination, they will know exactly what it will cost them so they can work it into their budget.
While setting a full planning package at $2,999 is great for weddings under $30,000, you may feel like there is more work to be done with a wedding that has a budget of $100,000. If this is the case, you can explain to the bridal couple that because of the size and depth of the wedding, assistants will need to be brought on and so there will be an extra charge for the assistants.
Hourly Fee:
You may decided to charge hourly based on the number of hours you work on each wedding. While this will ensure you are fully paid for your time and effort, it may leave couples feeling uneasy if you are unsure of the number of hours it will take to plan a wedding. Giving an estimate at the beginning of the planning process is a must and it should be as close to accurate as possible. You may decide to charge $30 and as you get more established, move up to $40 or even $50 an hour. Some planners in large metropolitan areas actually command up to $150 per hour after years of experience!
Ultimately, it will come down to how much time and effort you put into each of your pacakges or services and what the rate is currently set at by your competitors. It helps to do some research to see how other wedding planners in your area are charging so you can figure out where you need to be with your pricing structure. As we said before, don't forget to set yourself apart and find a niche that you can take over and command a lot of business from your specialty. You'll be able to charge a premium if you offer something unique or something now one else can do.
*If you missed the first part of this series, check out Services & Products PT1*
Tips for Wedding Planners
Thursday, September 13, 2012
Tuesday, September 4, 2012
Exhibiting at Bridal Shows
Bridal shows are great for business and can put you in front of hundreds
to thousands of potential clients that are actively seeking wedding
vendors, venues, & planners. As a wedding planner, using
bridal shows as a tool for gaining clientele is a great way to quickly
fill up your schedule with weddings. Here are some great tips for
preparing for a bridal show or expo:
Find the Right Show to Exhibit at:
Many larger cities have a number of different shows throughout the year and each show can be ran by a different company. Some companies may hold two or three shows a year whereas some may only do one. The best bet is to first visit a show held by each company to see which one brings in the biggest crowd, offers the most to vendors, and is held at the best time of year (January, February, or September, October).
Once you have found a show that interests you, ask a few questions before paying your deposit. What is included in your fee (table, chairs, linens, etc)? How many vendors will be exhibiting at the show? How many of those vendors do the same thing that you do? How big is the booth area? When will you be allowed to set up? As a wedding planner, you will want to make sure that there are no more than 10 other wedding planners exhibiting or the cost may not be worth the reward of additional clients since there may be too much competition.
Make Your Booth Unique & Exciting:
You want your booth to stand out from the rest. It's best to find a location near an entrance or in a corner. Rent (or buy if you plan on exhibiting at a number of bridal shows) your own linens that are cohesive in color and theme with the rest of your booth. Invest in a sign. It doesn't have to be expensive, it just has to look nice and stand out. Balloons, lights, and plants often attract the attention of brides passing by. There will be a lot of vendors exhibiting at a bridal show so it's extremely important to stand out.
Have a Way to Capture Leads & Follow Up:
There are some great companies out there that help small businesses set up a campaign to capture lead information, and then follow up with them immediately by offering valuable free advice or tips to make a great impression. You can then begin a campaign (through emails & text messages) to build rapport with brides and grooms and keep your name at the top of their minds during their decision making process. Just because a bride and groom don't book on the day of the show, doesn't mean they won't. It's best to stay in contact with them, offering them great advice, free wedding planning worksheets, and even awesome discounts or promos to entice them to use your service. Check out 10x10 Marketing who specializes in wedding vendor marketing & follow-up campaigns for more information:
www.10x10marketing.com/pittsburgh/wedding-vendors
They are based in Pittsburgh but work with vendors all over the country.
Find the Right Show to Exhibit at:
Many larger cities have a number of different shows throughout the year and each show can be ran by a different company. Some companies may hold two or three shows a year whereas some may only do one. The best bet is to first visit a show held by each company to see which one brings in the biggest crowd, offers the most to vendors, and is held at the best time of year (January, February, or September, October).
Once you have found a show that interests you, ask a few questions before paying your deposit. What is included in your fee (table, chairs, linens, etc)? How many vendors will be exhibiting at the show? How many of those vendors do the same thing that you do? How big is the booth area? When will you be allowed to set up? As a wedding planner, you will want to make sure that there are no more than 10 other wedding planners exhibiting or the cost may not be worth the reward of additional clients since there may be too much competition.
Make Your Booth Unique & Exciting:
You want your booth to stand out from the rest. It's best to find a location near an entrance or in a corner. Rent (or buy if you plan on exhibiting at a number of bridal shows) your own linens that are cohesive in color and theme with the rest of your booth. Invest in a sign. It doesn't have to be expensive, it just has to look nice and stand out. Balloons, lights, and plants often attract the attention of brides passing by. There will be a lot of vendors exhibiting at a bridal show so it's extremely important to stand out.
Have a Way to Capture Leads & Follow Up:
There are some great companies out there that help small businesses set up a campaign to capture lead information, and then follow up with them immediately by offering valuable free advice or tips to make a great impression. You can then begin a campaign (through emails & text messages) to build rapport with brides and grooms and keep your name at the top of their minds during their decision making process. Just because a bride and groom don't book on the day of the show, doesn't mean they won't. It's best to stay in contact with them, offering them great advice, free wedding planning worksheets, and even awesome discounts or promos to entice them to use your service. Check out 10x10 Marketing who specializes in wedding vendor marketing & follow-up campaigns for more information:
www.10x10marketing.com/pittsburgh/wedding-vendors
They are based in Pittsburgh but work with vendors all over the country.
Subscribe to:
Posts (Atom)