Valuing Your Wedding Services: Am I Undercutting?

It's my sincere pleasure to welcome my friend and colleague Shayna Walker Weddle, founder of Williamsburg Wedding Design. I enjoy visiting her Wedding Business Blog Life in Weddings, and am thrilled she is guest blogging today about the ever important topic of undervaluing your wedding services.

Take it away Shayna...

Weddings Are Not Snack Foods
Intentional undercutting is a bane on an industry where quality is critical. You can look for the cheapest possible source of tortilla chips at a mega-store because you know that regardless of price, two bags of the identical brand of snack food will taste the same.
Weddings aren’t tortilla chips. Between geographic markets, there are definitely variations in pricing that result from differences in cost of living and overall affluence. Within a market there are starting points in each vendor category that are established based on experience level, time in business and product quality. These are natural variances and are healthy for any market.

However, if you are presumably comparing apples to apples, there should not be ridiculously dramatic differences in rates, and where there are, someone is losing (be it the client, the wedding pro or both).

Do Not Fix Prices
No one can dictate your rates and yes, it’s against the law to make agreements with your competitors to charge the same amount. That’s price-fixing and it’s not okay.

Do Not Undervalue Yourself Either
But it’s not okay to so seriously undervalue yourself or your client that you are charging pennies on the hour either. Sure, you may work a lot, but for what? And how long will you last at rates that don’t produce any kind of measurable profit?

It’s appealing to claim that you have booked 40 weddings in a year – but how appealing is it to work 40 weddings in a year and make only a handful of cash (or maybe even lose money) because your prices are impossibly low?

I’m So Proud! They Chose Me Because I’m Cheap!
And how fulfilling is it to be chosen by clients based on your cheap prices rather than your incredible quality of service?

The Factors that Should Determine Pricing
Prices should be determined based on standard factors including:
• A calculation of how much you want to earn in a year
• The cost to you of the products or services that you sell
• A factor of your overall annual business expenses including marketing, office supplies and labor

• Reasonable adjustments for your experience level and market conditions

You Can Demand Your Value and Still Be Successful
Once you have determined a fair price for your services, your job is to figure out how to educate your consumer. If you are doing that job well, and you are providing excellent service, you should do a happy dance every time someone rejects you based on price. You’ve just weeded out someone who does not value your product the way you do and are one step closer to the happiest possible customer.

You won’t last long in any industry if you undervalue yourself and teach your consumer base to do the same. Establish fair pricing that rewards your standards and reject the temptation to undercut.

Can you do it? If your prices are intentionally low right night to help you boost your sales, can you revisit your value and re-educate your consumer? Tell us in the comments section of this blog post!

Shayna Walker owns Williamsburg Wedding Design. She writes the World According to Weddlady blog, The Williamsburg Wedding Blog and Life in Weddings blog. She publishes the annual Where to Wed bridal guide for Williamsburg, Yorktown, Providence Forge and Newport News. She is also a passionate speaker and educator for the wedding industry, an established professional wedding planner and her most important job: a single mom of twin kindergartners.