I have actually increased mine. I tell brides that it is "a Bride's market right now", but you have to know where to go and who will and will not negogate their prices. At bridal shows, I let brides know that many of the vendors they are seeing are ones I work with, not to let their prices scare them off, they can afford more than they think. Of course, they always want to know who and I have to tell them that they will need to sign a contract with me first, since the vendors are the core of my business. 9 times out of 10, they sign.
Thanks a lot Dream Wedding, I appreciated it. I am a little bit confused because brides to be are using this crisis in order to reduce prices. I am 3 years in wedding planning business and everyday I am learning something new the most important how to negotiate with the customers. Thanks again for the advice.
I would have to say "no". While my heart goes out to those who are in financial crisis, if we (imho) start lowering our prices, not only is it quite possible we too may tumble into the same vortex, we must also be cognizant of the subliminal message doing so sends. That being our value was never all that high anyway.
My suggestion is that rather than lowering prices, perhaps we add a little more "value" to what we are already offering. That may mean throwing in invitations (simple designs), tablescapes/arrangements (again, simple designs), etc. Or, as in my case, offer the wedding planning services in a "menu format" rather than a "one-size" fits all. It allows the clients to embody a perceived feeling of empowerment over the creation of their wedding planning services. For me, it has worked great.
Lastly, as a seasoned wedding planning company owner of twenty years, and given that I do live by "it takes money to make money", lowering prices of any kind, to me, is short-term thinking, and not forward thinking. I fully believe we have to be forward thinking at all times, even when it may not seem prudent to continue doing so.
I appreciate your answer. You are absolutely right. I fully understand what you are saying and maybe price reduction can be seen as an unprofessional move. I really liked your suggestion for the "menu format" helps a lot too.
