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Matching Competitor Wedding Consultant Fees???

Hi! I am brand new this site and forum. I am a destination wedding consultant specializing only in planning weddings in Puerto Vallarta, Mexico. I work in an awesome location and all of the my service vendors that I work with are exceptional to work with. I opened my business in April of 1999 and closed in September 2007 - to take a break, regroup and spend more time with my daughter, and I was also reunited with my high-school sweetheart after 30 years. I have since re-opened my business - could not wait to get back in the thick of it. 75% of my business associates and service providers requested that I come back - so I have!

Now I find myself in a small dilema. I have been working with a potential new client. I have provided her with all of the information with respect to the event that she is seeking. The last information that I provided was the price of my fees. After a few days, she stated that they were more than she could really afford and I stated that I was more then willing to reduce them - which I did - I reduced them to the price that I was charging three years ago. About 1 week later I received an email from her stating that she had been in contact with another coordinator and that her fees were much less and asked if I would be willing to match what the other coordinator would charge for the same services. I responded with yet another reduced amount and also stated that I could not possibly match my competitors consultant fees. The competition's fees were exactly half of my last reduced amount.

How do you handle a situation like this. I completely understand that couples shop around - but not to such a drastic extent. I have never before been asked to reduce my fees to such a level in all of the years that I have been doing business.

I appreciate any insight anyone can offer. Just wanted to see how other coordinators would handle this situation.

Thank you and I look forward to receiving your thoughts!

Kathy

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Permalink Reply by Caren Jeanty on September 25, 2010 at 7:54am

Kathy - I can't speak for anyone else but as a destination wedding planner myself, destination weddings themselves are more time consuming and involve more detail than a local wedding. If you cut your fees only to do the same amount of work you are only hurting yourself. Clearly this couple is not the right client for your company

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Permalink Reply by Kathy Lynn Kinzel on September 25, 2010 at 10:38am

Caren: I agree with you 100%. I can't imagine what quality of services this couple would receive at half my discounted rate. Actually, I do know - because I have had in the past to "pick up the pieces" from another coordinator's lack of competency and lack of service.

I am anxiously awaiting to see what she decides - to accept discounted fees or pay what I am requesting. I will keep you posted.

Quick question: Which destination to you service?

Thanks for the response.

Kathy

Caren: I agree with you 100%. I can't imagine what quality of services this couple would receive at half my discounted rate. Actually, I do know - because I have had in the past to "pick up the pieces" from another coordinator's lack of competency and lack of service.

I am anxiously awaiting to see what she decides - to accept discounted fees or pay what I am requesting. I will keep you posted.

Quick question: Which destination to you service?

Thanks for the response.

Kathy
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Permalink Reply by Stephanie Benedetto Padovani on September 29, 2010 at 7:50am

Kathy,

I agree with Caren. If you know your services are worth it you should NOT reduce your price.

Does this bride seem to understand the value of the services you are offering? It sounds like if all other factors were equal, she would go with you. She needs to understand what she gets working with you that she doesn't get anywhere else.

It's hard to pull back when we get involved in working with a bride. It sounds like you were excited about the idea of working with her, excited enough to reduce your fees. (I know that I'll cut my rates occasionally because I really like the couple.)

Even though it's tough to do sometimes, you owe it to yourself to keep your pricing profitable for you. Trust that another bride, one who appreciates what you offer, will come along.

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Permalink Reply by YesterEra on September 29, 2010 at 11:06am

Remind her that your prices are what they are because of your experience, expertise, etc. implying that you get what you pay for. Also, it wouldn't be fair to your other clients to give this person such a discount. I think this is one client you're going to have to let go. I've been in similar situations, and in the end, it's not worth it for doing the amount of work you have to do.