Are you grappling with how to price your event planning services so you get the business, and you make money? It’s a common struggle, and in this episode of “A Turn of Events,” we’re learning from Annette Naif, CEO and Creative Director of Naif Productions, herself!
In this solo episode, Annette tackles the crucial question: How do you set a price that reflects your worth and yet remains competitive? She delves into the factors that should influence your pricing strategy, from living expenses and experience level to the demand for your services and your location. It’s not just about picking a number – Annette discusses the art of balancing market rates with profitability. She even opens up about her own journey, sharing the hard lessons learned from initially undercharging for her services.
Annette’s advice doesn’t stop at pricing. She also explores how different aspects of your service – like managing large-scale events or offering specialized services – can and should influence your rates. And what about those hidden costs of running a business? Annette covers it all, from staff salaries to marketing and the nitty-gritty of contracts. Annette also highlights the power of exceptional customer service. It’s not just about getting the job done; it’s about creating an experience that leads to referrals and repeat business.
Don’t miss out on an opportunity to learn even more from Annette; join her Facebook group, Event Planner Society. This platform is a goldmine for budding and experienced planners alike, offering networking, mindset tips, and free training sessions. Whether you’re just starting out or looking to refine your existing strategy, Annette’s experience and insights are invaluable.
Quotes
- “Determine what your hourly rate should be according to the amount of money you need to pay for your living expenses. Your hourly rate should be based on your experience level, your demand of services. If you are in high demand, raise your prices and your location. If you are not sure what planners are making in your area, you can research competitors pricing to ensure your rates are competitive yet profitable. You’ll also want to charge higher rates for peak wedding seasons, the complexity and scale of the event, and for specialized services. Please be sure you’re pricing accordingly and not treating your business like a hobby.” (:56 | Annette Naif)
- “Revenue includes charges for planning and coordinating the event. It could be a flat fee, percentage of total wedding or event budget, or hourly rates. Offering packages that include various services like the venue coordination, vendor management, et cetera, is another option in pricing your services. There are extra services that you should be charging for, such as decor design, day of coordination, rehearsal dinner, or post-wedding brunch arrangements. If a sleeping block is needed, please be sure that you are requesting a 10% commission from the hotel on the sleeping room block. If you are not getting a commission on the sleeping room block, you are leaving hundreds of thousands of dollars on the table. You can also receive commissions from standalone venues and vendors, which can add up to a lot of money in your pocket. Another way to make a profit is to mark up the costs of your staff.” (1:56 | Annette Naif)
- “You want to determine right up front if this client is a good fit for you and that starts with the budget. You don’t want to waste your time putting together a proposal to find out they are not realistic about what it’s going to cost for their event.” (5:12 | Annette Naif)
Links
Connect with Annette Naif:
Website: https://www.naifproductions.com/
Facebook: https://www.facebook.com/naifproductions
LinkedIn: https://www.linkedin.com/in/annettenaif/
Event Planners Society Facebook Group: https://www.facebook.com/groups/eventplannerssociety