How to Set Pricing that Aligns with Your Values in the Wedding Industry
Are you struggling to set pricing in your wedding business? Do you want to attract clients who align with your values? Liene Stevens, a business consultant and coach in the luxury wedding industry, shares her insights on how to set pricing that aligns with your values and attracts high-end clients.
According to Liene, pricing does not determine the morality of clients, but it does give you the freedom to choose clients who align with your values and provide high-touch service to high-end clients who have higher expectations for expertise and deliverables. She advises that pricing should be based on the value of services provided rather than the number of years in business.
Liene suggests taking advantage of free resources such as library cards and online courses, and also recommends attending conferences and trade shows to network and learn from industry professionals. She cautions against falling for marketing schemes and encourages people to filter through what is worthwhile and what is not.
To stay up-to-date with the industry, Liene has a sister company called Splendid Insights, which conducts wedding market research. They release a wedding market report every year, with over 40,000 respondents, ensuring accuracy and high competence ratings.
Liene emphasizes the importance of understanding the market and its ceiling, as well as the cultural values and spending habits of different demographics. She notes that while there is a myth that luxury spending is the norm, there are also midwestern millionaires who prefer to spend quietly and modestly. Therefore, it is crucial to identify the target market and tailor the marketing strategy accordingly.
In conclusion, pricing should reflect the value of your services and align with your values. By understanding the market and its demographics, you can target the right clients for your business. Don't be afraid to invest in yourself and your business, and always do the math. With these insights from Liene Stevens, you can set pricing that attracts high-end clients and aligns with your values.
