13 Pricing Strategies for Your Event Business | Event Manager Blog

Are you wondering how to price your services? Here’s what you need to know about norms and the psychology behind pricing.

Pricing is one of the most important things you will do for your event planning business. Too high and no one will pay. Too low and they’ll question your skills. Too high without credentials and you’ll look like a phony. Too low with credentials and you’ll look desperate.

But what is too high and what is too low and what sort of pricing strategies can make you more appealing to clients?

Newbie business owners often price their service with a marginal profit but they don’t always take into account the cost of doing business like insurance and taxes. If you’re just figuring it all out, you’ll want to take the following things into consideration:

Pricing Factors

The following points affect your pricing as an event planner.

Your Niche

Who are you serving? If you want to serve luxury event hosts, you can’t sell on bottom-of-the barrel pricing. While there are some people of means who are looking for the least expensive option, they won’t go with cheap. They want value. It’s a subtle difference and while it might mean the same to many of us, in marketing there is a difference.

Yes, the market will dictate your rates but so will your specific niche. A celebrity party planner will charge a very different amount than someone working for a private school, even if they’re working in the same city.

Read complete article here:

13 Pricing Strategies for Your Event Business.