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I'm just looking to start up a conversation around here and wondering if anyone lowered their rates or dropped their products prices because of the way the economy has been. I know that some areas are worse off than others, but I also know that no matter what, people are still going to get married, and hurting economy or not, when you plan a wedding you are going to pay for that wedding, and they don't come cheap.
So my question is whether or not you lowered your prices, or if you found some other creative way to maintain a steady flow of business, or even to increase your business.
There are things you can do to survive the hurting economy rather than jumping right to lowering your prices, and when I first noticed business slowing down a bit, I chose to include an engagement shoot at no additional cost along with my normal wedding photography packages, and that seemed to help me.
I'm interested to know what kind of wedding business you have and if you noticed your business slowing down, and what you have done to survive the bad economy. Maybe we can offer help to other wedding vendors who are in the same situation with ideas or tips on how they can survive the hurting economy too.
I am a vendor and at Marsh Producttions Entertainment agency in Minneapolis we have lowered our prices because of the economy...its helped our Wedding business.......
As a DJ in Reno / Lake Tahoe area I usually tell any prosective Brides a certain price on the phone and then ask her "Is that in your market?".. then depending on her answer, I go from there. I take into consideration the number of people; Ceremony System; ect. Most Brides have been planning this all their life and want to spare no expense in reserving the "Best of the Best"...but, still it's nice to make sure that they will have more than enough for their Honeymoon AND cocktails on the beach...
As we are in the fresh flower industry, lowering your prices means you will have to offer a lower quality grade of product. In the flower industry, flowers often come from the farms in "Gold" or "Silver" quality gradations. Lowering our prices, means shipping lower quality flowers which we are not willing to do as 99% of our customers are brides! For a wedding, you can only ship the best of the best. Many brides who purchase wedding flowers online do not always realize this and often go with deals which 'are too good to be true" and the savings are just not worth it. There are too many horror stories out there with examples of this....If the prices look extremely good, make sure to do some extra research (GOOGLE!).
On the other hand, if you plan to purchase a large quantity of flowers, always try to make a deal!
The economy has definitely allowed us to price even more favorably for consumers, but now that we've launched a wedding album creation service, exclusively for couples (no having to go through photographer), the wedding albums are even cheaper as there's no markup. This economy led us to provide this service, because wedding planners are looking to cut as much cost as possible. Understandably so. If anyone has any questions about this, please message me. I'd be glad to help. =)
Hi all! I'm a specialty chair rental company owner in the metropolitan Atlanta area and I have not lowered my prices but have become more flexible in my offerings. For instance, if a bride is interested in saving some money, I will suggest that they take responsibility for set up and breakdown and we will just deliver and pick up. This is an option that a few of my brides have definitely taken advantage of. I've also had a bride recently tell me that she would like the idea of being on a payment plan so that she can better budget for her wedding. I'm considering this in the new year but would still need to have all payments made 14 days prior to the wedding. Thoughts?
I am an officiant who refers five other officiants, and no, we have not lowered our prices. We have added elopement services at a lower price, but it is less service intensive in terms of writing, performing and organizing on the day.
Simply lowering prices because the economy is good, bad or indifferent just communicates that you didn't really know what to charge to begin with. Prices should be based on something; overhead, hours involved, degree of difficulty. If you're pulling random numbers out of thin air, then your business strategy is flawed.
The couples we talk to are spending money on the things that are their priorities; they are not all getting married at the VFW with an Ipod and a pot luck supper. They are buying Vera Wang dresses and $2000.00 wedding cakes. They are making conscious decisions based on many things; price is definitely one of them, but it is not the defining factor for many of them. If you are selling your pro services strictly on being the lowest quote, you're not only cheating yourself, but you're devaluing your colleagues' work too. And there is always someone cheaper.
If you master your niche and target your clients correctly, you will find that you don't have the price conversations you once had. If all your marketing is fine tuned to speak to YOUR client, not every client, you will weed out the tire kickers who are just looking for the cheapest price.
I am a makeup artist in the North NJ area. This area is flooded with makeup and hair stylists.
Though the competition is great I'm not lowering my prices.
I KNOW I provide great customer service, I use quality products and have a well stocked kit which costs money to maintain.
I also 'give back' and donate a % of every makeup I do to help abused and abandoned animals.
And yet my prices are still very reasonable and competitive.
I would rather work a little less but get what I deserve when I do work, and attract the bride/client that appreciate me, my work ethic and what I am trying to do for the animals.
No. My prices are based on materials and time... those haven't changed. And when my own costs for materials go up, so does my pricing, which is has over the last few years.
To be honest I have always set my prices as competitively as possible so NO I haven't lowered them. I run a UK based Bridal shop and wedding website and I have found Brides will still spend whatebver they need to to buy their dress and accessories but are being more conservative with their bridesmaids.
SO I have introduced a buy 5 bridesmaids dresses get the cheapest FREE offer. It seems to bring in customers so maybe looking at the areas where people are more likely to economise and having something that specifically targets that rather than a global reduction is better?
I think thats very clever xx
I didnt actually lower my prices as my prices are very very cheap compared to what other cake toppers are on the market, but I have a special offer and still have it on, that if you buy my toppers you will get a free base, which some vendors sell at from £5 - £10, so I did and I didnt, not because I didnt have any orders, but I thought that it would be a nice gesture as weddings cost so much and I am not in this for the money believe it or not, i just love what i am doing, I work from home and can be with my children, which means more to me than money. xxxx I hope I havent made anyone feel sick, lol xxxx