Why Lowering Your Prices Isn’t WORTH It

Lately, I’ve been hearing from a lot of wedding pros that “Business is Slow“.  I wish I had something magical to offer… a magic formula for increased business.  Yes, it’s true… even following all of the advice on this site, isn’t going to magically bring you the business.  But, little by little, by putting all of the pieces together, things will improve.

Image: Creative Commons License

There is one thing I want to counsel you on today:

Do NOT lower your PRICES.

I could go on and on about pricing… and how you need to price according to your value and your service and your experience and your market.  (You can go back and read all of our posts on this topic.)

Today, my message is simple…

IS IT WORTH IT?

If you do lower your prices… to accommodate for people’s budgets or client pricing constraints… then, what does that leave you with?

It leaves you with a whole lot of work for a lot less money and quite possibly an unprofitable and unsustainable business.

So, why do it?  Why lower your prices?  Why offer discounts?  Why sacrifice the future of your business?  Just so that you can have more “jobs”, more “sales”.  Well the number of sales you have doesn’t equal dollars in your pocket.  And, let’s be honest… this work is too darn hard to be doing it for free.

August 24, 2010 - 10:01 am

Sari Skalnik - I totally agree. We plan weddings here in Puerto Rico and sometimes during the off season like now I may lower pricing a bit on smaller weddings that pop up at the last minute just to be out of the office doing what I love and giving someone their dream rather then being in the office all day. But during the high season we DO NOT lower our pricing anymore. I don’t let brides dictate how we run our business.

August 24, 2010 - 10:15 am

Laura Randall - Amen!!! :)

August 25, 2010 - 10:09 am

Raelyn Newton - Just what I needed to hear! Thanks for the confirmation of what I try to tell myself.

August 26, 2010 - 6:31 am

Chris Leary - I totally agree – I raised my prices about 3 years ago to what my service is truly worth, as a result it’s putting additional money in the bank. I have maintained my prices and even increased in certain areas despite the outlook on the economy – people will spend money when they truly value what you can bring to the table.

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