|Need to Know: The Do’s and Don’ts of Pricing|
Receiving a question about pricing can be daunting and tricky to navigate. On the bright side, receiving a price inquiry is a definite sign of interest and should be exciting! When a couple makes an inquiry regarding price, you should see it as a buying signal rather than a red flag. If they are reaching out, it means that they’ve vetted you and you’ve made it to the final round, so making an inquiry is simply the next step for them.
Education Expert Alan Berg shared some of his do’s and don’ts of pricing in our July Premium Webinar last week (Premium Members can watch the full recording in their account Education Center). We’ve pulled together a list of his best tips to help equip you for those often-dreaded pricing questions when they hit your inbox.
- Do reply as quickly as possible to an inquiry. If you respond to a potential client within 5 minutes, rather than 30, you are 100x more likely to connect with that lead. Why 5 minutes? That’s fast! By responding in 5 minutes, you can almost ensure that the person is still mentally and physically in the same place rather than having moved on to other things.
- Do reply on the same platform that they used for their inquiry. The best practice here is to give couples all the possible ways to contact you, let them choose what works best for them, and then promptly reply on that channel.
- Do acknowledge a question about price, don’t dodge it. If you need more information to give an accurate price, that’s completely fine! Just be upfront and transparent about it. Let them know that you are going to get them an answer, you just need to gather a bit more information about their big day first! Then, make sure to ask questions to start gathering that information to show that you are taking the necessary steps towards getting them that answer.
- Do provide some pricing information on your website or WeddingWire Storefront. Couples are likely to distort their budget or may have a skewed sense of it (couples tend to underestimate their wedding costs by 40%!). Ideally, your pricing information would be available to them on your website or WeddingWire Storefront before they even reach out. 88% of couples want to see pricing of some sort before getting in contact with a vendor. That means you could be cut from the short list before you even have the chance to talk to them, so don’t hold out.
- Don’t assume that a couple can’t afford you just because they are asking about price! How often do you determine the price of something before buying it? Probably all the time! Because this is a first time shopping experience for most couples, they don’t necessarily know what their needs are or what they are looking for, and therefore don’t know what other questions to ask. You are their guide, so help them out!
- Don’t lead with your lowest price. Typically, the first number you hear is the number you expect to pay, which ends in an unfair result for everyone. Instead, give a price range. As a simple example you can say, “Our prices range from $x – $x, with our most popular option being $x.”. Along with a price range, consider pointing out some of the ways you differentiate in order to sell them on you, not just your price.
- Don’t be afraid to address a low budget. If a couple gives you an idea of their budget for your service and it’s far below your pricing, politely let them know that you completely understand but that you cannot deliver the quality of work that you do within that budget. If possible, try to give them other options that you can provide, although it won’t include everything that they want, within their budget.
- Don’t dump data and attachments. Instead, give a short, concise answer and try to make sure that it fits on a smartphone screen without the need to scroll. Most people will be answering and opening on their phones and if the information given is too long or overwhelming they aren’t likely to read it or keep it.