This post is more intense than the lighter ones I've shared in previous weeks, so you may want to study it, then have a break for 20 minutes or so, then come back and go over it again.
The infographic shows the price curve many wedding professionals travel along (self-included), from start-up (being underpaid) to maturity (getting paid what you are worth).
The Red Xs mark the price points where sufficient bookings are made at the asking price.
Point A - Typically at start-up, suppliers operate along the lower Price-Driven Mindset Curve. An eagerness to get booked results in suppliers accepting low to medium paying weddings. Suppliers set costs at this level, for one of three reasons:
1) The desire to be priced competitively so as not to be ruled out by the price-sensitive couples they inadvertently attract.
2) The fear that brides and grooms will view the supplier as too expensive if they charged their worth.
3) A lack of self-belief.
Point B - As the suppliers wedding business matures, insufficient income, financial struggle, and the awakening towards self-worth results in a resolution not to work for price-shoppers anymore, I call this the Lightbulb Moment. Change is impossible without it. And it's the Lightbulb Moment that eventually drives the supplier's prices up along the Price-Driven Mindset Curve. Done smartly, this creates more revenue from fewer bookings.
Point C - Some wedding professionals master the art of the Mindset Shift. As they develop new skills, the self-belief in the quality of their business is so strong they refuse to work cheaply anymore. They selectively work for brides and grooms who appreciate their value and pay their worth. This attitude shifts their prices upwards and outwards onto a new Value-Driven Mindset Curve, where they enter a new market of engaged couples who buy on value, not price.
Not all suppliers get to Point C, where there is plenty of work and ironically, fewer suppliers than within the price-shoppers market. Some through choice, some because they don't know how to breakthrough.
Here are the steps that my students and I have used to arrive there:
The strategies used to gain work at Points A and B, will not deliver results at Point C. It's a different market that responds to different buying triggers. This market does not buy primarily on price; they purchase for emotional reasons, which is why you must articulate your offer in a way that couples believe the emotional benefits they'll get by booking you, will far outweigh your cost.
The big question is 'How can you layout your emotional benefits so couples view you as excellent value, despite being much more expensive than your competitors?'
The first revolves around the unique brilliance of your offer, I call this to 10X your wedding business, and this is the definition I've assigned to that concept.
1) Your unique skills must get prospects fizzing with excitement the moment they discover the differences you offer.
2) In a way that surpasses all competition.
3) Positioning you as a market leader.
The second factor flows organically out of 10Xing your wedding business: Articulating your brilliance in a way that couples fall in love with your craft, to the point that they see you as essential to the success of their wedding. You'll do this by laying 'Six Essential Building Blocks' beneath you, beginning with...
Emotion. (I'll cover the other five in future posts).
The stronger the emotional connection couples feel to your 10X business, the easier you'll be able to shift your prices upwards and still get booked at Point C.
Build these two factors into your business, and you'll congruently believe that you are worth your premium price tag, and when you quote, your couple will believe you are worth it too.
Learn how to do this yourself, find someone else to teach you, or let me show you the steps here: www.weddingmarketingmastery.co.uk
Make sure you grow your business this week!