Pricing the Pivot

When the insanity of COVID happened, everyone heard the P word:  pivot.

What was the right meant to be an inspiration turned into a cliché.

To be honest, there have been many wedding pros throwing anything together and out there for client consumption because they are afraid of a diminished market and not working at all. These new services may fill a superficial need on the surface, but do they make sense / cents?

As we begin to gain or create clarity for what weddings look like in the upcoming season, we will see an introduction of different services entering the industry at different price points. However, as opposed to making business decisions out of fear– it will be vital for you to make them from experience.

Experience doesn’t sugar coat.  It doesn’t oversell.  It’s not even scared.  Experience says, whether good or bad, “You’ve been here before, here’s how to deal with it”.  So experience isn’t going to have you out here selling services that don’t mesh with your brand, client base or network.  Experience is going to show you the roadmap of what worked to give you inspiration as to how to make it work better and more efficiently.

 

So What Exactly Is a Pivot?

A pivot could be elopements, small weddings, virtual weddings, shift weddings, mini-monies, etc. Perhaps non-traditional options like celebration drive-by’s, meal kits, or intimate elopement night celebrations pique your interest. Many pros immediately thought with limited guest numbers they would create wedding packages or offer discounts to get anything in the door. Why did some pivots take off and others reek of fear and desperation?  Companies that had success were able to ensure that their pivots made sense for their brands– they looked like mere extensions services they already offered that fit directly into the current climate. What do couples buy most from you?  What have previous couples asked for but didn’t book?

 

Why Discounts Don’t Work

You can offer a discount on your services and packages, but if you’re not getting a discount on your expenses (i.e., your overhead), you’re actually losing money.  In some cases, you could even be paying to work at a wedding.  In which case, you end up working harder for less and at times for something that isn’t necessarily reflective of your brand anyway.

 

How to Price the Pivot

Look at your services and workflow– take the time break it all down from start to finish.  How long does each segment take?   What’s the going rate for each segment? What segments can be extracted and sold as a standalone service? Can your segments be priced competitively if you do more than one in a day (either performed by yourself or your team)? If this is an entirely new service, what is your new overhead?  How soon can you recoup your investment? Asking yourself these hard questions and providing honest answers will not only ensure that you just don’t slap a number on a service but will guarantee your profit.

 

Major 💎s

• Only “pivot” if it makes sense.  A successful pivot should like an extension of your brand that capitalizes on your expertise and experience.

• Pivot pricing should be based on your level of service and experience, not a potential client’s budget. Don’t go broke to work at someone else’s wedding.

• Pivots can be limited-time offerings.  If you fear being pigeon-holed, set an end date to your pivot, which can add to its exclusivity and brand refinement.

 

So, how well do you know your numbers right now?…

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