Tomorrow I’ll return to this week’s topic on securing wedding clients, but today I’d like to respond to a few of the comments left on yesterday’s Dear Preston column.
One reader was annoyed that I so explicitly explained our mark-up system, commenting, “Ummm… and now all our brides know our costs…” Another reader disagreed with the mark-up percentages I listed, saying they would be way too high for her area.
First and foremost, I think one of the biggest mistakes we make in the bridal industry is trying to tell brides exactly how they should spend their money. There are so many wedding websites trying to tell brides what to do — no wonder our brides come to us completely confused about cost! As I tried to suggest yesterday, every bride is unique, and every bride’s budget is a very personal thing.
As for explaining our mark up to our brides, well, that’s another very personal thing. From my perspective, I need to make a living, and there’s no shame in making a profit. However, I do not offer this information up front. Instead, if a bride expresses discomfort with my rates, I won’t hesitate to break it down for her and explain why I charge what I do. You’d be surprised how many times I’m able to make a sale just by being open and honest with a client.
Now, how much you choose to charge your clients really comes down to how much you value yourself and your work. Don’t hide your value behind prices that are too low! If a client doesn’t accept that you have every right to make a profit, they are not the right client for you.
Dear Readers, would you ever share your profit margin with a client? In your area, how much of their budgets do brides spend on flowers?
PREVIOUS
George Bernard Shaw once said: “You see things and say, ‘Why?’ But I dream things that never were and say, ‘Why not?’” That quote embodies how Preston Bailey approaches every event.
Janice Brown
February 8, 2012
Yes Mr. Bailey! I absolutely agree with you. I’m tired of cheap brides that want pie in sky events with playground budgets.
Carolyn
February 8, 2012
It is very frustrating that brides are constantly bombarded with “platinum” weddings on television and on magazines, and at the same time online resources tell them their floral budget should be 8% of their overall wedding expenses. There is such a disconnect between that 8% figure and what they are seeing which is far more than 8% being spent (or, I suppose, 8% of $1,000,000 but even then I think 80k is on the low side for the grand events they show). A little more transparency in pricing can’t hurt, but I do agree that educating a bride is the best route to take. Encourage the bride (and the groom if they are involved) to consider the last arrangement they had received/had delivered and the prices involved with that. Now, double it, of course, to make it large enough for a table, and multiply that by how many tables, and they may start to see how quickly it adds up. But, DO NOT GIVE AWAY YOUR EVENTS! We all want to make the sale, of course, but it is also important to pay your bills
lina Dakkak
February 8, 2012
i totaly agree with you, and every wedding has a strategy , it all depends on how you evaluate yourself in the market
Melanie
February 8, 2012
I totally agree with you: not all brides are for you and you give yourself the value you want.
And yes, totally agree with being honest with your clients pays pretty much in a great way! yes, there is no reason for clients to think you are for free. your work costs, expertise cost!
If you don’t give yourself the value you deserve, then not even your clients will.
also, totally agree with the priorities change on each client.. so that has to be taken in consideration always.
about the mark up… you were just specifying cost and labor (which i though it was actually low in your example), but also needs to be considered (and this is not for you because you do know) the TIME involved (let’s say for example, to go and pick up the flowers (or in the case the delivery) and the cost of the gasoline), the fixed costs: light, rent, etc.(because you do need the light to work, and the space to work at, right?) a little little little tiny percentage, but yes, as Carolyn says, you have to pay bills! it’s a business not a hobby.
excellent insights Preston!
Gloria
February 8, 2012
I am frankly, a bit surprised at the antagonism in some of the responses on that other thread? I thought you offering a simple mark-up formula that most of us would find doable. Local pricing may vary, people. Adjust the formula up or down by selecting more of less costly flowers, containers and labor requirements to execute?
As for costs. Don’t kid yourself, EVERYONE knows what your raw materials are worth. It’s the VALUE of the execution in the end that will make or break you – as it should.
Love you, Preston.
Michael T. Claude
February 8, 2012
Hey Preston,
I have a question for you. This has nothing to do with wedding planning more so formal wear for the event. I am the Custom Clothier, we offer tuxedo rentals for our clients. The best thing about us is we bring the store to them. The Big Box store offers the groom a free tux. That being said we fallow the trend, but I have been thinking why am I offering a free tux to the groom when the bride does not get a free gown. So this is where you come in at a planner. When you are working with your bride, how important is it as a planner that the groom tuxedo be free. I personally feel if the lady spend 3,000.00 on a dress the man should at-least spend 1,500 on a custom tuxedo. Besides it’s one of a kind and it can be used again and again.
Thank you for your feed back Preston.
Michael T. Claude Jr.
Miguel’s Custom Clothiers & Formal Wear
Our Store @ Your Door.
Rachel
February 8, 2012
So true. For a bride that is price sensitive, no matter how much you mark down your fees, it will never be enough. So, I am a firm believer in charging whatever you believe you are worth. Plus, you can’t give your best if you feel undercut in some way.
Ani Kitsinian
February 8, 2012
This year I decided not to undersell or undervalue myself and my services. It’s been hard closing deals, but I do hope that what I am doing is the right thing and that eventually I will have the clientelle I want. I do not want to be a budget florist!!!!
this was wonderful I am on the verge of something huge that I have never done before this was excellent timing!!
February 8, 2012
I have had to do this on occasion and do not regret it, whether I gain or lose a sale, I am going to stand behind what I charge, I had a bride last year after I quoted the order she came back and said she wanted the same but 40 percent cheaper, I said do you want smaller bouquets or for me to take out some of the more expensive flowers? No. she just wanted me to reduce the price.
Navjot Kaur
February 9, 2012
I agree with you 100%. Working with low budgets is like killing yourself. Brides keep on requesting to adjust and many a time it is difficult to say no but this something that I have to be comfortable with asking for my worth. Thanks as always.
Lesley P
February 9, 2012
I am in the video production industry (TV commercials not weddings).
We are always upfront with our markup; actually we outline all costs in detail for the client and add our fee. Whilst clients are often very cost sensitive, we find that being upfront and transparent makes any budgeting discussions much easier.
Pam Archer
February 9, 2012
I have tried delivering costs in many different ways, but have found that the one that works best for me is a detailed cost sheet. People don’t stop to do the math, as was pointed out by Carolyn. My bill is broken down into the following parts:
Flowers and Labor
Supplies (including vases, candles, props, etc.) This is an itemized list.
Rentals
Professional Fee
Delivery & Set-Up
Take Down
Sales Tax
Since I switched to this method, they are able to see exactly where their money is going, and I make no apologies for any part of it. I earn it and I deserve my pay!
KJ
February 11, 2012
Another great discussion!! I believe that if we as wedding planners “stand together” and truly charge the value of our products, we will prevent reducing this exciting, wonderful world of making “dreams come true” a pricing war. We all know our strengths and therefore pricing will vary, but we won’t reduce our price to undercut the competition. As consumers… we all have different tastes which determines where we shop. While your prices (which reflects your value & strengths) may not resemble Neiman Marcus…it doesn’t have to resemble the Dollar Store. Know your value and price accordingly!!