Eventrepreneurs need to continuously evaluate and raise their fees. If you add value to your services you should raise your fees. This process doesn't have to be scary. Learn how below.
When was the last time you raised your event planning service fee? OR... you are scared S&%tless to raise your fee because you are afraid that once you raise your fee, you will not get booked?
Raising your fee is not as scary as you think as long as you understand why you need to do it, and how to do it.
Here's 3 tips to How To Raise Your Fee:
1) Be mindful about how you describe your event planning services.
If you use words like "budget-friendly", "low-cost", you will attract a certain type of potential client and they are the people who purchased based on price, not value.
We all know that we will NEVER win when we compete by price, and you should NEVER win a client by under-cutting/lowering your price. When you do that, you will start attracting that type of client.
Have you seen inside several event planning Facebook groups that these event planners keep complaining that people don't want to pay their prices? Well, this could be one of the reasons so make sure you are not doing that.
2) Be mindful with how you present your content, especially on social media.
When someone sees your work, they have a "perceived price tag" on how much your work cost. Perception is more real than reality. So if you are presenting work that doesn't align with the price you want to charge, then people won't see your value and won't pay the price you want to charge.
Have someone like a friend or family member to give an unbiased audit of your work. Have them share their "perceived price tag" of your work. And don't feel offended if they tell you something that you don't want to hear. Start asking questions why they perceive your work as less than what you want to charge.
One great way to start raising your fee is start asserting yourself as the authority in your field. The more expert advice you can share, the more people see you as the expert in the field. When you are perceived as the expert, people will be more willing to pay you the higher fee.
3) Raise your fee frequently
You want to start "training" your existing clients and potential clients that you know your value, and your value increases as you gain more experience, the value you give to your clients gets elevated and the demand for your services increases.
Your fees go up when the value you offer goes up. To avoid you experiencing imposter syndrome, try to raise your fee frequently in small amounts. That will help NOT to shock your ego and your money beliefs. That also helps your clients and potential clients not go into a price objection of having to accept a huge price increase "out of the blue"
Raising your fee is something that you should be doing at least twice a year, if not quarterly. But it should be coupled with the right mindset, understand why and how you should approach that when the time comes. Inside our Unstoppable Eventrepreneur mentorship program, we focus heavily on the CEO mindset and Sales Psychology. Want to learn more about how our program can help you become an Unstoppable Eventrepreneur, click the button below and let's hop on a quick chat!
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