I thought I might share something that I’ve never shared before. It’s not exactly rocket science or by no means sophisticated but it’s a starting point for you and could save you some time.
Photo credit – The amazing MoatHill Photography – Check them out.
In my day to day job as a marketing consultant at my own marketing firm, Uplift Marketing, I work or have worked with some wedding venues to assist them with their digital marketing strategies. One exercise that I regularly do is price them against their competitors. To do this, I have a very unpolished template but it works for me and allows me to assess how my client is against their competitive set.
Now, one thing to note is that not every supplier or venue price themselves in a similar manner. You will need to go through everything and log on the sheet. The key is to get to as close to comparable as possible.
DOWNLOAD THIS FREE TEMPLATE
How it works:
- There are 2 tabs – one for a venue and another for a sample vendor.
- Taking the venue one, you have two lines, the first is breaking out the package, the second covers any extras.
- Lay everything out and add in columns and rows depending on what you need
- Use a grand total tally to give you full sight of the package
- Once you complete per venue, go to the summary and jot down your notes for each venue. This is where you can list out the pros and cons etc.
When you get all of this information dumped in to the file. you then need to o some analysis. It’s ok if something is more expensive if it is of better quality and you have a preference for it. By doing this exercise it gives you the discipline to ask those questions and acknowledge that you are mindfully making an informed decision to pay more for better. By just jumping in and not comparing, you will be left wondering and it could play on your mind and lead you to have buyers regret. It is also important to know what others are offering as it gives you the clarity of what you could go back to your supplier on and see they can match or offer something extra. They may say no but at least you asked and weren’t randomly asking for something. By showing confidence in your numbers it makes it hard for a vendor to ignore you.
I’ve seen on many occasions couples being able to say that their alternative venue is willing to offer complimentary drinks on arrival, you can do the same….majority of the time that can be done! You tend to find any reduction in the price per head or reduction of minimum numbers is off the table but where you can get added value such as accommodation, food and drinks can work. Some venues for example are more than happy to throw in an anniversary stay and meal.
I hope this helps!
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