Price Transparency: Event Planners Part II
June 13, 2012
As I mentioned yesterday, there are many different ways an event planner can charge for his or her services. But let’s begin by discussing the flat fee approach.
The benefit of this method is that it’s clear and direct. The client knows right from the start exactly what he’ll be paying. (You can also tell your client that you don’t accept commissions from vendors. This is usually a good selling point.)
The negative of this method, however, is that it’s difficult to gauge in advance just how much time and effort you’re going to put into your client’s event. You’re estimating. If your estimate is off, your flat fee will be, too. You can (and should) base your fee on previous jobs, but every client has different needs; there’s always the risk that you’ll end up putting in twice as much time and effort as you anticipated.
Now, yesterday I also promised I’d give you an idea of what event planners in New York City charge. But, before I reveal the going rate, I’m curious to learn what you think New York City planners cost.
Let’s say a client wants to spend $250,000 for her entire wedding. She’s inviting three hundred guests; she wants complete planning services, and she would prefer a flat fee. What do you imagine the average wedding planner in Manhattan would charge this bride?
D) None of the above
Dear Readers, please share your guess in the comments below, and be sure to check back tomorrow when I reveal the correct answer!