I’d like to elaborate further on one of yesterday’s questions: Do clients think they can get a bargain from you or do they think you’re too expensive? First, let me set the record straight about my brand.
Yes, clients hesitate to call me because they think I am too expensive. But, no when I first started I did not sit down and say, “I am going to start a company that only deals with the high end market.”
However, there were three elements that were important to me then and still are now:
- Quality. I started as a florist, and only used the best quality flowers around. (I was and still am a bit of a floral snob.)
- Design. Even If some folks didn’t like my design, I tried to identify the folks who did.
- Service. This is still a big learning curve. Fist getting the job, then designing it, and most importantly delivering on expectations.
I have news for all you beginners. When I first started, I lost a lot of money by not charging properly. Again, this was mainly for three reasons:
- Insecurity. Because I did not know what I was doing, I did not think I was worth it. (Not to mention at the time I suffered from low self-esteem.)
- Integrity. (Or maybe stupidity.) I just wanted to do a great job, even if it meant giving it away.
- Ignorance. I had no understanding about proper pricing. (E.g. making at least a 50% margin)
So now, many years later, I ended up in the high end market after a lot of trial and error, while still trying to educate clients about what things actually cost. I have strong advice for all of you who base your business on only giving bargains, while taking away business from other folks.
You are giving the industry a bad name. Clients are beginning to think the event industry is equal to a bargain basement. Clients are taking the lowers prices and starting to think this is the norm.
It’s time we start taking ourselves and our industry seriously and start charging what we deserve, no more no less.
What is your opinion?