If you’re in wedding business I’m sure you’ve wondered how to raise your fees and charge luxury prices.
Well here’s the thing. When it comes to pricing it usually isn’t about the actual price but more about the perceived value.
What do I mean by that?
Well, in 2018 Payless Shoes, a bargain basement shoe brand, decided to do an experiment. They wanted to prove that people will pay over the odds for something if they believe the value to be there.
They enlisted the help of a growth accelerator company to rent out what used to be an Armani storefront in a luxury Mall in Los Angeles.
Then they filled the store with a range of their shoes all priced between $19.99 – $39.99 and came up with the store name of Palessi Shoes.
And created a website for those smart cookies who were likely to Google the brand and then invited 60+ influencers to come to the store.
The results were amazing.
At 1800 percent mark-up the newly formed Palessi made $3,000 of sales in the first few hours.
The influencers were eating up the shoes and loving them. They were even overheard talking about how elegant and sophisticated the range was.
Not one pair of shoes sold to those influencers was an actual designer shoe. They came from the current Payless collection and weren’t worth more than $39.99.
Now once they’d proved their point Payless refunded the red-faced influencers for their purchase. But not before they’d created one powerful advert for their brand.
So what does this all add up to?
Customers will pay premium for an experience. If you want to charge luxury prices as a wedding professional you need to create an extraordinary experience.
Those influencers believed they were in a designer store looking at designer shoes with a designer label.
In reality they were in a discount store looking at cheap shoes you could get on any high street for under $50.
It really is about perceived value. What’s valuable to you won’t be valuable to someone else. It’s about creating an experience for your wedding clients that they see as valuable to them.
In order to do this, you have to know your ideal client and what will flip the switch for them.
Find out what they’re drawn to
Maybe they’re drawn in by exclusivity and feeling part of a secret club or society. They have that desire to feel special.
Perhaps it’s all about the packaging and details. They love the feeling of everything being hand delivered in exquisite wrapping.
For some it will be about the company you keep and how they get to be part of that company by association. This would apply if you’ve had any high-profile clients, for some this is a massive drawcard and they’ll pay to be part of that story.
For others it’s about being part of a cause. Maybe they’d want to tell their wedding story by working with a vendor team who produces environmentally friendly weddings.
Ask the question. What is it your ideal client values above all else? What experience can you create that will get them doing what those influencers did at Palessi?
This isn’t something you can just skim over. You’ve got to dig deep and really analyse what unique experience you can create that will speak to their greatest desires.
If you’re stuck think about what gets you pulling out your credit card and paying over the odds for something?
I know for me one of those things is Apple. I’m well aware I could have a superior phone at half the price but that’s not what I want. I’d rather pay over the odds for an iPhone.
What do you need to create to give your clients that dream experience they’d happily pay the price for.