Last week we discussed pricing: the how-tos and the how-nots. Pricing your products and services too low not only hurts you but the wedding industry as a whole. So finding a delicate balance between what you are worth and what the market can tolerate can be difficult. Equally challenging is convincing the customer that YOU are WORTH it!
Over the last several months, I’ve come across articles or stories on how the wedding industry is a racket. And, how wedding vendors are “out to get you”. These attitudes don’t help the impression of our industry and a poor economy doesn’t help. People expect there to be lower pricing given the recession without realizing that costs have actually increased for small businesses and our service and quality has not changed.
So, how do we get around all this negativity?
This is where having a value proposition is extremely important. The value proposition is essentially a promise to your customers that the product or service you provide is of great value; this value is equal to the price. Equally important in having a value proposition is communicating it to your clientele. AND(!) also important is communicating it across the wedding industry and to the media.
What does a Value Proposition look like?
It ain’t fancy folks! It can be a statement. It can be a list. You can add graphics and pie charts, but that usually isn’t necessary (and can sometimes be confusing). I like being direct with people and I like bullet points. So, my value proposition would look something like:
How to Write your Value Proposition
Here are some recommendations for writing your value proposition:
- Talk to your clients
What is it that your clients love about you? Why is it that they chose you over someone else? (Hint: this is a great thing to ask them when you survey them.)
- Talk to your colleagues
Ask other industry professionals, what is that makes your product worth what it is?
- Revisit your niche
What is it that makes your business different?
- Answer the simple question…
How do you add value to your clientele?
- Keep it simple
A value proposition should be easy to understand. It should give potential clients a high-level understanding of what you are worth and why you are worth it.
Taking it to the Next Level
This really only works if everyone does it. Our industry can only be as good as the message we communicate. So, I propose to all of you:
- Write your value proposition
- Post your value proposition on your blog or website
- Talk about it with your clients (make sure they know what it is – especially as you are negotiating your fees… HINT: add it to the bottom of your proposal!)
- Use one form of media (at least) to communicate your value proposition (spread the word!)
And, if you want to share it with us and the world (ooo… I love this part!)… Post your url in the comments below! YAY!
We’ll be doing ours in the next couple weeks… so be on the look out!