Evaluating and Updating Your Venue Pricing | The Venue RX
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- čas přidán 28. 08. 2022
- If you are a new or existing venue owner and want a professional team to operate and mangage your venue business click here! www.cseventservices.com
On this weeks episode, our host Jonathan Aymin sits down with Kelly Ann Peck, owner of Emerson Reese Creative to discuss how to create the perfect pricing structure. She’ll also speak to the most effective packaging techniques and how to price your offerings in a way that keeps clients happy and your bank account full.
About Our Guest:
Kelly Ann Peck, owner of Emerson Reese Creative, is committed to helping event entrepreneurs create their own path in life by translating her experience into actionable strategies that turn ideas into profitable businesses.
As a life-long fixer, Kelly has solved countless problems: from helping businesses address budgeting oversights to launching her own business out of a need for more freedom. Her innovative way of thinking has driven not just herself, but those around her, to strive for more and, in turn, reach their full potential.
Today, Kelly serves her clients with empathy and understanding, having stood in their places once upon a time. She knows what it’s like to feel exhausted and worry about whether a client had a great experience. She’s wondered how she’ll get enough clients to make a profit. She has seen her entrepreneur father worry about mortgage payments. She has ripped her hair out to produce a successful event. She knows the challenges entrepreneurs face and is committed to helping her clients avoid these common pitfalls.
In every way, she is the guide she wished she had when starting out as a new business owner. Her insider perspective allows her to provide foundational business knowledge for every event entrepreneur. For more information about Kelly and her services, visit her at EmersonReeseCreative.com and @emersonreesecreative on social media.
Find Her Here:
Website: emersonreesecreative.com
Instagram: / emersonreesecreative
FB: / emersonreesecreative
Linkedin: / kellyannpeck
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ABOUT THE HOST
Hi I'm Jonathan Aymin. I'm a business geek, lover of all things buffalo, foodie, author, podcaster, industry speaker and educator, and the founder of Common Sense Events, FLOE Group, and host of The Venue Rx! Mainly I'm a dad of five. If you want to know more, visit my website or my social media channels!
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There's also something very unique to the wedding indursty and price increase. When you are considering raising your price, you have to be looking well into the future, because when you increase your pricing, you do not get to feel that increased revenue until the next year.
Within that year, there are several things that could affect your bottom line like the decisions of your competitors, a new venue being built in your market, inflation, industry trends and your ability to affect the demand in your industry, that is how differentiated are you from the competition. For example most people may be willing to pay 8k for your wedding venue but if your similar competition charges $7,800 you are now instantly $1,000 more expensive than your competition and you can suffer the perils of "Price Elasticity"
This is such an amazing comment, wish we could pin it!! 📌 really good comment on things to consider when just pricing.
Great interview,.. I'll add. I feel like the first thing to think about before you start working on a business plan or seeking any financing, is trying to calculate a reasonable and conservative Break even Point. This was the first thing i did wen i started my venue. My break even point was apx 19 weddings a year. The next step i took was what could i possibly build that could get me more than 19 weddings a year. The current competition at the time was averaging about 30 weddings a year, So i discerned that if i can build a venue better than the competition, and adequately market it, I will exceed my break-even point every single year to date. We had about 42 weddings our first full year, and the next project for me, was how do i sustain that and how do i use SWOT analysis to continue to succeed.
OK, I am super interested in your story, thanks so much for commenting, and I’d love to chat more, reach out to our email - hello@thevenuerx.com - I would love to hear more about your experience!
great advice thank you!!