There will come a point in your career when it’s time to increase your event fees. But, if you’re anything like me you go back and forth about how much to charge for your event services and how to break the news to your existing clients.
“How much should I charge” is one of the questions I get asked most both by newbie and established event planners alike.
Aside from needing regular and consistent cash flow into your event business, your event fees help your clients understand your value, branding and experience level, and there could be a number of reasons why it’s time to increase your fees.
Regardless of your reason(s), it’s important to maintain your client relationships since it’s easier and less expensive to keep a client than acquire a new one, and it’s equally as important to focus on the service and value you provide. Chances are your clients keep coming back because of what you provide more than what you charge them.
How To Increase Your Event Fees
When it comes time to increase your event fees there are a few strategies you can implement to make the transition as seamless as possible for you, your business and your clients:
- Be confident in your decision and the value you provide your event clients. Before you call your clients to let them know about your fee increase, know your value proposition.
- Always be upfront about your event fees and the services your offer. It’s good to know what your competition is charging so you know if you compare in price and perceived value.
- Identify your top clients and contact them (by phone or in person) to explain the fee increase to them.
- When you call your existing clients ask them for a referral. This is THE number one way to win new business!
- If you meet resistance from a client, ask them about their concerns and use the information to evaluate your decision. **Just because a client doesn’t like or agree with your fee increase, doesn’t mean it’s the wrong decision for your event business.
- Give your clients a reasonable amount of notice about the increase. This can vary, but I’d recommend giving (at least) three months notice.
It takes guts to raise your rates and the majority of the time your clients won’t blink an eye. And most of all, it’s about believing in yourself and what you offer.
In addition to these five strategies, in today’s video on EventPlanning BlueprintTV, I’m sharing 4 more tips on how to increase your event fees and win clients.
Go ahead and watch it now…
I’d love to hear from you.
In the comments below, let me know if you’ve ever increased your event fees and one tip that you’d like to share to help other event planners who are considering increasing their fees.
I look forward to hearing from you.
Thanks for watching, sharing your comments and being part of our community.