Wedding Business Solutions When should you lower your rate?
When should you lower your rate?
Are you giving away your profit just because a client asked for a discount? What are you really getting in return when you lower your price? In this episode, I dig deep into the difference between discounting and negotiating, explain why price integrity matters, and share how to determine if and when it's truly okay to come off your rate. I’ll challenge you to ask yourself: Is it ever smart to say yes to a price cut if you’re not getting something valuable back?
Listen to this new 9-minute episode for a clear framework on when to say yes, when to hold your ground, and how to protect your profits while still serving your clients.
Episode Summary:
In this episode of the Wedding Business Solutions podcast, I tackle the question: "When should you lower your rate?" I break down the important differences between discounting and negotiating, and explain why I believe you should only offer a discount if you’re getting something of value in return—like a higher guest guarantee, cash flow benefits, or contracted future work. I share why I prefer to add value instead of just cutting prices, as every dollar discounted comes straight out of your profit. I also discuss how cultural expectations might affect your approach to pricing and discounts. Ultimately, I encourage you to protect your pricing integrity, make thoughtful business decisions, and never feel pressured to lower your rate unless there’s a clear and valuable reason to do so.
If you have any questions about anything in this, or any of my podcasts, or have a suggestion for a topic or guest, please reach out directly to me at Alan@WeddingBusinessSolutions.com or visit my website Podcast.AlanBerg.com
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View the full transcript on Alan’s site: https://alanberg.com/blog/
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I'm Alan Berg. Thanks for listening. If you have any questions about this or if you'd like to suggest other topics for "The Wedding Business Solutions Podcast" please let me know. My email is Alan@WeddingBusinessSolutions.com. Look forward to seeing you on the next episode. Thanks.
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