Pricing for weddings 2 years down the line

[STEVE HANLEY]

Was just wondering if you guys had a system for pricing for weddings 2 years away.

Do you quote this years prices? Next years prices? (If you've put them up) How do you know what your prices will be in two years time?:confused:

Any advice appreciated good people:beer1: :beer1:

[Vectis]

Well assuming no changes in business strategy, I'd probably just go with a compound 5% for each year as that's where true inflation seems to be settling at the moment with no real signs of long-term change.

[NKR]

This years price so they know to book now as it gets the booking secured and they get great value as if it crosses in 2012 its going up 10% because we are popular.

[Shakermaker Promotions]

How freaky is this!!!:eek: :eek:
I had an enquiry this morning for a wedding in 2013.
I replied with a quotation but I stated that it was based on my current price and that it may increase. I advised them that if they booked before 31st December 2011, I would stick to that price.

[Jonathan Ford]

I've been thinking about this myself recently. I plan to hang up the headphones in 2013, so am torn between making a sensible increase (such as the one suggested by Martin), or whether to really stick the price up and (hopefully) make as much as I possibly can before I quit...assuming I can find clients willing to pay the fee!

[DeckstarDeluxe]

Well assuming no changes in business strategy, I'd probably just go with a compound 5% for each year as that's where true inflation seems to be settling at the moment with no real signs of long-term change.

All well and good but its judging fuel prices that is the tricky part!

[Creature]

I'd say this years price plus 20% should cover any rises - but say if they book before 31st dec 2011 ( or whatever) you will do it for this years price ( just add 10%) before you tell them. best of both worlds - i tend to prefur to have a confimed booking on my books that hope for the best later on.

But what I do is different to most on here so my business works on slightly diff princibles

[CRAZY K]

All well and good but its judging fuel prices that is the tricky part!

A very good point and also inflation---that could really accelerate back up to double figures---remember low interest rates have not curbed inflation and the printing of money makes imports more expensive and prices rise.

Personally I dont understand why you would do anyone a favour booking in advance.

If its mid January fair enough probably dead, but if its a busy time (which advanced Weddings usually are---just taken one for July 2012) then you are going to get a booking anyway at the prevailing prices so why shoot yourself in the foot?

My personal strategy (which probably no one agrees with) is I ask them to contact me about 12 months advance.

The reason is because I started talking to some time wasting client 2 years ahead of a gig and they just could not focus on sorting the venue--it all came to nothing.

Just my personal view--to answer the OP charge 15 per cent more than at present--7.5 per cent inflation, simple not compound:daft:

[ppentertainments]

It is a hard one and no right or wrong answers - just answers which suits you best.

I have a 5 year business plan in place which I update every year. It gives me an aim and also helps judge prices.

I have a few bookings for 2013 which were priced at what I am aiming for for that year. It is a lot of guesswork on my part as obviously I have no idea what the financial climate will be like, but if I have to take a hit on those few bookings the so be it, have done ok so far.

[Mark Wild]

I've been going on 10% increase per year personally.

[Pink Elephant]

It's 10% for next year (rounded to keep the figures nice and simple to add up!)

The year after who knows?

I would probably add 20% to cover most things that may go up.

[ppentertainments]

I've been going on 10% increase per year personally.

That's what I am working on. However this means 2 years time is actually 21% increase compared to todays price.

[chrisj]

I had an enquiry for May 2013 and increased quote by 10% above present fee. Return email within 10 minutes 'Thats fine we will book'. Contract completed.
So 5% extra for next year 10% added for 2013.

[yourdj]

I increase my rates each year in relation to my development and level of improvement. I used to go out for £250 and not its £450 for four hours. This will be £500 from Jan - as most key sats next year are booked.

I basically quote on the current years prices up to two years.
Probably not great business skills but I do think clients finds that easier as my prices are on the site and in emails. I am happy with that too.

[mark@pegasus]

I did a Wedding Fayre last weekend and spoke to a couple of brides who are getting married in 2014.

[ppentertainments]

I did a Wedding Fayre last weekend and spoke to a couple of brides who are getting married in 2014.
Our of interest - were they actually interested in booking anything or just browsing ??