Corinne’s Corner | Pricing Your Product

Corinne's Corner | Pricing Your Product

Welcome back, everyone! As you may recall from last months newsletter, we discussed how your product is more than just a place, it will become the backdrop for your client’s most precious memories. Now let’s discuss the second “P” which is:

PRICING

Seems easy – you know what your product is worth to you. But what is your product worth to someone else? 

This component is not so much a number as it is a value and a value statement. Value includes the many facets of your product. In order to provide value, you need to know your own value. Speaking of value – do you know and communicate your values? Knowing your core values, what you stand for as a business and being able to effectively communicate that to your market increases your value. 

Do you know the pricing and values of your competitors? How are you perceived by your competitors? Again, knowing the value of your unique product attributes allows you to strategically set a price that is sound within your market. Consider that every piece of information and messaging, either confirms or calls into question your value and price. For example, your website and the information on it, your social media, your communication methods with prospective clients, the buying experience you provide, your follow up or lack thereof – all either validate or invalidate your value and price.

I encourage you to take a look at your business with your “outside” glasses on. The glasses of a prospective bride or groom. What does your pricing structure say? Are you on the high side of comps? Can you effectively justify that based on the value you provide? It can only be justified if you know your value and values. It can only be justified if you are communicating your value, the unique offerings that set you apart from the company next to you, in the same segment of your market. If you deserve that fee – EVERYTHING you do should justify it.  

Stay tuned for next months article, where we delve into the third “P”, Placement! 

Corinne’s Corner | Marketing Your Product

Happy New Year!

As you head into a new season brimming with opportunity and possibility, it’s time to hone your game. Last month we talked about some marketing myths and some foundational marketing concepts. You may recall the basic four “P’s” of marketing being, Product, Price, Placement, and Promotion. Let’s address the first one,

PRODUCT

As a venue, you may think this is obvious – and perhaps from your point of view, it is obvious. You’re not selling flowers, suits or transportation, you’re selling a place – hopefully, the place. But from a bride and groom’s point of view – their venue is so much more than just a place. It’s the backdrop for their “forever memories”, it’s their beginning, it’s a gathering place for those closest to them, it’s where they’ll celebrate, it’s where they’ll spend their first night perhaps. There are many emotional buttons that your venue may or may not push for your couples. The key to your success is understanding what their emotional values are. How? Ask and then LISTEN – they’re happy to tell you. Once you know what motivates them emotionally, you can share the pertinent information that will most meet their needs. 

For example, when you meet with a couple, ask them what they are looking for in a venue. You’ll be blown away by the answers that have very little to do with a “place” and often have to do with the emotional reaction or experience they are looking for. We’re looking for a great celebration, we want our families to connect, we want our friends to have a great time, we love nature, we want everything to be convenient, or I want my family to stay together on the property. Your venue now represents connection, celebration, convenience, nature, closeness – THOSE are the things you sell – your product! Once you know this, your website, social media, print advertising should all consistently reflect that message. 

As a marketer, I would encourage you to refine this much further by defining your unique offerings, or your unique selling opportunity. What attributes differentiate you from the venue down the road from you? How do you do business different from those around you? How do you create a personalized experience for your couples? These attributes are what your unique product is. This is often a time to define the core values of your operation. This product information should be replicated in everything you do.

Stay tuned for next months article, where we delve into the second “P’, Price!

Email: MKTGsmith@icloud.com
IG: @MKTGsmith Cell: 805/459-5635
Web: MKTGsmith.com

Corinne’s Corner | Demystifying Marketing

Marketing 1o1

Let’s chat about marketing. What is it, what is it not? It can all be quite overwhelming – SEO, social media strategy, UX, direct email, newsletters, print & digital advertising, pay per click… The truth is that these things are NOT marketing, they are tools of promotion. Promotion is ONE of several aspects of marketing – in fact, the LAST component of marketing. Why do you hear so much about them? Simple, it is where marketing companies are able to build in a revenue stream component. And when I say revenue – I mean, charge YOU money.

If you start with promotion but don’t understand the preceding components of marketing – you’re not only wasting money and effort, you will not be completely successful. So, let’s get acquainted with the basic 4 P’s of marketing – or marketing 101. Over the coming months, we’ll chat about them all right here, and why it’s critical that as a business owner, you know them.

PRODUCT – What are you offering or selling? Not just what you’re selling, but what about it makes your product different from the vendor down the street selling the same thing? How can you tweak it to make it even more appealing to your customer?

PRICE – What is the value of what you are offering? This actually goes beyond price, it considers the VALUE of what you are offering. How desirable is it? Price is simply a numerical quality of something – but how do we determine that number?

PLACEMENT – Who are you selling it to? Who is your target market, their attributes, otherwise known as demographics, where do you find them, how do they find you? What is your PLACE in your market?

PROMOTION – How will you get your message about your product out to the market that is looking for it? This is where the plethora of tools come in. Most often this segment of marketing is referred to as advertising – but advertising is again only one tool of promotion. Which tools are going to be most effective at reaching your peeps?

Email: MKTGsmith@icloud.com
IG: @MKTGsmith Cell: 805/459-5635
Web: MKTGsmith.com