4 Main Mistakes Being Committed by Corporate Event Planners while pricing for their services

4 Main Mistakes Being Committed by Corporate Event Planners while pricing for their services

The Profile of Corporate Events Planning is totally different than any other types of Events Planning like Parties, weddings Or Family Events Planning. Many Corporate Events Planners Starts their Careers normally being as Wedding Events Planners or Other Events Organizers and Most probably they start these types of activities as a Hobby or to get some occasional Profit interests. While you come on this topic to be a Professional Corporate Events Planner leads you a very responsible, self committed and target oriented character, where you not only make sure to leap for maximizing your profit potential, But Also avoiding some common pitfalls which can boost your earning skills, let you stand distinguished against your competitors.  Below are Four main mistakes which could be committed by corporate Events Planners while the time comes to price for their services to their clients.

1. Underselling your services

This could be the First and  main mistake which you could commit while under quoting your services to your customers. As a Corporate Events Planner, you need to be assured that you set always some quality standards of services which your customer will always expect from you in return. You will be ranked and calculated at every step and level of commitments and standards of services you deliver to your customers, if you are loyal and dedicated with what you have agreed on and delivering it accordingly, surely that would open new era of business opportunity for you. While in some cases if you go for this first mistake you might lose your image in market at very earliest phase and wouldn’t be able to take it for longer. So always be sure and be sensitive while you quote a project to your customer that it should get you a good reversal in all points whether that is profit or quality work

 2. Loosing Grip over Promises

When you have charged higher to your customer , considering the standards of services to be on higher quality profile, you need to make sure that you are worth the value. It is very important task then to deliver what you have promised at-least, if not more than that. This is not an excuse to keep your price lower compare to other market competitors. Hopefully, it is motivational segment which help to raise the bar on your services. For Example if you set the Bar of your services at high scale and willing to work harder to deliver yourself accordingly, which is clear message to your customers that they are dealing with a professional and highly experienced team which has integrity and perfection in what they says and deliver. You will get long lasting results and recommendations in market for better business commitments & promises, no matter even if they have to spend a litter more to get a result oriented process

 3. Less Research or Information to determine a Better price

Before you go for market to offer your services as corporate Events Planner, you need to make sure  about the market research to get better information about fair pricing that you can charge to your customers. To Research over this topic, you may want to secretly shop your competition. Find out what your Competitors are charging for the same type of Event and Compare against what you would need to charge, so that you could also be able to do the same event in successful way. You could even get enough helpful stuff from the market vendors by meeting or calling to collect and compare the rates, choosing and selecting the right members for your project. There could be many other ways either online or in physical market where you could get enough data which could help you to get better ideas, which could lead you to better decisions and better dimensions for future projects. You could also be able to contact some of your previous lost clients and inquire about the reasons of rejection of your services, which can help you get insight into why someone else won that contract. Ask about the difference if the price was main factor of that failure.  

4. Not working with your vendors Directly to negotiate their Best Price

It’s very important to work with your vendors to negotiate and get best offer price of their services. Ask for volume discounts to see where you can save your costs without cutting back on quality. Customers expect a markup on certain services which should be competitive in any case. By Counseling a small market project with a negotiated deal with the vendors can create an opportunity for you and value for your customer.

To recap the four mistakes corporate event planners make when pricing their services are:

1. Under quoting your services

2. Not delivering on your promises.

3. Less Research or Information to determine a better price

4. Not working with your vendors Directly to negotiate their best prices.