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Are You “Justifying” Your Fees to Your Potential Clients? - Episode 138
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“If you have to justify your fees, you’re doing it all wrong,” says May Yeo Silvers. In this episode, May addresses a common mistake event professionals make: over-justifying their fees based on the time and effort they put into planning and execution. She suggests shifting the conversation from costs to the value and outcomes of the event, which more closely aligns with buyer psychology.
May emphasizes the need to understand clients’ deeper motivations, such as enhancing their social standing or creating memorable experiences. She advises on asking the right questions to uncover these desires. May advocates for aligning event visions with client expectations without getting bogged down in cost details, positioning event professionals as key partners in the success of the event.
For listeners looking to refine their business and client interaction skills, May offers a new business kickstart bundle. This bundle includes 24 courses for only $24, covering essential business and event planning skills. Click here to access the bundle!
Quotes
• “If you have to justify your fees, you’re doing it all wrong.” (01:50 | May Silvers)
• “The price that they want to pay for that result is equivalent to the value that they’re putting on the results that they want. And that value has a dollar amount, but that dollar amount can fluctuate based on how you emphasize the result that they want and what they will actually get from it.” (06:21 | May Silvers)
• “How do you play their game? You play their game by understanding the buyer’s psychology and the buyer’s belief in what you can do for them.” (07:30 | May Silvers)
• “Why is it important for them to have the event look that way? And how are you going to make it happen for them so that they not only get the event to look that way, but it also satisfies what we call the unseen, the unspoken, or the unmet need and desire for the event to look that way? When I sell to high-end clients, they want the event to look a certain way, not only because they want the event to look pretty. A lot of times, people spend a lot of money on making the events look good—it’s because of ego. They want people to talk about their events.” (09:13 | May Silvers)
Links
Are you an event planner or designer who is thinking about launching your events business but you don't know what to do and how to do it?
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Connect with May at: may@events4anyone.com
Website: www.mayyeosilvers.com
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