Thursday 8 November 2012

How to Price Your Wedding Band.

At Hireaband, we get approached by new acts seeking representation every day. The majority of applications fall at the first hurdle because their submissions are incomplete.  The worst simply contain a few introductory lines of text and maybe a web link.  Others contain some demos, some images and some biographical info. None of this is enough to divert a busy agent from his daily tasks to go to the bother of finding out more about your act - tough but true.


The problem is so acute that I'm planning a blog on how to submit to agencies.  In the meantime, here is a link to the page on the Hireaband web site that explains what we need from new applicants.

If we're happy with the demo material and we've either seen you, heard of you, or (rarer) you're already represented by another agency whose judgement we trust, then we're good to go and happy to offer representation.


So How Do I Decide What To Charge ?

If you've been around for a while, you'll have a fairly consistent fee that generally secures you a booking. That's the fee you should quote your agent.

But what if you're a new band or just testing the water in the wedding market? (and remember this is about wedding bookings only)  What price should you decide on?

The first thing to do is ask the agent what your competitors are charging. Now with the best will in the world, not every band is created equal. Market leading bands can essentially charge what they like and of course you need to get to that position too - it's good for you and good for your agent.

So don't set your fee to match the busiest bands on the agents books.  They've been around for a while and have earned the right to charge the fees they're charging.  In my opinion, you should set your fee as low as you can stand for an initial number of bookings.  As you get busier, make an increase but make it modest and set it for another number of bookings.

As your diary fills, you are in a much stronger position.  If you're turning away bookings regularly, that's normally a good sign that it's time to up your fee.

Here's the reason for starting low. Say you decide that despite the fact that the best selling act most similar to you is charging £1000, you're going to charge the same.  Sit back and watch the bookings roll in, right?  Wrong.  You'll pick up some bookings, no doubt, but not enough to get your diary inky.

So four months later you're sitting with two bookings in your diary and you realise that to eat, you're going to have to drop your price.  Two things will happen, first, you'll be tagged as a band that couldn't command the original fee and second, inevitably, the two people that have you booked will find out you're now cheaper and will demand a reduction in what they're paying you. If they've already paid, then you've just bought yourself some hard feelings.

The fact is it's always better to put your prices up than bring them down. So don't start with prices so high that you're forced to reduce them. Go out lean and mean - win a reputation with your agent and your customers and if you're good enough, you'll be among the top earners in no time.

Del Cotton
Managing Director
Hireaband.co.uk


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