A huge trend we're seeing right now in the event space during this 'new normal' is micro weddings. Micro weddings are smaller weddings consisting of between 10-50 of the wedding couple's closest family and friends. Some interesting trends we're seeing in the micro-wedding format is a switch from buffet-style dinner meal to plated dinners. We are also seeing an increase in self-serve alcohol stations at the wedding reception including beer walls, beer tap trailers and Prosecco trailers.
We're noticing that micro weddings are usually shorter affairs that run from start to finish in around 3-4 hours instead of the usual 8-10 hours. For the photo booth rental operator, this means that the photo booth rental may only be needed for 2-3 hours instead of the usual 4-5 hour rental block.
So, how do you price your photo booth rental for these shorter weddings?
The first thing you should do is check in your local area to see what the average prices are for a lower number of hours. If you are comfortable with the market pricing and it covers your overhead and margin goals then you may be all set.
However, let's say you can't meet your profit goals if you reduce the number of rental hours? This is where you'll have to get creative. Here are some options:
1) Stick to your minimum rental price but add a low cost, high value item to the rental package for free. Some great options are photo print sleeves or photo print albums. We love the brandable photo booth albums at The Moostache. These types of photo booth albums are valued at $200-$250 in photo booth rental packages. By offering this complimentary to your clients, while still holding firm on your minimum package price, you both win.
2) Add additional services: Increase the overall package revenue by adding other services to your photo booth rental package. This will increase your average revenue per event even though you are reducing photo booth rental hours. We are seeing a lot of DJ's and photographers adding photo booths to their rental services in order to increase the overall margin for smaller/shorter events.
3) Decrease your package contents: Let's say your minimum number of rental hours is 3 hours and you always include 2x6 photo booth prints in every rental package. A win/win solution for you and the client could be to add a 'Micro Wedding Special' that is social media sharing only and forgo the photo booth prints. This is a great solution if you have one of our HootBooth ILLUMIN8 iPad photo booths.