Sam Jacobson

The wedding industry was one of those hit especially hard by the pandemic with the inability to gather followed by the demand spikes of 2021 and 2022.  The rollercoaster of the last four years has finally leveled out and this market correction has left many industry folks wondering: How do we navigate these changes while staying competitive and maintaining the trust of both the consumer and the industry?

After a viral post by Reagan on the topic, Reagan sat down with Sam Jacobson, founder of Ideaction Consulting, to unpack it all. Together, they explored the dynamics of pricing, communication, and collaboration in today’s evolving market.

Listen to the full episode via Apple Podcast and Spotify.

What Does A Market Correction Mean for the Wedding Industry?

The wedding industry thrived during the pandemic recovery phase. Couples were eager to celebrate, demand soared, and pricing followed suit. But as we settled into 2024, demand began to normalize. Sam said this isn’t bad news—it’s an opportunity to rethink pricing and value.

“Market correction isn’t about a collapse,” Sam explained. “It’s about finding a sustainable rhythm that works for both clients and vendors.”

For planners, this shift means educating clients on market realities while working with vendors to ensure their pricing reflects value—not panic.

The Planner’s Role in Navigating Market Shifts

Planners often find themselves in a unique position, balancing client expectations with vendor realities. Sam emphasized the critical role planners play in fostering transparency and trust.

Planners act as a bridge between vendors and clients, helping to:

• Set realistic expectations about budgets and market trends.

• Advocate for vendors’ pricing while ensuring clients feel their investments are worthwhile.

• Address the challenges of speculative pricing and how it can create disconnects.

“Speculative pricing—raising rates without delivering perceived value—is where trust can break down,” Sam noted. “Planners have to step in and realign the conversation.”

Pricing for Perceived Value, Not Panic

One of the biggest takeaways from this conversation was the importance of perceived value. Sam explained that while higher prices aren’t inherently wrong, they must align with the client’s expectations.

“Your price has to make sense within the experience you’re offering,” Sam said.

This principle extends to partnerships between planners and vendors, who together can:

• Work to craft a client experience that justifies pricing.

• Build trust through consistent and clear communication about what each service includes and how services may have changed over time.

• Focus on long-term demand rather than short-term spikes.

Collaboration Over Competition

Sam emphasized the value of collaboration in times of market correction. When planners and vendors work together, it creates a win-win scenario where clients feel supported, and vendors thrive.

“The goal is to align everyone’s vision,” Sam shared. “Planners and vendors should communicate regularly to ensure they’re on the same page about pricing, deliverables, and client expectations.”

When partnerships are strong, communication is clear and thoughtful, vendors can work together to navigate market corrections without jeopardizing their value or deterring client interest.

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