Let’s face it – putting together a price list that is both easy for your client to understand and profitable for your business can be tricky. It’s also tricky finding sound advice on the topic. During his segment of last summer’s Photo Week, Jared Bauman outlined how to approach pricing in an effect and easy-to-follow way. Here a 3 of his keys to pricing a wedding successfully:
1. Pick The Right Starting Price
Your starting price should not be the most attractive option to clients. The unfortunate fact of the matter is, if buyers consistently book your bottom package, you won’t make as much money. Instead, draw their attention to what your least expensive package doesn’t have so that they’re more likely to buy at the next pricing level. So, how do you determine the right starting price? First, figure out how much money you want to earn a year, which in turn determines how often you’ll have to work. Then, evaluate your market and find out how much other photographers are charging. Your pricing doesn’t have to reflect theirs exactly, but it’s good to have a comparison so you don’t come in too high or too low.
Next up? Find your target market, and price your starting package with them in mind. If you aim too low, clients won’t think your higher packages are valuable. If you aim too high, you won’t even end up meeting with clients because they’ll be too busy hitting up your competition!
2. Highlight Your Middle Package
While it would be great if every client choose your most luxurious (and expensive) package, it just isn’t realistic. Most brides and grooms want something a little snazzier than your simplest package, yet aren’t willing to throw down for the bells and whistles in your priciest offer. This makes the middle package their BFF –– and yours!
Make your middle pricing option the most attractive to clients by showing them what a great deal they’re getting. Highlight the fact that they’re scoring additional services for only a bit more money, and include at least one super-alluring item that isn’t available in your starting package.
3. Less Is More
Keep in mind that your clients are newcomers to photography, and they might be slightly out of their element. Overwhelming your price list with a million options is just going to confuse clients, and ultimately delay their decision to hire you. Instead, Jared suggests offering just one album option, and no more than three album size options.
A couple in the midst of planning a wedding want to make life as easy for themselves as possible, and will be more likely to hire a photographer who lays out a simple price list with a few easy-to-understand options. You can always make a supplemental list of extra pages, larger sizes etc, to whip out if they ask for more information!
For more on wedding photography basics, check out Jared’s creativeLIVE courses. You might also want to check out Susan Stripling’s 30 Day wedding photography course.