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Determine Your Pricing Strategy

Lesson 14 from: Building Your Photography Business for under $3,000

Kathy Holcombe

Determine Your Pricing Strategy

Lesson 14 from: Building Your Photography Business for under $3,000

Kathy Holcombe

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Lesson Info

14. Determine Your Pricing Strategy

Lesson Info

Determine Your Pricing Strategy

We are talking about pricing. And I know that some of you are going to say (gasps). But I'm telling you, this is the most exciting part of the entire show. Pricing is my favorite thing to talk about and it is the thing that, when done properly, will make you the most money. So it's super exciting for you too, I hope. So let's dig in. Here's what we're gonna talk about. So we talked about which products to offer, now we're gonna talk about how much to charge for them. And not only that, but how much is your target sale? And what that means, is once the entire sale is said and done, what is that dollar amount that you need for whatever kind of session you're doing. So how many prints do you need to sell or what is that total dollar amount that each session should be worth for your business? And then, how will you motivate your client to invest at that target amount? If you know, I think I said earlier, that I have to make $1,000 for every session or else I go in the hole. That gives me a...

lot of power to walk in that sales room and ask for a $1,000 sale. So, that's what that target sale is right there and then we're gonna talk about how to ask your client for that amount of money with confidence and grace, okay? So let's dig in. How much should you charge for your products? The eternal question. But before we can go there, we have to decide who you are as a business. So we had a question earlier, competing on price versus service. And this is the time to draw another line in the sand. So earlier, you wrote down what your target gross sales goal was. Now we're gonna write another defining thing into your overall plan and that is, do you wanna compete on price or do you wanna compete on service? So, what that looks like ... You can't do both at the same time. So, if you're going to compete on price, you will win when someone calls and says how much is something, okay? You'll say oh, it's only $7, would you like to book a session? And they're like oh wow, that's so much less than the guy down the street, of course I wanna book a session with you. Now, you can win in this business, on price, if you do one thing. And that is, get as many sessions in the door and do them as quickly as humanly possible. You have to be incredibly efficient to be able to compete on price, because basically, what you're trying to do is undersell everybody else. So, think about big discount stores like Wal Mart. They want you to get in, get your stuff, and get out as quickly as possible. There's not really gonna be anybody there to help you make your purchase or anything like that. You go through self-checkout at the end, it's all automated, in, out, get on with your day, right? That's how you win whenever you compete on price. It's possible in this industry, but it's not usually why we like being business owners. It's very impersonal. It's very automated. You might have a button on your website that says book a session now. They can see where your openings are, they click it, they pay, they show up, you've never even talked to them. You do your 15 minute session with them, you do a 15 minute sales session and they're out the door and that's all you ever see them. That's what competing on price looks like. Or, you may wanna compete on service. This is about quality. This is about personal interaction. This is about relationship. This is about serving your client the best way you know how. So when you think about these two models, either one of them work. This is high dollar, high service, quality experience. This is in, out, fast and dirty, okay? So I think, you should be able to write that down, whichever kind of business that you wanna do. But you can't say I'm gonna give you incredible service and I'm only gonna charge you $10 for an 8X10. That doesn't work, you'll go in the hole every single time like that. So, right now, choose which one you wanna do and we're gonna base all of the other decisions on that choice. And then, this is just something to kind of think about as we are walking through the rest of this course, what is unique about you? Why are people coming to your business to purchase your products? What is it? For me, it's an outdoor adventurous experience with bold, dramatic images. Does that fit those styles that I was talking about earlier? Does that capture it in just a couple of words? So you have to be able to articulate that about you and part of what determines it is price versus service. So as you make this decision, that is gonna be part of what's unique about you. You know, if you are doing passport photos, price is probably the determining factor, right? I wanna get in, I wanna get out, and I want it done and in my hand as I walk out the door. If I'm creating decor for the home, probably more service based.

Class Materials

Bonus Materials with Purchase

Product Development Guide
Marketing Plan
Price Calculator Guide
Website Guidlines
Business Plan

Bonus Materials

Discount Codes

Ratings and Reviews

Amanda Beck
 

Kathy was a wonderful instructor. She was engaging and someone who was precise and incredibly helpful. We have a full time photography business and are always looking for new ways of running our business. Her information was insightful and forced us to have conversations about our business that we have haven't had in several years. She is fantastic and someone who has the information needed to help you start or expand your business. Thank you for a wonderful class!!

Chrissie
 

Thank you Kathy for yet again another very thought provoking class. You are such an inspiration, teaching us the right questions to ask ourselves so we too can be brilliant photographers / entrepreneurs. I was a fulltime RVer for seven years, traversing 44 states and seeing some of the most beautiful places on our planet. It gave me a great opportunity to meet some extraordinary people and to hone my photography skills. Now I have put down roots in Stapleton - Denver, CO and am soon to launch my own Family Lifestyle Photography business. Your course has definitely given me the courage to just charge ahead and go for it!

Jeph DeLorme
 

Another top notch production from the amazing team at Creative Live! Kathy Holcombe, aka FAMAGOGO did a great job of covering all the basics along with the associated costs involved in starting up a photography business. However, you don't need to be a beginner to get great info from this class, it's packed with ideas and tips that even an experienced pro can put to work and take to the bank literally the next day. I highly recommend this class.

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