How To Price Your Products
Let's start with the big one, the burning question. How do you price your products? Basically in this section, we are gonna cover which products you're gonna offer, the price that you need to charge for 'em. And then we're gonna talk about something called a per hour figure. And then we're gonna come up with your target sales average. So what is it that every session that you do is worth? And that will give you power to walk into the sales room and ask for what you need. So let's go. We're gonna start out with products. Deciding which products you want to offer is one of the most important business decisions that you can make. It's the foundation of any business. So as you think about which products that you're going to offer, you need to think about: Why do clients want to select you? What is unique about you? What can you offer that nobody else offers? There's absolutely something that is interesting and unique about you and you just have to figure out what it is. So in our business ...
we built a wedding and portrait division in Boulder, Colorado. That was kind of the first leap off point for our business and what we specialized in was capturing the emotion of people in dramatic environments. So that's pretty neat. Not a lot of people go out to dramatic environments. There's definitely some. So we would take studio quality lighting way up onto a mountain, or a glacier, or down a river. And we would take people to amazing places and create dramatic images. And the intention was to create decor for the home. It was to create books that told a story. Albums that told the story of this incredible experience with this client. It might have been for a wedding client, might have been for a family, it could have been for an engagement session or a senior portrait; all of those things. But they all had the common thread that we were out on location in beautiful places doing incredible things. So that's what was unique about us. So as you can imagine, that was a lot of work. Carrying hundreds of pounds of equipment up miles of trail. And so for us, it was really important not to compete on price because it was a whole expensive operation to make it run. So for us we decided right away, "We don't care what other people are charging, "we've got to take care of us "and we're not gonna compete on price." So the flip side of that is we decided to compete on service. It was our job to give these people incredible experiences. So when they showed up in the Aspen Grove at dawn and there was still frost on the ground, we had hot chocolate ready or we had coffee ready and treats. It was a wonderful experience. They got there to a place they'd never been, they didn't even know existed and they're like (gasps), "Oh my gosh, this is amazing!" And we had everything there to make 'em comfortable and make it easy. So that was our job, was to compete on service instead of price. And then I think we talked about what was unique to what we did. So as you think about this class, hopefully you can start writing down some ideas. What's unique to you. There are people out there that are like baby whisperers. They can go in and babies do amazing things. I've never understood that. I can't do that. But there are people that do amazing things like that. Everybody's got an incredible talent, so you just have to be able to articulate it. And for you, if you don't know what it is, ask your favorite clients. They'll tell you. They know exactly what's unique about you. And so if you get stuck on this one, ask people that know you. Ask your clients that you've worked with and you'll get some ideas about what's incredible about you. And I forgot to tell you. This is really important. This is how I organize it, you can do it a different way. But anytime I go to a workshop, I make the last page of my notebook my salsa list, my action items. And so as you guys are thinking about things that you're learning in this workshop, somewhere, wherever it is, make your action items that are mild, medium, and hot, okay? The hot ones are, "I've gotta go home "and get it done this week." The medium ones are, "I've gotta get it done this month." And the mild ones are, "I gotta do sometime "whenever I have time." Those are the ones that probably don't get done. But for you right now, one of the hot items is, How are you gonna compete? Price or service? Make that decision. You can't do both. And what's unique about you. Ask your clients if you don't know.