Creating Your Ideal Photography Business
Lesson 27 of 48
Identify Pricing Strategies
Creating Your Ideal Photography Business
Lesson 27 of 48
Identify Pricing Strategies
Lesson Info
Identify Pricing Strategies
Okay, so let's look back. What are the five pricing strategies that we talked about? Let's quickly review them so that as we look at these pricing structures that you submitted, we can search for those strategies and try to identify them in use in the field. So, to review we have session fees. The session fee has two purposes. It is the gateway to your business. A high session fee leads to fewer clients contacting you or booking you. A lower session fee is a lower barrier of entry to your business, okay? It's the gateway that filters who's coming into your business. The second thing a session fee does is it helps offset the final sale. It allow you to collect some of the money upfront. That money's forgotten and then you have to have a lower final sale amount. So that's how the session fee works. Minimum purchase is a way to set an expectation for your client and say, "You should expect to invest at least this much with me." And, it also offsets the burden of that final sale because it...
happens in advance. That money is spent and forgotten. Incentives are rewards that you give your clients for doing what you want them to do. It's the treat, and so incentives can only, or should only be used whenever your client does what you want them to do. You never start these below your target sales average. And usually they build as your client invests more with you. These are inexpensive things that are really desirable and in demand for your clients. Bundling, this is the value meal, this is the package. So, it's putting products together in a way that allows you to sell what you want to create and combine it with something that the client wants anyway, and give your client a better price in the process. This is really great for clients that are really stretching their budget to invest with you. This is maybe a lower-end client but it doesn't mean they're not going to invest a lot, it's just the way they're used to buying, okay? Your high-end clients don't care about a bundle or a value meal. And then pre-design is the idea that it's hard for our clients to understand or conceive what it is that we can create until you actually show them what it is. So it works really well with products that require a lot of design like an album or a custom design piece for the wall, something like that. You've gotta shown them the possibilities before they're willing to invest in.
Class Description
Join Kathy Holcombe as she shares techniques and strategies to develop the photography business you desire. Whether you’re making the leap from part-time to full-time or starting your very first business, the amount of work can be overwhelming. From what products to offer, how much to charge, how to pay yourself or the legal considerations - startups often sink before clients are even booked. Kathy will show you the ways to grow your business from the start.
This class will cover:
- Defining what product you are selling and how much you should charge to make a living
- Photography business basics and how to track your income compared to other businesses
- How to write and create your business plan
Lessons
- Class Introduction
- How To Price Your Products
- Which Products Will You Offer
- Methods For Pricing
- Mark Up Factors On Products
- What Is Your Per Hour Figure
- What Is The Feasibility Of A Product
- Target Sales Average
- Session Fees Pricing Strategy
- Minimum Purchase And Incentives Pricing Strategy
- Bundling Pricing Strategy
- Pre-Design Pricing Strategy
- Album Pricing Strategies
- Example Pricing List
- Business Basics Overview
- Tracking Product Lines In Your Business
- Track Your Session Counts
- Know Your Sales Average
- Importance Of Data Analysis
- Overview Of Costs
- Professional Photographers Of America Benchmark Survey
- Creating A Vision For Your Business
- What Do You Want To Accomplish
- Take A Leap Of Faith
- Refine Your Vision
- Products That Sell
- Identify Pricing Strategies
- Portrait Pricing Strategy Example
- Album Pricing Strategy Example
- Online Pricing Strategy Example
- Fine Art Prints Pricing Strategy Example
- Packages Pricing Strategy Example
- Sales Strategies Overview
- Portrait Sales Session Overview
- Sales Strategy for Portrait Sales
- How to Present Images to Client
- Sales Strategy for Wedding Sales
- Album Pre-Design
- Marketing: Define Yourself
- Who is Your Ideal Client?
- Who is Your Ideal Partner?
- How to Start a Partner Business Relationship
- Marketing Strategies that Work
- Product Lines: Business Plan Part One
- Workload: Business Plan Part Two
- Sessions: Business Plan Part Three
- Expenses: Business Plan Part Four
- Clients: Business Plan Part Five
Reviews
Lindsay
I started my business a year ago with little formal technical photography education. It's hard to admit but I've been winging it, figuring out each small task that goes with photographing a session, editing one, and working with clients as I go. I may be doing things backwards, but now that I feel like I'm more comfortable in those small, specific parts of business, I need to figure out how to make this business sustainable and profitable. Kathy's class felt perfect for this time in my business to take a step back and look at the bigger picture of what I want to focus on and where I want to go (and how much I want to pay myself!). She uses realistic, specific numbers: something that's SO helpful and I feel like I rarely see in the photography community. And she breaks everything down in an organized and easy to understand way. The classes were easy to follow along with and Kathy's positivity and patient manner is inspiring and motivating. The fact that she used to be a school teacher is clear. Thank you so much Kathy (and the rest of the Holcombes)!
Jenny Farrell
I am so glad I was able to attend this course in person and receive all the wonderful and practical information Kathy shared with us. I also really enjoyed the connections with other audience members and side conversations with Creative Live peeps as well as the Holcombe family. What an inspiration this family is--lots of practical info, but also a great pep talk to not sell yourself short and get out there and do what you love, but use sound business practice while doing it. Thanks so much for these incredible two days.
Vanessa
Fantastic course! Very helpful instruction and how-to guide for anyone considering starting up a photography business. Kathy was an excellent instructor, with a wealth of knowledge and experience. I gained a good understanding of the practical everyday aspects of running this kind of business, and how to create my own vision.