Creating Your Ideal Photography Business

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.

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