Creating Your Ideal Photography Business

 

Creating Your Ideal Photography Business

 

Lesson Info

Minimum Purchase And Incentives Pricing Strategy

Minimum purchase. So this is similar to a session fee. What a minimum purchase, it's a strategy similar to the session fee, in that it relieves some of the burden off of the final sale. So when you book a session with a minimum purchase, you usually pay at least a percentage of that minimum purchase up front. Sometimes you pay all of it up front. And it's telling your client you should plan on investing at least this much with me. So, you can use this as a tool in combination with a session fee or you can use it independently. So here's how it might work. You could say, I have a session fee of $ and a minimum purchase of $400. So what you're communicating to that client, is that they should plan on spending $500 with you. Very clear, up front, no mistake, right? So, then we know we still have to get to that $800 mark, so we're still gonna have to sell $300 of product on the back end, alright? That's one way to get over halfway there up front. Or, you could use this to your competitive ...

advantage and say, you know, I don't charge a session fee. Everybody in the area charges a session fee, I want you to see what you get before you invest with me. There is a minimum purchase of $ or whatever you want it to be. You should expect to invest that much, but I want you to see everything up front, okay? Take the session fee off the table, all of a sudden, you are more competitive, right? Or, you could just say, I have a $500 minimum purchase. I'm so busy, I don't know what I can do and it's $500 if you want your picture taken. You see how those have very different messages? Of course you probably wouldn't say it to your clients that way. But I know photographers that have $1,500 minimum purchases. They're experienced, they've been doing it a long time, and they have to use that to filter and make sure they get to the right clients for their business, okay? So basically, the minimum purchase is a strategy to say up front, this is the minimum amount that you should expect to invest. You can use it in combination with other tools for selling. Okay, incentives. So, this is like the, I compare it to training my dog. I give my dog a treat whenever he does a good job. That's not a nice way to talk about your clients, but it's the same concept. So whenever your clients do something that you want them to do, you reward them for it. And you reward them with something that they're really excited about. And so, the trick to incentives is, you can't give an incentive to your client, until they reach that target sales average. So, when we're talking about our happy math and our target sales average is $800, your first incentive happens at $800. You never give them a reward for doing anything less than what you need them to do to make this a sustainable livelihood, okay? And incentives are things that they want, that don't cost you a lot of money to make. So the obvious one is digital files. You don't have a cost of goods on those, unless you're delivering them on a jump drive or a disk or something like that. And so, that would be something easy that they all really, really want. You could use this in your business as an incredible tool, maybe the only way they get digital files is if they do X,Y,Z. That is a powerful tool. You only get the digital files if you invest $1,000 or $1,500 or whatever it is, $500. Whatever you want them to do. Remember, digital files, once they're in the hands of your customer, there's no opportunity for an additional sale. So use them with caution. There are lots of other things that you can use as incentives. One of the favorite things that we always do is we give away cards to our clients that do certain things. But we only give them ten cards and that's very intentional. Our cards actually come in packs of 25, so it's not a logical thing from a business standpoint. But, I know for certain, that if they send ten of their family members a card, somebody is gonna feel left out, right? They're gonna buy more cards, always. Every single time, okay? So be really intentional about how you use these incentives and use them to get your clients to do something that you want them to do. Okay, other incentives. So cards, digital files, you could give them a really cute little, inexpensive frame for some unique product that you make. Give them a Christmas ornament. These are happy, little things that make them feel incredible, it's a gift. Makeup companies use this all the time, they are the king of the incentive. Whenever you go into a department store, you'll see gift with purchase. Same thing, so if you spend $50 on makeup, you get this cute little pouch with all kinds of goodies in there that you probably don't really use anyway. But, it makes you feel good as a buyer, right?

Class Description

"If you're struggling to figure out the business process of photography, this class is one of the clearest and most concise I've ever seen. If you're experienced but the business side and pricing are eluding you, you will find clarity here. I own at least twenty CreativeLive courses and hands down, this one explains pricing and strategy better than any others I've purchased or watched live." - Julie, CreativeLive Student 
 
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 - start ups 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 
Kathy Holcombe and her husband Peter built one of the top wedding portrait studios in Colorado, then jumped in an RV with the entire family and began traveling the country full-time, and added a successful commercial division. Together they have built multiple successful businesses and have honed in on the important factors that every photographer should consider when building a business. 

Lessons

1Class Introduction
2How To Price Your Products
3Which Products Will You Offer
4Methods For Pricing
5Mark Up Factors On Products
6What Is Your Per Hour Figure
7What Is The Feasibility Of A Product
8Target Sales Average
9Session Fees Pricing Strategy
10Minimum Purchase And Incentives Pricing Strategy
11Bundling Pricing Strategy
12Pre-Design Pricing Strategy
13Album Pricing Strategies
14Example Pricing List
15Business Basics Overview
16Tracking Product Lines In Your Business
17Track Your Session Counts
18Know Your Sales Average
19Importance Of Data Analysis
20Overview Of Costs
21Professional Photographers Of America Benchmark Survey
22Creating A Vision For Your Business
23What Do You Want To Accomplish
24Take A Leap Of Faith
25Refine Your Vision
26Products That Sell
27Identify Pricing Strategies
28Portrait Pricing Strategy Example
29Album Pricing Strategy Example
30Online Pricing Strategy Example
31Fine Art Prints Pricing Strategy Example
32Packages Pricing Strategy Example
33Sales Strategies Overview
34Portrait Sales Session Overview
35Sales Strategy for Portrait Sales
36How to Present Images to Client
37Sales Strategy for Wedding Sales
38Album Pre-Design
39Marketing: Define Yourself
40Who is Your Ideal Client?
41Who is Your Ideal Partner?
42How to Start a Partner Business Relationship
43Marketing Strategies that Work
44Product Lines: Business Plan Part One
45Workload: Business Plan Part Two
46Sessions: Business Plan Part Three
47Expenses: Business Plan Part Four
48Clients: Business Plan Part Five