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Creating Your Ideal Photography Business

Lesson 10 of 48

Minimum Purchase And Incentives Pricing Strategy

Kathy Holcombe

Creating Your Ideal Photography Business

Kathy Holcombe

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Lesson Info

10. Minimum Purchase And Incentives Pricing Strategy

Lessons

Class Trailer
1

Class Introduction

07:01
2

How To Price Your Products

05:01
3

Which Products Will You Offer

13:14
4

Methods For Pricing

10:38
5

Mark Up Factors On Products

05:46
6

What Is Your Per Hour Figure

04:45
7

What Is The Feasibility Of A Product

11:28
8

Target Sales Average

08:04
9

Session Fees Pricing Strategy

09:48
10

Minimum Purchase And Incentives Pricing Strategy

05:53
11

Bundling Pricing Strategy

25:47
12

Pre-Design Pricing Strategy

10:33
13

Album Pricing Strategies

10:33
14

Example Pricing List

17:33
15

Business Basics Overview

07:07
16

Tracking Product Lines In Your Business

14:01
17

Track Your Session Counts

07:19
18

Know Your Sales Average

06:41
19

Importance Of Data Analysis

10:14
20

Overview Of Costs

13:46
21

Professional Photographers Of America Benchmark Survey

18:57
22

Creating A Vision For Your Business

08:25
23

What Do You Want To Accomplish

13:31
24

Take A Leap Of Faith

20:19
25

Refine Your Vision

12:44
26

Products That Sell

07:48
27

Identify Pricing Strategies

03:03
28

Portrait Pricing Strategy Example

15:57
29

Album Pricing Strategy Example

09:21
30

Online Pricing Strategy Example

08:21
31

Fine Art Prints Pricing Strategy Example

05:54
32

Packages Pricing Strategy Example

12:39
33

Sales Strategies Overview

05:45
34

Portrait Sales Session Overview

05:34
35

Sales Strategy for Portrait Sales

22:56
36

How to Present Images to Client

23:03
37

Sales Strategy for Wedding Sales

09:49
38

Album Pre-Design

18:51
39

Marketing: Define Yourself

12:55
40

Who is Your Ideal Client?

05:12
41

Who is Your Ideal Partner?

03:27
42

How to Start a Partner Business Relationship

08:29
43

Marketing Strategies that Work

17:10
44

Product Lines: Business Plan Part One

09:07
45

Workload: Business Plan Part Two

08:23
46

Sessions: Business Plan Part Three

16:06
47

Expenses: Business Plan Part Four

11:14
48

Clients: Business Plan Part Five

05:29

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

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 
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. 

Class Materials

Bonus Materials

Business Plan Worksheet

Expense Worksheet

Sales Averages by Product Line Worksheet

Sales Projections by Product Line Worksheet

Session Count Worksheet

Bonus Materials with Purchase

Art of the Sale Book

Creating a Vision Workbook

Ratings and Reviews

Student Work

Related Classes

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.