Pricing Fears & Myths
Pricing, Its methodology and psychology. This is a, this is a good one. So now we are here in creating the product. We're still in that weeks five to eight period under product development where we start finalizing our overall pricing packages, which you're gonna jump into the worksheet six and we'll get to that in a minute. But first, pricing fears and myths. There's only one right way to price. This is just simply incorrect, inaccurate. So I'm gonna say forget that altogether. We're gonna learn how to price and there's gonna be varying like degrees of right and not really wrong just different. How many times have you heard this though? That's too much. I can't charge that. What if I can't afford that? This is you. Okay these are your own fears of that's too much. You mean for you? When you say that's too much, are you saying, Sharon right?
If your client comes but you have the perception that your own price is too much, whose fear is gonna be communicating through that meeti...
Yeah, and it has nothing to do with your clients. And your, this is the crappy part about sales, that this is where sales has to begin with yourself. Because you can't sell when you think something is too much. Or I can't charge that because hey I can't buy what I'm charging. That's gonna be another one of those things that you guys try and overcome. It was one that I faced. I can't afford $4,000. Why would a client ever be pay that? You might not be able to afford yourself right now, but you will. One day you will. And if you ask yourself whether that is right or wrong, let me give you a simple question. Let's go back to Louis Vuitton. We love Louis Vuitton. Not really, I mean I, they do make nice stuff, let's be honest. (audience laughing) How many of their employees do you think can buy their own purses? Raise your hand if you think a Louis Vuitton employee could buy their own purse. Wow. Yet you're gonna devalue yourself constantly because you can't buy your own product, and therefore you're gonna have these preconceptions of therefore I can't sell at that price. Let's start to work on that now. This is what I want you to think. This is the only right when it comes to pricing. At any price, I'm a value for what I offer. Right now my minimum in 2017-2018 is 10, okay. For me and for what I feel I'm bringing to the table, I think it's a good value. For the experience that I offer to my clients and the personal nature, it's a good value. And my clients would agree. Maybe all of you guys are like well your pictures are just marginally better. But that's you guys. That's everybody else. That's a photographer. That's not your clients. Because you could say the exact same thing about the purses or the exact same thing about the Bentley. Is a Bentley six times more valuable than a Mercedes Benz? Do you think they're using components that are six times better? No, maybe 20, 30, 40% better. It's all marginal. It's simply brand perception and the overall experience, and you could say the same thing about purses. They're not using leather made from golden cows at Louis Vuitton. They should be for $6,000 for a freakin purse. (audience laughing) I should get golden cow leather. But you don't. It's the same leather that you get in a Coach bag. This is what's false. Be weary of anybody with a guarantee like this. Take this workshop and you can book $10,000 weddings. No, I'm gonna be straightforward with you. You will book 10,000 weddings, $10,000 weddings. In multiple years over time you will build to that. It will take you time to get there. But whether it comes to SEO, I'm gonna guarantee you on the front page of Google, I'm gonna promise that you're gonna do this right after doing this. Just walk away from all of it. That goes back to our expectations of one of the big reasons you're gonna jump into newborn photography and you're gonna quit. You're gonna jump into shooting maternity, and you're gonna quit. You're gonna jump into families, and you're gonna quit. Because you have this expectation set by social media marketing and all the marketing messages that you're gonna get, and when you jump in and you realize that those expectations are false, you're setting yourself up for a big disappointment and then you just simply drop it. This course can help you to get to $10,000 wedding bookings. That's absolutely right. We will help you. Clients won't pay that in my area. Well freak man, go market in another area. There's plenty of clients out there, and just because you live somewhere, doesn't mean that you're stuck shooting there. Not to mention, I'll probably guarantee that if clients aren't willing to pay that in your area, you probably just aren't getting to the right clients. I will say that there are some areas that just don't have enough clients willing to spend a certain level of money. Doesn't mean you still can't make a good income. It just means that perhaps you market yourself as a destination, travel, adventure or some other photographer. Get out of that market. Market to a different, create a different experience, and then market to people that will appreciate that experience. Oh I love this one. Clients won't pay that for my service. You're absolutely right. Yeah they won't pay that for your service. If you say it, you're right. We all buy luxury in the areas that we value. And I want you to, because I've had so many clients, I had so many photographers in workshops say those words to me, these words. They just won't pay that for my service. You're right. Lee if you came to me and you said that, you're right. Like if that's what you believe, there's nothing I can do to convince you otherwise. So we're gonna, I'm gonna play some tricks on you guys which is gonna be really fun. But these deep set fears, they are real, okay. You look at this and you go, I value myself. I'm good. And it's gonna bite you in the ass. Because you're gonna go into your meeting and you're gonna say things subconsciously that reveal your fears. We talked about this previously. We all buy luxury in the areas we value. We said that you would probably spend $10, on a dream vacation and trip. Well you're also a travel hacker, so, you know how to do everything. (audience laughing) But if it came down to something that you really wanted and it was in the area of travel and adventure, you would spend your money for it. So what are the things that each of you appreciate and would spend? Raise your hand right now and blurt out. Look if you got more than one word, grab the mic. (audience laughing) If you got one word, say it. What is an area that you would spend luxury type money on to have?
A car, okay, wonderful.
I love cars. (laughing) What?
Sunglasses. (laughing) Sunglasses, travel.
Kayak, there you go.
Food, I love food. I mean these are all areas, and you start identifying going backwards and you're like, man, I spend a lot of money on a lotta stuff. I would, I mean the kayak I probably wouldn't, but everything else that. (audience laughing) I'm just kidding. Does that give you a little more peace and comfort in kind of knowing like, it's okay, we all spend money on things that we value. Because what we're gonna be working on through the rest of this class is building that value for your clients before you present the price.