Profitable Pricing

Lesson 2/3 - Bonus Video: Evaluating Your Market


Profitable Pricing


Lesson Info

Bonus Video: Evaluating Your Market

Hi, my name is jarod bombing and this is how to evaluate your market, so when you're evaluating your market as you create your price and it's important to look at two distinct aspects, the first is to evaluate your local market, and the second is to evaluate your ideal market. First off, let's, look at your local market now I talked about in the course how you do not want to base your pricing on anybody else other than yourself. You want to identify your goals, your metrics and use those to build good pricing. However, even though that's the case and that still reigns supreme, you do need to take into consideration your local market. You can't just charge whatever you want based on some extraneous goal that doesn't have any relation to that local market. You have to look at your local market and at least make sure that what you're trying to do with your pricing pairs well with your local market. For example, if you want to eventually shoot ten weddings and make one hundred thousand dol...

lars in the year, you might not be in a market that currently support making an average of ten thousand dollars a wedding, you might be in a market that supports two thousand dollars a wedding, and so, while you never want to base your pricing entirely on the local market, you have to look at your market and make sure that what your goals and your metrics are dictating for your pricing, make sure that lines up with what your local market has again. Don't base your pricing on it never have used that as a starting point, but when you're done creating the pricing based on what we talked about the workshop, look back and evaluate, make sure that it matches up well with your with your local market. The second is your ideal market now your ideal market might not be where you are right now and again, we're not talking geography here, we're talking, who you want to work with and how much you want to charge that client that's your ideal market, your pricing right now might not be the right pricing for your ideal market, but what you want to keep in mind after you've built your pricing is how that correlates with your ideal market, your ideal market. How much you want to charge for your products, how much you want to try to your services and where you want to be. Make sure you can get to that ideal market without compromising what you're charging right now continue to look at and evaluate this price and that you've created and compare it to what you want your ideal market to be. Because where you're at right now might not be exactly where you want to be, but you don't want to put yourself in a hole by pressing yourself in a position that you can never end up getting to. One of the things I learned right off the bat when I started off in photography was I charged way too little and I'm talking drastically too low, and so it became really hard when I identified my ideal market to get to that market. It became really hard to transition my pricing and to build new pricing based on that. If I had just stopped and taken my pricing and compared it up against where I wanted to be down the road, I could have adjusted a little bit to make sure that pricing could be related to my ideal market down the road. So again, is you're looking to continue from the course and build on what we talked about build successful price, and it makes sense for your clients is clear and simple. You need to continue to evaluate those two other components, your ideal market and your local market. This is jared bombing, and this has been evaluating your market.

Class Description

Pricing your photography is one of the most important tasks in your business, but where do you start? Join Jared Bauman to learn the essential fundamentals of pricing your work, including what to look for and how to build.

Jared will walk you through the different aspects to consider when creating your pricing, and identify which method is best for you: Packages or a la carte. After just 90 minutes, you'll understand which type of pricing is right for your photography services and have detailed steps to get started.