3 Pricing Strategies To Increase Your Profits
The psychology of selling and pricing is often times the most difficult thing to master as a creative. This is also typically one of the weakest links in a photographers tool bag. In an ever increasing market of great photographers it’s paramount to master your sales approach and work your business plan.
Photography Pricing Tips – Video
In this video, Spencer Lum from Ground Glass, dives into the pricing strategies for wedding photographers and provides 3 detailed techniques he uses to to add value to his products and services as a photographer.
The one thing that I couldn’t agree with more is his approach to line items and his advice to eliminate them. In my days as an event photographer, the quickest thing I learned was that people would instantly look at things to cut out in order to bring the cost down. In the beginning I thought it was a justifiable way to show what my client was getting but more times than not, adding in extra line items for things like File Transfer/Delivery or even “Gear Rental” on bigger shoots was just a way to show the client that you knew how to “nickel and dime” them.
What Are Your Thoughts on this Pricing Strategy?
How do you add value to your product or service? What does your pricing strategy look like?