Pricing can be a challenge for photographers, but there are tips and tricks to make the process easier. We’ve discussed the importance of calculating your cost of doing business to price for profit, but once you’ve realized what you need to make on every shoot to break even (at a bare minimum), there’s still work to do.
Clients don’t all have the same needs or budgets, so offering a variety of options can help maximize the number of people who can book with you. However, there are ways to help steer clients toward one package that you’ve crafted to provide the best ROI for your business. Psychology and marketing expert Nick Kolenda offers up his advice on the topic in a YouTube video you can find at the end of this article.
Kolenda says that it’s natural to create options that contain an equal value to the client at varying price points, but in actuality that makes it more difficult for the client to choose. The more brainpower they have to use to make their decision, the less likely you are to get the sale at all, according to Kolenda. If you craft one package to contain the best value and if that package also happens to have the best profit margin for you, you’re doing it right.
For those who don’t yet have stable pricing, a potential client asking for rates can send chills down your spine. Kolenda’s approach allows you to respond with options to any inquiry that are tailored to allow you to both make it easier for clients to choose to work with you, and for you to make the money you need to to stay in business.
Check out the video below to hear Nick Kolenda explain the theory and how to use it to help your business.
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