Greetings to all,
Some of my work involves event photography. Where a large portion of sales comes from my websight.
To create urgency I have been considering having a reduced price for the first 2 weeks of posting.Before regular prices go in to effect. In addition I have also done with some sucess a "sale" during the holidays or off season. Given the economy I think this might be a solution to sagging sales.
Has anyone out there have any experience with this approach??
Thanks,
Mark
Unless you are different than most, you will see very few web sales after the first two weeks. If they don't buy in that time, chances are they won't.
If that is true of your business, your plan to reduce the sales for the first two weeks is the exact opposite of what I would do...higher at first, then lower.
nathanlake wrote:
Unless you are different than most, you will see very few web sales after the first two weeks. If they don't buy in that time, chances are they won't.
If that is true of your business, your plan to reduce the sales for the first two weeks is the exact opposite of what I would do...higher at first, then lower.
If you are having repeat clients then this model will inevitably cause them to put off purchasing until the price goes down. I think handing out flyers when the shots are taken saying "20% off for 2 weeks only" or something similar will encourage people to buy sooner, and the though of a bargain may encourage more sales.
Kevin Godfrey wrote:
If you are having repeat clients then this model will inevitably cause them to put off purchasing until the price goes down. I think handing out flyers when the shots are taken saying "20% off for 2 weeks only" or something similar will encourage people to buy sooner, and the though of a bargain may encourage more sales.
Kevin
If I were to implement this policy, I would not advertise it. Most people that buy event photos from a website buy in the first two weeks or not at all. Dropping the price later on might bring in a few more purchases, but I would not count on it. That is why I don't bother with changing the prices over time.
Well I agree with Kevin. Incentives for early purchase has worked for almost everything. Urgency to save money is powerful. Most of my clients are repeat. So the 20% thing is what I was considering.
I do packages & large purchase discounts. They have some appear. But my goal is to get sales quick. High prices work for things like an Iphone because it is new and in short supply. Some just can't wait and have to have it NOW. But this is not the majority. Once people see that the price drops in a few weeks they will wait.
My clients tend to wait till the end of their season and buy the "best" ones.
There is no clear answer because it involves human nature.
Thanks for the input.
Mark
markedman wrote:
High prices work for things like an Iphone because it is new and in short supply. Some just can't wait and have to have it NOW. But this is not the majority.
Well, not really, as it is well-known that the iPhone did not drop in price after Apple solved its issues with production shortages. The Iphone has a high price because it has a lot of perceived value, both extrinsically (in terms of the phone's technical capabilities) and intrinsically (people value the Apple brand for its quality and trendiness).
Apple drove down the price of the second iPhone for a variety of reasons (such as reduced cost of manufacture) but demand was not really one of them (if anything, Apple lowered its price in a response to increased demand).
Perhaps the Iphone is not the best example. But people will respond to what they perceive as an opportunity. Weather it is for a limited supply of a toy for christmas , concert tickets or a money saving conditional sale.
