jcolman wrote:
I added a bit of extra wording to my explanation of the package. Maybe I'll take it down but I thought it was fun and different.
You're not using pricing correctly as a strategy there. All you've done there is merely put up a bunch of prices with what you deem as humor. That's not likely to get you your intended outcome.
Joogy wrote:
You're not using pricing correctly as a strategy there. All you've done there is merely put up a bunch of prices with what you deem as humor. That's not likely to get you your intended outcome.
you have to be able to put yourself in someone else's shoes, in this case the potential clients'. perception is everything. if you think a client would want to see that, then you don't actually possess the ability to look at things from another perspective (yet).
you need to start thinking of the words corny and cheesy and make sure you are doing the opposite of that...
I see your point. I've had that "package" on my price sheet for a month and a few brides have gotten a good laugh out of it, but it's not doing me any favors.
Off it comes.
edit: btw, that $47k package came with a 12 x 12-50 page diamond encrusted monogram platinum album wrapped in ostrich leather. It's a real album. Starting price is $10k.
1 - base investment. can't take any less to make what i want. I usually upsell the clients looking here to tier 2 or 3.
2 - moderate investment. still, barely anything substantial product wise. added and perceived value gains from non-printed material.
3 - high-profit investment. this is where I want most of my clients (and most end up here). middle of the road. strong perceived value gains from minimal expenses on my end.
4 - high-end profit investment. where the clients used to top tier product in other forms of life (cars, clothing, etc) usually look to perceived value of higher end albums / products.
5 - baller investment. adds value to everything below it. occasionally it'l be booked, I always buy myself sometime nice when this happens.
it's all about thinking they're getting more bang for their buck as they go up the pricing ladder, but in reality, I'm gaining a substantially larger % of profits as they spend more money.
What do you guys think of having two independent brands, a high-end brand, and a low-end brand?
Hear me out. If you suddenly increase your prices dramatically, it might be viewed like, "the brand is the same, the work is the same, and the products are the same, but he just wants to make twice as much."
Wouldn't it make more sense to create another high-end brand (something like a sister company), where you can start over and market it as a luxury brand?
I mean how would you feel if Wal-Mart suddenly doubled their prices..
If I wanted to increase the prices and aim at high-end, do you guys recommend a new name, brand, image, website, etc. or should i just stick with the same ?
or maybe keep the name and change everything else ??
almost 90% of my business comes via word-of-mouth. I'm afraid if I change the name that
I risk losing a lot.
Jcolman, I'd bring down that price point for the package, but not the package itself.
Figure out a way to offer say a $9000 package and name it the same. Something a client might actually be interested in purchasing. $47,000 is a bit absurd, but a super high end package under 10k might actually be something a client is willing to purchase.
Jed,
I actually changed my name (website, not company) to split off my personal work from my business work. Originally when I started, I had everything lumped together. I hadn't shot weddings before so I needed any work I had to showcase that I was at least competent with a camera. Once my bookings increased, it was much easier to just make a new name than to try and remove past posts and the perception former clients had of my work. If you work off of word of mouth as a main component of future business, you are pretty accurate when you said, "brand is the same, work is the same, product is the same".
For me, it was easier to start over under a new name, new look for the site, new focus towards the photos I wanted to show, basically an updated brand. I wasn't too heavily invested in my previous brand, so it may have been easier for me to accomplish than it might be for you.
monoatomic72 wrote:
Jcolman, I'd bring down that price point for the package, but not the package itself.
Figure out a way to offer say a $9000 package and name it the same. Something a client might actually be interested in purchasing. $47,000 is a bit absurd, but a super high end package under 10k might actually be something a client is willing to purchase.
Thanks for the advice. I've decided to drop it altogether. Originally I thought it would be fun to have an "unobtainium" package that included three days of photography coverage anywhere in the world plus a jewel encrusted album. It wasn't ever meant to be a "real" package but I had to price it realistic just in case someone took me up on the offer and had their wedding at the south pole.
PatFurey89 wrote:
Why would you even consider aiming for low-end, man?
Pat,
There is someone in our market that I know well who does this (and she is wildly successful). Granted, her high end is already established, so she created a 'low end', separate company and has associates work for her. She is raking it in.
I only have a problem with the $47,000 collection in relation to the starting price as Kurtis said. Having said that, like the whole Jesh De Whatever thing that blew up this week you shouldn't care at all if other photographers are up in arms about your pricing. If they think it is outrageous, well, good for you.
The difference here is that your starting price betrays your luxury top. Pricing allows you to indicate to a client where you feel the value lies, what a significant amount is to you, where they should see themselves in the variety of your options, etc. Your problem is that you have indicated that you are very cheap, but your products are very expensive. This is not a good value proposition. Products should not be where the value lies.
I think photographers should stop worrying about what people will think when they raise prices. You know what clients think in the unlikely event that they understand the scope of a pricing change? They think that your business must be on fire if you are increasing so much so fast. Better get in while the getting is good. That's how I built my business. Ive had clients that paid $1500 refer $10,000 weddings 2-3 years later. Its a good thing all around. Stop worrying about it and use it to your advantage. And I work entirely by Word of Mouth too - raising prices aggressively helped me.
I only have a problem with the $47,000 collection in relation to the starting price as Kurtis said. Having said that, like the whole Jesh De Whatever thing that blew up this week you shouldn't care at all if other photographers are up in arms about your pricing. If they think it is outrageous, well, good for you.
The difference here is that your starting price betrays your luxury top. Pricing allows you to indicate to a client where you feel the value lies, what a significant amount is to you, where they should see themselves in the variety of your options, etc. Your problem is that you have indicated that you are very cheap, but your products are very expensive. This is not a good value proposition. Products should not be where the value lies.
I think photographers should stop worrying about what people will think when they raise prices. You know what clients think in the unlikely event that they understand the scope of a pricing change? They think that your business must be on fire if you are increasing so much so fast. Better get in while the getting is good. That's how I built my business. Ive had clients that paid $1500 refer $10,000 weddings 2-3 years later. Its a good thing all around. Stop worrying about it and use it to your advantage. And I work entirely by Word of Mouth too - raising prices aggressively helped me.
Thanks TRR. I think that for once I agree with Sergio. Having a $47k package wasn't doing me any favors, even if it was intended as nothing more than a conversation starter.
I did up my rates from my starting price of $1800 to $2100 and I revamped my other offerings as well. My current top package is $5100. Still cheap by your standards but it falls nicely in line with others in my area.
Thanks again for all your advice. Contrary to what you may think, I do listen and learn.
Jim I am trying to help when I say this, but please tell me why a price increase of $300 is significant. I've had farts worth more than $300.
Not only are you cheap by my standards, in Texas, but you are in one of the most expensive markets in the world. A $5 sandwich here is a $15 sandwich there. You are spinning your wheels for very little profit, and why? Do you really care so much about these people you don't know to give then such a deal, or more likely, do you not feel you are worth being paid well? You need more confidence. You have been in the business of making images and video for a very long time and you need to use that to your advantage.
You are on the right track by ceasing the corny bullshit but why is running a profitable business not a top priority?
P.S. You are buying me lunch and/or a drink next time I'm in NYC.
TTLKurtis wrote:
Jim I am trying to help when I say this, but please tell me why a price increase of $300 is significant. I've had farts worth more than $300.
Not only are you cheap by my standards, in Texas, but you are in one of the most expensive markets in the world. A $5 sandwich here is a $15 sandwich there. You are spinning your wheels for very little profit, and why? Do you really care so much about these people you don't know to give then such a deal, or more likely, do you not feel you are worth being paid well? You need more confidence. You have been in the business of making images and video for a very long time and you need to use that to your advantage.
You are on the right track by ceasing the corny bullshit but why is running a profitable business not a top priority?
P.S. You are buying me lunch and/or a drink next time I'm in NYC. ...Show more →
I'd love to buy you lunch next time you're in NYC but I'm in NC, not the big apple. Prices here are not quite the same as NYC,
