Chris...this is kind of a delayed response to something we were talking about at Bogarts. When you said you knew you lost clients because your prices weren't high enough...how did you know? Did they tell you that...or did they end up going with someone more expensive? Just curious.

I'm constantly torn with my pricing as well...

Ciao! mj

Well, I don't "know" for sure, but I had a mother of a friend "highly" recommend me to one of her close friends and she didn't end up going with me. This particular mother is from a pretty well off family (and whose friends are in similar circles), and she had mentioned that she thought that had probably been the case. It's like we mentioned at Bogarts though, that when people want "the best" and they are willing to pay for it they assume that someone at $4,000 is automatically better than someone at $2,000. It's a tough line to walk since you don't want to loose lower end potential clients who are still willing to pay $2,000. Pricing yourself out of weddings isn't a good choice either....

I think (as doctor DJ has mentioned) always raising your prices is a good move. I just raised mine right last week right before our wedding season starts this weekend.

On another note with that same topic, I think it's good to always just overprice yourself from where you think you ought to be. When I raised my prices this last week I put them JUST a tad higher than where I really thought I was. I did this so that it would really motivate me internally to get to that place, and believe it or not....it's really worked! (at least for me...) But if you say for instance that you think you should be at like $1,500 make your price about $1,900. That way you're not SOO out of your leauge that your loosing clients really, and that your talent/experience doesn't match your price, but you've set the bar high enough that it makes you work just a little bit to get yourself to that level....

hope that helps...

Chris what you said on your post about losing clients because of a lower fee scale is so correct.
When I started my business I decided right away that I did not want to cater to the rich only. My goal was to make my art affordable to everyone. Boy was I wrong!
When my prices were lower my phone never rang. Then when I placed my ad with the knot.com the representative (who was wonderful) suggested raising my prices. She explained that when most brides see a lower price they automatically assume your work must be garbage.
So I did raise my prices.. Not only a few dollars but triple what they were.
New price bracket and the phone hasn't stopped ringing since.
Go figure..
My only question really about this pricing issue is when you do raise your prices how do you determine how much each year?
$100 $500 $1000???

Off the above subject- I’m so jealous I couldn’t be at Bogart’s with everyone. It sounded like you all learned allot and had a great time.

Take care,
Linda

Thanks Chris and Linda. Your insight is so helpful. I think for me it is all a confidence issue...But, it seems that knowing your value is the secret to success in this business. I've heard many times (thanks DJ ) that people aren't buying your photographs, they're buying you and your vision...if you look at it that way, there is really no price high enough!!

Something to ponder I suppose...

Thanks again. mj

QUOTE (MusicMan)

That way you're not SOO out of your leauge that you're losing clients and that your talent/experience doesn't match your price...

You're right on about not wanting to get too much separation between your *value* and your price because as Harry Beckwith says "the further the gap between expectation and reality the higher the probability of unsatisfied clients" ...but remember that your value is determined by MUCH MUCH More than just your talent and experience!

...a great indicator of how well you're pricing yourself is by what % of people who contact you can not afford you. A rule of thumb I've heard is you should be turning away at least 20%. In my first two years I had one client who I met with NOT book me...RED FLAG!!! So we made a big jump this year and our % of people who contact us and can't afford us has shot way up.

How much risk can you afford to take?

QUOTE

I've heard many times - thanks DJ - that people aren't buying your photographs, they're buying you and your vision

That's exactly right Janey!!!

Another key to marketing is to DEFINE WHAT BUSINESS YOU'RE IN! Are you simply someone producing wedding photos? ...there are thousands of people who can do that...or are you selling the ability to remember! The ability to experience again - to relive the emotions they felt on their wedding day! (without spending another $100k).

- if this is what you're selling then you're right - there is no price too high!

I've raised my prices twice in the past month, and I currently (knock on wood) have a 100% booking rate (9 out of 9). I'm doint a bridal show this coming Sunday, should I raise prices again before the show???

"Are you simply someone producing wedding photos? ...there are thousands of people who can do that...or are you selling the ability to remember! The ability to experience again - to relive the emotions they felt on their wedding day!" DJ



Dang DJ I just read that to AVG and man you gave me the chills! You pretty much summed up why we are doing this!! Man your a pro!


P.S. I can't do the little quote box?

QUOTE (TREW @ Mar 7 2005, 11:21 AM)

P.S. I can't do the little quote box?

Just hit the "quote post" next to the message on the top right hand side.

QUOTE (Musicmanchris @ Mar 7 2005, 11:40 AM)

QUOTE (TREW @ Mar 7 2005, 11:21 AM) P.S. I can't do the little quote box? Just hit the "quote post" next to the message on the top right hand side.

thanks Chris you are soooooo smart!!!
Tricia