December 2020 // The How-to Edition

REVAMP YOUR PRICES

This is the easiest thing for photographers to do that will have the biggest impact after the other steps above are taken. You can’t be a luxury brand if you are not charging luxury prices, period. Hard stop. There is no way around it. One of the first questions that you will be asked when you connect with some of the vendors I listed above is, “What do you charge?” Instinctively you might try to give them the lowest prices possible… That is a huge mistake. There is a strategic advantage to being the most expensive vendor in your area. There is literally no advantage to being the second most expensive. Having a luxury price point will allow you to command more perceived value in your market. If your work follows, you can be sure that you will set the correct expectations of your business. You have to be careful here, because you still need cashflow to operate, so you don’t want to lose too much business. The way we do this is to have a starting price slightly higher than average, and then structure our business to offer a lot more value as clients step up through our packages. This could result in us doubling or tripling our sales numbers throughout the client journey with us, offering more value every single time.

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