9. PRICING FOR PROFITABILITY
You can have great products, but if you don’t price them appropriately, you will likely fail. Pricing is a balance between art and math. Yes, each item must be evaluated for the cost of goods but also for the perceived value. Finding the balance is the ultimate goal. As to not confuse our clients, we offer collections with three options: an individual portrait, a composite, or a cluster grouping. Each collection has gift prints and an album option. We maximize our sales through items such as sports composites and art pieces.
We offer various levels of incentives. For example, if a client purchases $2,000 in portraits, they receive three accordion albums. If a client purchases $3,500 in portraits, they receive an acrylic block. And with $5,000 in portraits our clients receive a Folio Box, which features matted images with a crystal USB preserving 20 full-resolution digital files. These incentives have significantly increased our sales averages.
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