What's Your Pricing Philosophy?

[Eoseni]

Dear friends,
For those of us who are in the wedding business for a living, this is crucial. Please expand on what HAS worked to your satisfaction and success...

OR continue to be your struggles (if any) over the years when it comes to pricing your packages to meet your goals.

What's the philosophy behind your pricing decisions? And what has WORKED?

Some to get your thinking going:

1. Research area competition, target income group etc.
2. Price to Value (Perceived Value, that is. Usually for those with reputations already, like David Jay.)
3. Undercut everyone. (yuk!)
4. Cost calculator, crunch the numbers.
5. All others...

Probably covered before, I know, but ... do i need to apologize?

[coreypolis]

Master Colon and Pictage teamed up to offer a FREE webinar today that discussed his pricing strategy!

I had the opportunity to intern with Mike this year but I still try to hear him every time he speaks because I always learn something new! He is one of the most humble and wise men I know who exudes a lovecat mentality to its fullest!

Anyway, I took alot of notes so I thought I would jump on and share some highlights of his pricing strategy for all ya'all who couldnt attend.


1. Your highest package should be designed to make your lowest package appear less valuable...dont sell your self short in this area!!

2. Always be more expensive because price gives the perecption of quality and sets you apart for photographers in the same market

3. When pricing your products. Colon chooses to price at 5x's the actual cost. For example... If a print and frame costs you $100 from the store, your retail price should be $500. The breakdown of this is as follows...
$100-actual cost
$200- your cost
$300- close family/friend discount
$400- generosity discount
$500- Retail Price

4. Think Long term credibility!! This means holding fast to your pricing!! Pick up odd jobs if you have to, to make ends meet ( ie family portraits etc) but you need to be comfortable with losing a potential client if they cant afford you. This will create credibility for you amoung other photographers. Think of it this way... If a bride can't afford you and starts shopping around for other photographers... she will say something like " I really wanted Mike Colon but he was too expensive". This establishes yourself in the industry and minds of area photographers by creating a "prestige":)

5.The industry is becoming saturated with Photographers so you need to focus on branding and marketing yourself. That way you are not competeing based on price but rather reputation and selling yourself.

6.Make sure your pricing reflects your target market. Dont assume that just because you personally couldnt afford to pay your fees for wedding photography that other people can't. Essentially, dont base your prices on what you can afford...you must break free from that mindset of you will never get ahead.

7. And my favorite Mike Colon quote that I often repeat.... "Get in over your head and swim to the top"!!

These are just some highlighted points that I found valuable Pictage has recorded the hour-long webinar and will be made available FOR FREE for Pictage users in the near future...


Summary from a Mike Colon Pictage webinar

[Eoseni]

Good advice Corey, thanks.
I like the efficacy of NO.1. I will put that into practice...

Now let's hear it from the rest of you...

[JaertX]

the Mikon Colon webinar was a great listen, btw. It is available under "recorded events" at this link:
https://pictageevents.webex.com/mw0303l//mywebex/default.do?siteurl=pictageevents

I'm not completely sure that this link will work if you're not a registered pictage user. He has a blog, so he might have it available there too. Well worth 1 hour of your time.

[nhbilly]

thanks for the question and the pointer