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Old 22nd of March 2012 (Thu)   #46
memoriesoftomorrow
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Default Re: What % of your expected 2012 weddings have you already booked?

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Sounds like it's time to raise prices.
I raised them at New Year and am yet to be able to determine what effect they will have on bookings as those increase mainly revolve around 2013 bookings.

I'm actually on the threshold for what most people are prepared to pay for the product that I offer. Without changing the product in some way (namely the album type) any significant price rise isn't really feasible.

A 2.9% price rise $100 per package would generate an extra $3500 (max) in income . However losing more than one booking as a result would negate any financial benefit. As my average client package spend is about $3500-$3700 and only about 1 in 5 spend over $4000 within the Australian market I'm about at the limit for the moment.

A 5% price rise would push the packages too high and cause me to lose out on where my main purchasing demographic sits as far as what they are prepared to spend.

I'm going to be looking into some new packages for next year where I can change things up a little and also cater for the higher end of the market.

Whilst the demand for "me" is high that is also because of the price point that I currently sit at. Raising the price point would seriously alter demand based on the average spending habits of the market.

I hope that makes sense...
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Old 22nd of March 2012 (Thu)   #47
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Default Re: What % of your expected 2012 weddings have you already booked?

an experiment I'm trying for 2013...
normal pricing for the Summer months
reduced pricing for the months I typically get less work

I don't typically get a lot of tire kickers for the off-months, maybe I'll get more of those, and maybe a few more bookings... will have to look back a year from now to see if there was any impact
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Old 22nd of March 2012 (Thu)   #48
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Default Re: What % of your expected 2012 weddings have you already booked?

I shot 2 this year and I have 8 booked for the remainder of the year and 2 booked for 2013.
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Old 22nd of March 2012 (Thu)   #49
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Default Re: What % of your expected 2012 weddings have you already booked?

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Originally Posted by memoriesoftomorrow View Post
I raised them at New Year and am yet to be able to determine what effect they will have on bookings as those increase mainly revolve around 2013 bookings.

I'm actually on the threshold for what most people are prepared to pay for the product that I offer. Without changing the product in some way (namely the album type) any significant price rise isn't really feasible.

A 2.9% price rise $100 per package would generate an extra $3500 (max) in income . However losing more than one booking as a result would negate any financial benefit. As my average client package spend is about $3500-$3700 and only about 1 in 5 spend over $4000 within the Australian market I'm about at the limit for the moment.

A 5% price rise would push the packages too high and cause me to lose out on where my main purchasing demographic sits as far as what they are prepared to spend.

I'm going to be looking into some new packages for next year where I can change things up a little and also cater for the higher end of the market.

Whilst the demand for "me" is high that is also because of the price point that I currently sit at. Raising the price point would seriously alter demand based on the average spending habits of the market.

I hope that makes sense...

I understand completely. You have done your homework well Grasshopper. Robert wayne. We are similarly prices for the clients we market to. We consulted with some industry experts that gather and compute all the numbers and we have also sat on 2 bridal panels to get real feedback. You have to know what the numbers are for your market. In My area, average money spent for a complete wedding total costs is $22600.00. When the numbers are actually broken down, we market to 81% of the brides budgets for photography services. And of that 81% we book, we book in the 90% upper end of the budget.

WE could raise our prices but the fact is 81% of the market is going to spend B/T point A and point B. So if raising your prices takes you out of the spending market..your going to harm your business and book less business. I like that im busy and it allows me to be a bit more selective about what and who we book. We have some really awesome opportunities this season with some very creative brides. So raising the prices is not the answer, building value into the packages ,,like you are doing,,keeps you in the upper end of the budget range for most bridal photography budgets. Peter, sounds like you have done your homework. Good for you.
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Last edited by umphotography : 22nd of March 2012 (Thu) at 11:39.
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Old 22nd of March 2012 (Thu)   #50
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Default Re: What % of your expected 2012 weddings have you already booked?

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I shot 10 in 2011, which was my first year shooting weddings. Hoping to ramp up to 15 or so at a higher price point for 2012 now that I've built up a good kit and better portfolio. I've got 8 booked so far, but 4 are for friends or friend of friends so they're slightly discounted. So I guess I'm 50% there-ish.
I shot my first 2012 wedding this past weekend and have 15 booked for the remainder of the year. and 3 booked for 2013... things are looking good and I'm hoping to be in a position to go full time for the 2013 season.
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Old 22nd of March 2012 (Thu)   #51
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Default Re: What % of your expected 2012 weddings have you already booked?

Just to add another point... raising prices without considering the implications could not only have negative connotations with regards to booking less and hurting profit, but if you do make price increases when the market can't sustain them you are faced with having to lower your prices back to their original levels...

That will hurt you... any client booked at the higher price will not be very happy... any potential client who has been watching your prices will have the perception you are just after making as much money as possible. The only real recovery from that point is to change what your packages include (effectively making new packages) so you can set a lower price and recover the bookings you had lost.

I've seen a few people on the forum with the blanket advice that if you are booking out it is time to raise your prices and taken on its own... without considering other factors, building value, market share, spending power, impact on bottom line, some sort of risk analysis etc it is bad advice.
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Old 22nd of March 2012 (Thu)   #52
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Default Re: What % of your expected 2012 weddings have you already booked?

[quote=dho81;14132726]I shot my first 2012 wedding this past weekend and have 15 booked for the remainder of the year. and 3 booked for 2013... things are looking good and I'm hoping to be in a position to go full time for the 2013 season.[/QUO

You have done a lot of second shooting? I see a lot of different brides in your port. Nice work by the way
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Old 22nd of March 2012 (Thu)   #53
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Default Re: What % of your expected 2012 weddings have you already booked?

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Quote:
Originally Posted by dho81 View Post
I shot my first 2012 wedding this past weekend and have 15 booked for the remainder of the year. and 3 booked for 2013... things are looking good and I'm hoping to be in a position to go full time for the 2013 season.
You have done a lot of second shooting? I see a lot of different brides in your port. Nice work by the way
Thanks--I only 2nd shot twice. But I shot about 10 weddings last year when I started and totally loved it...
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Old 22nd of March 2012 (Thu)   #54
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Default Re: What % of your expected 2012 weddings have you already booked?

Update... Well, I've shot three so far this year, have one more before summer, one after summer. That's it so far. But, still not booking June-August which means I've turned down about a dozen, so I'm pretty much on target for the year. I also didn't do that bridal show in January which is where I planned to get the last of my weddings, so now I'm just floating off of referrals, which I don't have many of since we're new to the area. I've recently gotten in as the primary shooter for two venues, one active and one is going to start hosting events in September 2012. That should give me a few more in the fall/winter.

I also have two 2013's on the books now. Aiming for 15 in 2013 because I won't have a summer commitment unless I lose my mind again.
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Old 26th of March 2012 (Mon)   #55
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Default Re: What % of your expected 2012 weddings have you already booked?

I'm at 34 for this year and I like to keep it under 40 max.
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Old 27th of March 2012 (Tue)   #56
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Default Re: What % of your expected 2012 weddings have you already booked?

I'm very much part time stil:-

2010 - 2 weddings
2011 - 4 weddings
2012 - 3weddings booked so far, in talks with a further 2 couples.
2013 - in talks with 3couples so far, i'd like to be doing 10per year by next year.
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Old 27th of March 2012 (Tue)   #57
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Default Re: What % of your expected 2012 weddings have you already booked?

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I'm at 34 for this year and I like to keep it under 40 max.
So you are the one who is getting my potential clients
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Old 27th of March 2012 (Tue)   #58
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Default Re: What % of your expected 2012 weddings have you already booked?

Update:

I expect to have at least 10 booked for 2013 by the end of next week and at least 30% (12-13) booked for 2013 by the end of April. With 2012 effectively fully booked my focus is on next year now.

Last edited by memoriesoftomorrow : 27th of March 2012 (Tue) at 12:21.
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Old 27th of March 2012 (Tue)   #59
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Default Re: What % of your expected 2012 weddings have you already booked?

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Update:

I expect to have at least 10 booked for 2013 by the end of next week and at least 30% (12-13) booked for 2013 by the end of April. With 2012 effectively fully booked my focus is on next year now.
Wow Australia is kicking ass
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Old 27th of March 2012 (Tue)   #60
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Default Re: What % of your expected 2012 weddings have you already booked?

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Update:

I expect to have at least 10 booked for 2013 by the end of next week and at least 30% (12-13) booked for 2013 by the end of April. With 2012 effectively fully booked my focus is on next year now.
I just booked my 9th summer 2013 wedding...
I have quite a few weekends still available at the end of 2012 - but my wife is now telling me that she's going on holidays for some of those weeks, and it's up to me if I want to go along with her, or stay home and work more weddings...
I think I'm going south for at least 2 weeks now...
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