Pricing Prints. Formula?

So I'm trying to come up with a way to be able to price prints consistently and easily in case I get asked for an odd ball print size or perhaps a canvas print. Here's what I've come up with so far, what do you guys think?

(Cost of Goods / 20%) + styrene mounting = Price. Price rounded up to the nearest $5 = Final Price.

So essentially- let's assume the COG for a 16x20 is $26.57... (includes print, coating, and a custom DVD for a digital copy of the photo)

$26.57 / 20% = $132.85 + $14.05 = $146.90 Final Price = $150

For a 16x20 canvas, I'm wondering if this formula will work:
$103 / 20% = $515 No need to round up here. Final Price = $515

What do you guys think? Seem a little steep for a canvas print but maybe it's not...I don't know. I've tried finding local photographers online that sell canvas wraps to get a feel for the canvas market but none of them show their price for a canvas.

It really has to be looked at in the larger scheme of things with your total pricing. It often doesn't work well to just apply a formula to everything. If you have a 4x6 for $.59, are you really going to sell it for $3 or $5? Seems a little cheap in most cases.

Overall, I think you are on the right track.

I only do nature stuff and I only offer prints, no matting/frames online. I came up with a formula: area in inches x .$42. So a 12 x 18 print sells for $90 (12 x 18 x .42)....I round it to the nearest $5.

Only two factors really matter in deciding your prices.

1) How much you want to make as a minimum (after costs etc have been accounted for).
2) How much people are prepared to pay.

If the amount for (2) gets lower than the amount you need to charge for (1) the product isn't worth selling. What others charge is meaningless.

Hikin Mike wrote in post #16854091
I only do nature stuff and I only offer prints, no matting/frames online. I came up with a formula: area in inches x .$42. So a 12 x 18 print sells for $90 (12 x 18 x .42)....I round it to the nearest $5.

This is an approach we studiously avoided. We don't sell square inches, we sell art.

Costs are calculated, profit margins are decided upon, premium services get charged premium prices. A 24x30, for example, will be sold for a cost per square inch higher than that of, say, an 8x10.

I thought about the sq. inch method at first but I wasn't convinced. I read in an article from a photographer that her pricing strategy was to keep her print costs no more than 10-15% of the final price leaving 85-90% "profit". She figured that 90% profit covers her other cost of doing business (software, hardware, etc) associated with processing the image and leaves her a "nice" actual profit. That's where I got the idea originally I just tweaked it a bit because I ran the numbers at 15% and was getting some crazy numbers!

I took an average of the landscape/nature photographers print cost and came up with that figure. I'm really a hobbiest, but I'm not going to sell my images for peanuts either.

memoriesoftomorrow wrote in post #16854109
What others charge is meaningless.

I think it's still relevant, as it gives some insight as to what the market will bear.

Otherwise, you can only initially determine "2) How much people are prepared to pay" by difficult trial-and-error.

nathancarter wrote in post #16855759
I think it's still relevant, as it gives some insight as to what the market will bear.

Otherwise, you can only initially determine "2) How much people are prepared to pay" by difficult trial-and-error.

Exactly why I did it. It may still result in a some trial-and-error but at least it will hopefully be minimied and not be as difficult.

I just looked at your website, Rivas. Do you actually charge $325.00 for one individual jpg to give to the client?

RandMan wrote in post #16870845
I just looked at your website, Rivas. Do you actually charge $325.00 for one individual jpg to give to the client?

For a full resolution file. If they absolutely want that full res file then it comes at a premium.

memoriesoftomorrow wrote in post #16854109
. What others charge is meaningless.

Actually its not, if your competition is charging say $80 for an 8x12, and you are charging $150, or $20, and the work is comparable, to yours (important part there), then you need to adjust your price to be closer to your competition provided you have figured your COGS. and CODB. and your competition is actually making a profit from each sale and not giving their work away... You dont want to be the cheapest, and you dont necessarily want to be the most expensive either. Fine Art pricing is not an exact science, if someone wants something, price becomes secondary. I have sold prints where they simply walked up and said "I want that", before even looking at the price. Just wish I could get more like that..

I price my prints based on my worth. My work is with quite a bit more than a formula. I price it to what makes me happy.

This business is not logical, there is nothing logical about selling paper. Which, basically if we look at it form a technical stand point is what we do. However, we are selling whats on the paper. So, charge what you want to charge. Wether is be $500 for a 16x20 or $50 for a 16x20 (please don't sell it for $50) just charge what you're worth...And, charge based upon what clients you're trying to reach...If you want high end clients, charge a high end price. $495 for a 16x20 canvas with a additional $400 print order.

you can charge what think youre worth, but if the person looking at your work doesnt think you are worth what you are charging, you have an impass..

digirebelva wrote in post #16878426
and the work is comparable, to yours (important part there)

I.e. you are being price shopped in which case you have no perceived USPs.