When to raise prices?

picturecrazy wrote in post #4106515
I don't think it's edmonton specifically that's magical by any means.

Yes, oil is a big part of the province... but it's the oil companies that cash in on this, not joe public. Most people my age make pretty average wages. meanwhile, because of the oil boom, the cost of living is skyrocketing while wages are not. The people of edmonton are LOSING money year by year.

I've just talked to many great photographers doing extremely well from ALL over the place. Take a look at a community like dwf or osp, big success stories from every corner. POTN is quite a limited community and has a high novice ratio, so it's not the best place to get a feel for how well many are succeeding.

hey Lloyd,
Here in poor Toronto we constantly seeing on the news that in Alberta you can get $17/hr doing Tim Horton and they even have trouble finding people at that rate.
(Tim Horton is like a very cheap version of StarBuck).

sapearl wrote in post #4106363
Well Lloyd...... I just don't know anymore based on what I see around here. It's true that a lot of folks do not buy on logic, but at the same time I see a number of thoughtful, hardworking, careful shoppers who compare packages and look for their best "value."

I want to disagree with you, but I don't have any hard data to prove you wrong .

hey stu, you know I respect you a lot. Like any statement, it's rather broad and does not apply to absolutely everyone.

I know there are many that buy for value, and are very thoughtful in their shopping and are careful with their dollars.

What I'm saying is there are also many who do not shop like this. You'll have these two types of shoppers in most urban markets. If your marketing appeals to the first group (whether on purpose or not) then you will be hearing from all the careful shoppers, and likely think most people are like that. If you market to the other group, they will shop more by how they feel over anything else.

And like I said, not all markets are the same. Some will be heavier on the value side, others on the feeling side.

And to be perfectly honest, Edmonton is much more on the value side. Most people are just living their lives getting through day by day. They don't have big savings nor do they spend lavishly. But the big spenders are out there, we just gotta find them.

As a note, many premium packages I sell are not to super well off couples. They work jobs like retail clerk at a soap store, photo copier repairman, receptionist etc... they are not super successful entrepreneurs that make 6 figures.

louiep83 wrote in post #4106560
hey Lloyd,
Here in poor Toronto we constantly seeing on the news that in Alberta you can get $17/hr doing Tim Horton and they even have trouble finding people at that rate.
(Tim Horton is like a very cheap version of StarBuck).

yeah, that's bull. Timmy's pays $10.50 an hour here. I see the signs all over. One thing I learned is you can never believe the media.

There is a huge need for unskilled labour. That doesn't mean everyone is rolling in dough. It just means there are many many high school kids making too much money and wasting it on stupid things. It's quite a problem here.

picturecrazy wrote in post #4106582
hey stu, you know I respect you a lot. Like any statement, it's rather broad and does not apply to absolutely everyone.

I know there are many that buy for value, and are very thoughtful in their shopping and are careful with their dollars.

What I'm saying is there are also many who do not shop like this. You'll have these two types of shoppers in most urban markets. If your marketing appeals to the first group (whether on purpose or not) then you will be hearing from all the careful shoppers, and likely think most people are like that. If you market to the other group, they will shop more by how they feel over anything else.

And like I said, not all markets are the same. Some will be heavier on the value side, others on the feeling side.

And to be perfectly honest, Edmonton is much more on the value side. Most people are just living their lives getting through day by day. They don't have big savings nor do they spend lavishly. But the big spenders are out there, we just gotta find them.

As a note, many premium packages I sell are not to super well off couples. They work jobs like retail clerk at a soap store, photo copier repairman, receptionist etc... they are not super successful entrepreneurs that make 6 figures.

Ah Lloyd you're starting to sound like David Jay.

cdifoto wrote in post #4106611
Ah Lloyd you're starting to sound like David Jay.

Hey, he's a smart guy! I've sat down with him and we really do think the same way on many things. LOL

cdifoto wrote in post #4106532
I would love to be more mobile. The problem is actually implementing that. How do you establish yourself in an area that isn't your own? How do you tap into a city 2.5 hours away when that same city is already inundated with photographers all across the price & quality spectrums?

I hear ya. I am actually about 30 minutes from a smallish city, and 2 hours from Toronto if I really thought I could compete with all the photographers there and make it worth the trip, but I can't compete at that level yet. I could try to get a foothold by starting lower, but then it's not worth the time it takes to get there. For a $2K wedding even, I'd travel to TO, but then why would they book me? Ah... it sucks being new.

Opie... you have a great style. What about tossing the idea up of shooting in the big city. If I had to travel an hour to get the clients that would appreciate my art form then I would do it. How far are you from the big city?

Kai wrote in post #4106702
Opie... you have a great style. What about tossing the idea up of shooting in the big city. If I had to travel an hour to get the clients that would appreciate my art form then I would do it. How far are you from the big city?

I'm IN the big city. LOL Salt Lake City is the center of Utah.

Also, the bride told me she went with #2 photographer because of his "distint artistic style" She also said she can't get his pictures out of her head. Maybe my pictures are not as memerable.

OK.... scratch that idea. oops. I am in the same boat as you. I would say keep your prices the way the are until you book maybe 4 more weddings and then increase. Everytime I do a wedding or photo shoot I improve.

Have you seen this other photogs work?

Pricing is such a local thing that advice is hard to give accurately .. what flys in one location sinks in another.

I've just started weddings in August and have shot just three but have another 12 booked already for next year. My pricing thoughts are price your work at whatever keeps you busy and keep raising them.

Any wedding work potentially takes time away from my commercial work so unless I can net my commercial day rate (currently $800) for the two days a wedding takes me (one shooting and one post-processing) I'm losing money on weddings.

If you have no bookings yet fot 2008 I suggest you should look at marketing instead of pricing .. you can't price something unless you sell it first
Mike

I feel your pain cdi - we're a bit better off, but still old industrial rust belt city, people out of work, struggling...... that sort of thing. There are money pockets around, but that's the exception as opposed to the norm. I can relate.

cdifoto wrote in post #4106497
We have young people, but they're not wealthy. They work in factories, fast food, farms, etc. Not even the upper middle class type stuff like corporate. Not to say there isn't any of that...it's just not prevalent enough to build a client base upon or market to.

MrsOpie wrote in post #4106796
I'm IN the big city. LOL Salt Lake City is the center of Utah.

Also, the bride told me she went with #2 photographer because of his "distint artistic style" She also said she can't get his pictures out of her head. Maybe my pictures are not as memerable.

have you seen his photos? Sounds like she was looking for someone with a distinct style, which I think you have, too, and she just chose the other guy. I don't think it means that your style is better or worse or less memorable. Everybody has different tastes, so I wouldn't take it personally. There are some absolutely fantastic photographers around whose style simply wouldn't be my taste, and I'm sure you've felt the same way about some. I'd trust that she is being honest and remember that there are also those out there who would prefer your style and find it more memorable. I guess the trick is helping them find you.

sapearl wrote in post #4106911
I feel your pain cdi - we're a bit better off, but still old industrial rust belt city, people out of work, struggling...... that sort of thing. There are money pockets around, but that's the exception as opposed to the norm. I can relate.

The town where I am has some significant money pockets, but they run in a tight circle. I'm just starting to get into that circle with a few portrait sessions. Probably the best thing I did was taking a day job at a law office with one of the deep pockets... get in there any way you can!

Honestly, I'll probably get a kick in the butt for this, but, I feel that people fret too much about pricing and how they look compared to everyone else. I know, I fall into the trap sometimes too!

But you need to realize that you aren't marketing to the other local photographers, so who cares about them? You are marketing to the brides! Appeal to them!

If they're looking for the best deal, you don't want them anyway. You want a bride and groom who like you for who you are and what you do, not for the fact that your package is cheaper than someone else's and not because you include 2 8x10s and someone else doesn't.

Write down what you feel your work is worth and charge that. Plain and simple. Market yourself accordingly. Give people a sense of who you are and what you can do for them.

Just my $0.02, but, I'm a noob so what do I know anyway.

Honestly, I'll probably get a kick in the butt for this, but, I feel that people fret too much about pricing and how they look compared to everyone else. I know, I fall into the trap sometimes too!

But you need to realize that you aren't marketing to the other local photographers, so who cares about them? You are marketing to the brides! Appeal to them!

If they're looking for the best deal, you don't want them anyway. You want a bride and groom who like you for who you are and what you do, not for the fact that your package is cheaper than someone else's and not because you include 2 8x10s and someone else doesn't.

Write down what you feel your work is worth and charge that. Plain and simple. Market yourself accordingly. Give people a sense of who you are and what you can do for them.

Just my $0.02, but, I'm a noob so what do I know anyway.