The single greatest challenge in raising prices is the inability to quantify value. It is no easy task to raise prices and not being able to show the value in your prices can be really tough. So hopefully this quick lil’ blog post can help you out.
The number one thing to remember is that YOU ARE NOT YOUR CLIENT! Too many times we identify so much with our clients that we think we are our clients. But I will tell you what, as much as I value photography and my work I don’t know that I would pay my prices to someone else because I can do it myself. So you need to separate yourself from being your client. You are not. When you can understand that you are not your client it is easier to not undervalue yourself.
Once you believe in your value and the value of your services and your products you will be able to attract your target customer, walk away from undesirable customers and stand firm on your pricing.
Sometimes in order to determine our value and set our standard pricing we need to take a new perspective. Ask yourself and do the research on what your client might be spending on wardrobe. How much might your bride be spending on her hair and makeup? You might need to look outside your industry at successful businesses and sales strategies. You might want to create your ideal client in your mind with where they shop and spend their money and how those places target to your ideal client. Learn to pattern your sales tactics after theirs to target you ideal client.
Setting goals is extremely important to setting your prices. Here are some questions to ask yourself
1. What is your time worth?
2. How much do you want to make annually?
3. What do you want your average sale to be?
4. How many sessions do you want to do?
5. What do you want to sell?
6. Who is your dream client?
7. How much time do you want to spend?
Spend some time answering these questions. Once you have answered them use these goals to determine what you want to raise your prices too. By answering these questions you should begin to see your value.
The most important part of all this is that YOU ARE A BUSINESS! You would never go into a store like Apple and have them second guessing their prices. You want to know what the price is for that new laptop…they have it for you..plus three options..and they are as confident as grass is green in that price. You don’t see them whispering the prices or hesitating to tell you. NOPE they know their value! So know your value. Don’t feel bad about increasing you pricing because YOU ARE A BUSINESS! You don’t deserve to work for pennies!