Pricing photography services has always been an issue that photographers struggle with.
Too many photographers automatically want to lower their prices in order to stay competitive and keep their business alive. Fortunately, this doesn’t have to be the case.
5 Effective Psychological Pricing Strategies for Photographers
- Take the price down a digit
Believe it or not, reducing the left digit of your price by one is an effective way to attract more sales. For example, if you have a newborn photography package that costs $1,000, make it $999.
- Focus on the benefits
Remember, your clients want to know what’s in it for them. It’s for this reason that it pays to sell the benefits of your photography services instead of focusing on the features. For example, it’s all good and well to know that your wedding photography package includes 8 hours but how does this benefit the client? Having 8 hours means you will have enough time to get all of the best shots. The same applies if you specialize in family portraits. Sell the “legacy” of the shot more than the actual session.
- Anchor your pricing
Another really effective photography pricing strategy is to place a higher price next to the package or product that you want to sell. For example, placing $1,999 next to a package that costs $5,000 automatically makes it more appealing. Another proven strategy is to limit your packages to 3 and to place the one you want to sell the most in the middle.
- Offer a payment plan
Sometimes, offering customers the option to make monthly payments will make it easier to sell your packages. PayPal makes it really easy to create a monthly payment subscription offer so that you can give clients the option to pay for their photography package in installments.
- Add extra value
Pricing isn’t the only way to compete with other photographers in your area. Try offering something that your competitors aren’t to make your packages more appealing. Get really creative if you want to stand out. For example, there was a photographer who included a free limo ride in his packages because he also owned a limo company. Offering extra value doesn’t necessarily mean that you need to spend extra money to give away free products with every package, it’s more about thinking outside the box and creating an offer that’s in line with what you already have access to. Find a way to make the photography experience more special for your clients to attract more business.
If you’re just starting out as a photographer, start with higher prices because it’s much easier to lower your prices than to raise them once you’ve been in business for a time. You will always have the option to run promotions during the year to attract additional business but overall, it’s best to start off attracting higher-paying customers.
Another way to look at pricing is to look at the lifetime value of your customers instead of only viewing each customer as a one-time sale. If lowering your prices means that you won’t lose loyal customers in the long run, then do so. Remember, it’s far easier to sell to an existing client than it is to find a new one. Keep in touch with your existing clients on a regular basis to see how rewarding it can be to build a loyal customer base.