Saturday, September 6th, 2008...9:21 am

Secrets of How to Price Wedding Photography

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Pricing wedding photography is very tricky. The Small Biz Trends Blog talks about 8 tips about pricing strategies to implement right now.

Below are my own tips, questions and thoughts about how to position and place your product:

  1. Always breakdown your profit into smaller equatable terms: per hour, per page, per photo. When in doubt use real hours of products.
  2. Choose marketing position – Are you looking to be mid-range, discount or a luxury brand?
  3. Justify your costs – Make sure your quality justify your costs in the following categories: Advertising, Production time, Location time, Price of an Assistant, Equipment Depreciation Costs, Travel time, Consulting time, Phone consultations, Technical support, Website hosting fees, Marketing costs, etc. The list can go on and on.
  4. Make sure your costs are comprehensive.
  5. Demand – Is there a high or low demand for your product?
  6. Ego vs. Perceived Value – Make sure your ego isn’t devaluing or deflating the value of your goods.
  7. Know your brides – A bride in Atlanta and a bride in Detroit will have different needs and demand different pricing structure.
  8. Attend a bridal convention and meet and network with your competitors – see what their quality and price demands.
  9. Call and network with an ad representative – Usually ad reps of magazines are very knowledgeable in your area. They will try to sell you ad placement
  10. Economy – Make sure your prices reflect the current state of the economy of things.
  11. Timing – Timing should play a significant factor in things.
  12. Consistency – Make sure you keep things consistent. This will allow you to leverage more sales.
  13. Presentation – It is best that your prices are placed on paper and are set. People tend to provide you more ethos in your judgement when prices are on paper.
  14. Sales Ability – Do you think you have what it takes to sell your prices at whatever level you choose?

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