Once you have honed your photography skills, been trained in the mastery of light, practiced new techniques and reinvented your shooting style it’s time to reap the rewards of all that investment in time and money.
Keep your business in balance. If your photography has improved then improve your albums and product lines to suit. Refresh your branding, your website and your customer experience too. Moving up a gear throughout your complete business and not just in one sector significantly increases your perceived value. This in turn must result in a price rise otherwise your customers will be asking where’s the catch?
Warning: Putting your prices up by a significant margin will alienate your past clients and stop the flow of referral traffic. This is no bad thing. Take this scenario:‘ In 2012 Jo shot weddings at £800 to gain experience while she embarked on further training. By August 2012 Jo had produced two fine show albums and created a decent website. In 2013 she will be charging £1600 per wedding and has found her clients using new marketing methods including SEO and blogging’. Step changes like these are scary but wonderfully rewarding.
If you are established and comfortable in your current place, don’t be complacent. Don’t wait for your competition to embrace new skills and techniques like Jo. Get out there and stay one step ahead. Aim for a 10% price rise by working hard on improving every aspect of your customer experience. Putting your prices up by just 10% on an existing 35% profit margin can deliver a 28% increase in profit. That in turn might make the difference between retiring at 55 rather than 65. Small price increases can deliver life changing consequences.
Have a good weekend.