Pricing Question

[The Philos]

I'm going to be upping my prices by 15% on all packages, on a sliding factor from 20% for smaller prints to 10% for larger a la carte prints, and 5% for canvas. My question is would these prices still be acceptable (I know the photos are worth whatever people will pay for them?) I was also considering changing my session fees to $25, $45, $65, $100 (for 4+).

Here's my current pricing scheme:

http://www.thoughtful-imagery.com/contact.htm

Am I giving away my photos or are these reasonable?

[HotHolly]

Your wallets should be more unless you are only giving them away 2 at a time. We only offer wallets with packages so that they will buy a package and not stock up on wallets for the entire family. Had that happen once. I think they scanned them after. Your canvas wraps are too cheap, imho.

How did you determine what is in which package and the price?

[The Philos]

For packages I looked at what others offered in their packages and had a profit margin (%) and marginal profit margin (%) for each additional print in mind as pricing for packages. I thought my wraps were too cheap, but even at their current price point they don't move.

[HotHolly]

With wraps, price is only part of the equation to get them to move. Do you have samples around? You might want to raise the prices and offer a gift certificate with certain packages towards your wraps. Create a buffer in the price where you have it higher than you want so if you give a gift certificate or discount towards the wrap you still make the same profit.

Don't copy other people's packages. There are so many photogs out there and you never know who's doing what or if they are actually turning a profit. Generally speaking, you are better offer feeling your own way. Biggest rule with packages - they should benefit you AND the client. Many photogs just lump stuff together and discount it - tah dah - package! That would be wrong if you have the prices you need al la carte and then discounted them for the package. Thing is, you just undercut yourself unless you can upsell the client.

Option 2 is to pad your al la carte prices so that the package prices are what you want for prints. It looks like a better deal to the client and it didnt actually cost you anything.

Look at what you put in your packages and try to stair step to the next level by offering something that can only be offered via a package. eg - we offer a board book for baby sessions that is not available for purchase WITHOUT a package. If they spend $X then the book is an add-on at $X. Nothing is free and it helps you sell more without costing you more. Packages shouldnt cost you anything. And never give away what people want to buy.

[The Philos]

That's actually how I built the packages. I saw what are common print combinations - then tried to offer a better deal and built the package pricing first (and still making a decent profit.) After building package pricing I then reverse engineered the per-print pricing. I'll think about including a discount on my next set of buzzcards for either session fees or wrap print.

Should I list the 16x20 collage in the package 3 pricing (as I have been "gifting" those for using myself as their photog?) No one (that I know of) packages a wrap in any of their senior packages and I think that stands me apart from others. I'm trying to make a profit without ripping off my client (from the perspective of cost per print and I'm not getting a whole lot of business ATM.)

Here's the new pricing plan I'm planning on implementing mid-June:
http://www.thoughtful-imagery.com/contact2.htm

[Norma_S]

Are your package prices for all the same image or can they get 9 different pictures in Package 2?

Norma

[CobyPhoto]

Originally Posted by ThePhilosopher

I'm trying to make a profit without ripping off my client (from the perspective of cost per print and I'm not getting a whole lot of business ATM.)

First mistake, pricing from the perspective of Per Print cost. You are not in the buisness of selling a piece of paper. You are in the business of selling your time and talent to create what is on that paper. Point in case, if you are pricing from a per print perspective, you need to be pricing your prints to complete with Wal Mart, because all they have invested is the paper and chemical to produce the print. You have much more invested.

Secondly, I agree with Norma...HOW many images can you get with each of your packages?? If you allow them to choose 9 + images (basically no limit) you are really decreasing the margin on your packages by a large amount! For every image you allow in your packages, you have increased processing time that costs you. My largest package, which is less print than your package #4 only gives them 4 images and is priced at 670.00.

Oh, and I am like #3 on a scale of who is highest in the area!

CJ

[123canon]

wow, those are very inexpensive prices. my photography is supplemental income. so from the beginning, once i was confident in my ability to deliver a professional product i set my prices at or above what the local studio professionals charged. this allowed me to maintain a select clientel and also to stay on speaking terms with the competion (which is also a great source of help when i need it) recently with the cost of living going crazy and needing more income i struggled with a "dollar menu" so to speak. spending less time and giving less options etc. my problem has been that i am not technically good enough to be able to rush thru a session and deliver the type of quality i expect of myself. so for now i keep my prices the same and try to find creative ways to market myself. don't sell yourself short when it comes to your prices i found out low prices do not equal more income. anyway sorry to ramble, i think it is something we are all struggling with now! good luck!

[The Philos]

I've updated my pricing file now with my new pricing information after doing my best to take all of your advice. Updates were made to the original link. If my packages are still too generous please let me know - I've been wondering my profit margins weren't as high as I anticipated.