Are You Charging Enough With Your Photography Pricing?
Do you ever feel that people don’t value your photography and that it’s an uphill battle trying to charge enough with your photography pricing to earn a decent living from your photography these days?
If so, you are not alone – we live in the internet age. A client can compare prices by simply clicking a few buttons.
If there is nothing unique that stands out about your business, then you’re simply another commodity in an already overwhelmed marketplace.[bctt tweet=”If there is nothing unique that stands out about your business, then you’re simply another commodity in an already overwhelmed marketplace.” username=”louisebeattie”]
Is it any surprise when people shop on price and try to push you on your pricing?
But it doesn’t have to be that way.
The Three Things That Stop You Charging What You Are Worth With Your Photography Pricing
Ultimately, there are just three things that stop you charging what you are worth and that will enable you to create the business and lifestyle you dream of.
Demand problems, resource problems and mindset problems.
You may think that there are other issues that affect your photography pricing, but when you look at it everything leads back to one of these three issues…
Perhaps you have too much fear of losing the job you need to pay this month’s bills.
Maybe you don’t have enough resources and help.
Or you could have a fear of success. It could be self-esteem issues. It could be not having a big enough, “why” motivating, and moving you forward.
Let’s take a look at each one of them in a little more depth…
This is a very common issue for a lot of photographers.
A demand problem means quite simply that you do not have enough customers and clients.
How do you know if you have a demand problem?
Answer this simple question:
If you had a waiting list of 100 plus highly qualified clients right now, would you feel differently about pricing your photography services?
If you answered yes, you have a demand problem.
Demand problems can only be solved by building your marketing funnels, your Client Pathways.
No amount of positive thinking will overcome a demand problem.
You simply need more prospects, customers, and clients coming through your funnel or along your Pathway.
As more customers and clients come through, then by nature, you’ll start turning down some jobs. You can start raising your prices, and you can produce the best results for the clients you pick and choose.
Now you can try acting as if you were there anyway, and quote the higher prices, but my experience is that customers and clients can smell the desperation because you never truly feel comfortable doing that and don’t believe in your photography pricing.
You need to build your marketing system to generate real confidence, real experience.
How do you know if you have a resource problem?
Ask yourself this question:
If you had a competent, reliable team, more help and resources, could you do more high-end jobs, with more bespoke products, for which you could confidently charge a lot more?
If yes, you have a resource problem.
If you have a resource problem, it means you need to start looking for more team members and service providers now.
This could include outsourced workers.
It could include new employees, or it could include going through agencies.
It could also include creating new systems and procedures in your current business to make sure you have a team in place that’s effective at generating results for your customers and clients.
And don’t forget that your vendors are part of your team too.
What about mindset problems?
If you fix your demand problems, and you have the right resources and team in place to support you, it’s almost impossible not to charge what you’re worth.
Because if you have the resources to serve multiple clients at once, and you have enough demand, you have enough customers and clients coming through your funnels, then by nature, you’re going to start raising your fees that are equal to the results you can produce for your customers.
Once you get to this point, the way to charge more is to charge more.
Add more value, proof, and authority until people start saying, “Yes.” In other words, by solving the demand problem, and resolve the team problems, you will be able to charge more.
So if demand and resources aren’t holding you back, it’s down to your mindset.
You need to have a big why behind what you’re doing.
If you feel guilty about charging what you’re worth, look at your business’ mission.
Look at the vision you created for your business.
It’s not all about you:
Ask yourself who else’s lives will be improved if you grow?
Who else can you help?
What are the results that you’ve been producing for your customers and clients?
Who will suffer if your business doesn’t grow?
Remember, everyone loses when you charge too little.
Growth is always uncomfortable. You have to accept the anxiety. Don’t wait until it feels right to make the leap.
Make Intellectual Pricing Decisions, Not Emotional Ones.
Price your offer according to the assessed value you’re providing, AND the demand that you’ve created for your services.
You’ll notice that I keep going back to this.
If you don’t have much demand, start by charging lower fees to create the momentum, build your experience, reputation and client base.[bctt tweet=”If you don’t have much demand, start by charging lower fees to create the momentum, build your experience, reputation and client base.” username=”louisebeattie”]
And steadily and regularly increase your fees as you work with more and more clients.
If you don’t believe in your prices, your prospects won’t either.
In the long run, your client loses if you charge too little also.
When you don’t charge enough, you feel annoyed at the amount of time and attention needed to spend to take care of the customers and clients with quality.
You’ll push your employees and outsourcers to do more than what they’re really being paid for.
You’ll give cranky service to a grumpy customer, and you’ll hate your work, and that’s just wrong from every angle.
Remember almost nobody has money burning a hole in their pocket just waiting to give it to you.
If people aren’t buying at the price you’re offering, it means you haven’t convinced them enough of the value.
People will tell you left and right that they don’t have the money. That’s what they even tell themselves, but they will find the money once you’ve provided enough value.
This is a hard lesson to learn.
No doesn’t mean no in many more cases than you may think. It means you’re not giving me enough value yet.
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