How to raise prices?

[apriljoy]

I did a search and didn't find anything, so I hope I'm not reposting a question that has already been asked.

I'm realizing that my prices are too low and plan to increase them as soon as possible. I'm just wondering how one goes about presenting this to clients. I have had quite a few repeat customers, so I feel like I should address the price change, but I'm not really sure what would be the best approach to take. I don't want to just change the cost on my site without acknowledging it - seems dishonest somehow (do correct me if I'm wrong).

How have you handled this?

 

[Big Mike]

Welcome to the forum.

What I've seen some photographers do, is send out a notice to their existing customers, letting them know that they have 'X' amount of time to book at their current prices, after which, the prices are going up.

This lets them know that the prices are going up but it also serves as a good ad campaign.

 

[KmH]

Post a notice on your web site that new pricing will be going into effect on month-day-year.

You have a list of previous clients email addresses don't you? I'd also email past clients a notice announcing the date of the price change, in the vein Mike suggested: a time-limited promotion.

Call it a price change, not a price increase and you don't need to offer any explaination.

You should plan at least 2 price increases (5% each) a year, every January and June.

Don't be surprised when some of your past clients tell you they can no longer afford you. An indication your pricing is just about right is hearing that same refrain from about 1/3 of your clients.

You'll need to be sure and adjust your marketing somewhat because your price increase will also change your target demographic.

 

[SpeedTrap]

When we raidse our prices we do not send out notification, but when a repeat client books we are sure to send them a new price list.

 

[rhondag]

I send out a quarterly newsletter...and I addressed it in my newsletter.

 

[Nicholas James Photo]

Let everyone know that you have kept your prices as low as you can, for as long as you can but they now need to go up slightly. Then take big mikes advice and give a deadline for the old prices (say a month).

 

[Christie Photo]

I'm realizing that my prices are too low and plan to increase them as soon as possible. I'm just wondering how one goes about presenting this to clients... I don't want to just change the cost on my site without acknowledging it - seems dishonest somehow.

Ya just gotta do it. As said, alert any current customers about the change or just stick to the old prices for their orders.

But really.... its OK. Think about all the times you've come up against an increase: at the grocer, the barber, the lube place, etc.... People realize that prices go up in time.

Good luck!

-Pete

 

[Flash Harry]

if you feel the pinch, put the price up, as Christie says, everyone's paying more year on year, so what you gonna do, make a loss, yearly increase in my case, everything, sittings, weddings, prints the lot, there's no other way if you want to eat. H

 

[JamesMason]

Raise em, give your repeat customers a loylaty discount, it will make them feel like they are getting more for less. Pricing has an awful lot to do with psychology

 

[LarissaPhotography]

From talking with other local photographers around my area, I've heard that when they raised their prices, they ended up getting MORE business. I'm not saying that this is what will happen for you, just what happened for them.