Raising prices, creating business thread got me thinking...

[sunbeam]

I just read a thread about raising your prices to get MORE business. I know the subject must seem like a 'dead horse' to some on here, but I would genuinely like to get some opinions.

The other thread was about weddings, however, I mainly focus on children's/family/newborn/mat photography. In my area, I have gone to every single other photogs site I can find and the average for a sitting fee is between 100-350 dollars for the type of photography I do. I have priced myself at the lower end (100bux for a family shoot), in hopes of attracting a client base quickly, but reading that post has me second guessing that.

I DO have a pretty decent portfolio, I know what I am doing, and I am confident that I can and do deliver a great product, but again, I'm just starting out as a business. So what should I do? Keep it low hoping to attract more business, or raise my prices in hopes of attracting more business?? I'm doing an expo in a few weeks, and would like to have my prices set so I don't mislead anyone by changing them afterwards....

 

[Big Mike]

With portrait photography, you can make your money with the initial (sitting) fee or with after shoot sales. You could have a $100 sitting fee, but then make $400 on print sales.
Or you could charge $350 for the sitting fee and maybe not sell as much afterward (or sell the files etc.).

There really isn't a right or wrong, you just need to find what works for you.

One very important thing to think about, is the perceived value.
Lets say that your menu price for an 8x10 print is $50. If you say that your sitting fee includes two 8x10s, that is $100 in value for the customer...while not costing you the full $100 in cash.

 

[bennielou]

Or...she could attract high end clients by raising her pricing (considering her port is comprerable to other high end portrait photographers in her area) and make thousands on the back end.

It really depends. Be really honest about how you rate in your area, and then price yourself accordingly.
I do weddings, and I give the disc to the bride and groom, but I still make on average $1500 bucks per wedding on reprints from guests.

Don't forget to upsell. Sell canvases, slideshows, albums, and all the rest. Don't be afraid to sell yourself.

All the best.