What do you think of my wedding rates?

Discussion in 'General Shop Talk' started by dawssvt, Feb 13, 2010.

  1. dawssvt

    dawssvt TPF Noob!

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    I've decided to raise my prices after advice from local photographers and MANY forum photographers. I feel that not only will my client base become easier to work with, but the quality of my work will match the price.

    A few things to keep in mind. I live in southern New Mexico, so the average income is lower than the US average. The prices I have set are close to the top of middle range photographers for my area.

    Here is what I would like you to do...

    1. First... Go to my website, check out the galleries and estimate what you think my middle package is.

    2. Then, go to my Investment page and take a look at my rates. Let me know what you think!

    Thanks for your help!
     
    Last edited: Mar 5, 2010
  2. FrankLamont

    FrankLamont TPF Noob!

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    What, no please? ;)

    But anyway: the last one is heavily overpriced - you are looking for that to serve as a genuine package or a 'comparison' package? Ie; does that primarily serve to make the others look cheap, and whoever buys it buys it, or you're genuinely interested in many buying that?

    The low one is... hmm. Subsidise the hours by going flush mount, or the opposite, for $1400...

    Look, it really depends on what you think you're worth.

    It'll work, but at the moment, to be frank, you could be going a little higher. Still, at least you'll attract those with the money and not the budget brides.
     
  3. dawssvt

    dawssvt TPF Noob!

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    Could you explain more what you are saying about the lowest package? I think I will lower my top package a couple hundred dollars, it does seem a little over priced now that I look at them all. I don't intend to sell many of those packages, but I wanted to have 4 different packages because I've been told it's best to have four...

    I know this is only someone's opinion, but it seems to make sense. As far as my prices being on the low side, I do agree, but I think it's best for now. I'm trying to break away from the budget brides and get into the higher end couples. My rates are much higher than they were a month ago.

    Thanks for your comment!
     
  4. FrankLamont

    FrankLamont TPF Noob!

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    Yep, so yes, you did go for the 'gross package' you don't really expect people to choose - though that'd be good - in order to make the middle packages look good.

    Well, the bottom is fine, maybe a $100 cheaper... see if you can do something that will make it more worth while. Eg; "+ free extra hour" (effectively 6 hours, thereby, etc) or "+ free x pages", etc.
     
  5. Phranquey

    Phranquey TPF Noob!

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    This is called "Price anchoring", and almost all manufacturers & service suppliers do it. The prime example to look at right now is flatscreen TV producers. Psychologically, we are looking for the best deal, and marketing wizards have figured out that we tend to look from the top down (price wise). If they have a TV that they have a really good profit margin on, and want to sell a lot of, they will create an overpriced line above that to guide you to the one they want. They will often lose money on the higher end one because they produce so few of them, but the profits gained on the "steered" unit far outweigh this.

    So, it is a good idea to have that one overpriced package that you rarely will sell, but it makes your next package down look like a really good deal.
     
    Last edited: Feb 14, 2010
  6. Chris Cummins

    Chris Cummins TPF Noob!

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    Agreed, Victorias Secret sells a million dollar bra based on a similar strategy.
     
  7. dawssvt

    dawssvt TPF Noob!

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    Thanks for the comments, everyone. I really appreciate it. I've changed my pricing just a tad. I'm going back to having album/canvas credit instead of including albums in the packages. I think this is better because it will fit the clients better.
     
  8. The_Traveler

    The_Traveler Completely Counter-dependent Supporting Member

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    I can't speak for anyone else but the term 'investments' really hits me wrong. Everyone knows its what the pictures cost and no one believes they'll get 'paid back' for it. It seems pretentious and out of place. Call it fees or costs and be right out front about it.
     
  9. FrankLamont

    FrankLamont TPF Noob!

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    Phranquey, I'm aware - I used this myself. Occasionally, some come along and do buy the package - it makes it all worth the while. ;)
     
  10. Derrel

    Derrel Mr. Rain Cloud

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    Here's a young wedding shooter I know. His prices start much higher than yours. Five years ago, he began with weddings priced at roughly half of where he starts today, which is $2,800. Today's market has a lot of lower-end customers and lower-end shooters; as soon as he was able to build a good enough portfolio from having shot enough good-looking wedding couples, he raised his prices every year. Fewer weddings but a much higher ROI by being so far above the pack that'll shoot for very little money.

    Mr. Stacey Gallery
     
  11. JeffieLove

    JeffieLove TPF Noob!

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    I know this doesn't answer your question, but I think you do absolutely WONDERFUL wedding shoots! It looks like you have a lot of fun and you get some GREAT! pictures :)
     
  12. Big Mike

    Big Mike I am Big, I am Mike Staff Member Supporting Member

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    I was at a photography/business seminar and the advice was that if anyone every buys your top package, it wasn't expensive enough ;)

    Many photographers do use some form of price anchoring by having an over inflated top package, but how many of us really have a 'whale package'?

    At the seminar, we went around the room and asked what their top wedding package was. If anyone even got to $10,000, they were few and far between.
    The whole point was...that is way too low for a 'whale package'.
    Think of anything you could possibly include in a package....
    For example, what if you included a day at the spa for the bride and her bride's maids, while the groom got a round of golf at a prestigious course? What if you included a 7 night stay at an all-inclusive resort?
    All you have to do is price it out, add a profit margin and add it to your package. Now you have a $40,000 package...and boy, that sure makes your $4,000 package look cheap.
    Of course, you can go overboard and it might look a little silly...but that doesn't mean it doesn't work.
     

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