I always thought the price of photography is justify by the final products that they delivered. A photographer who charged 5 grand a wedding would deliver images that are worth 5 grand (at least in the eyes of the clients). However, there are hundred of reasons why people cannot such a service. Businesses survived because they figure out way to cut cost not justifying it so that article in my opinion, did not really help anyone. That say, how do you guys go about keeping your cost down?
You are right about that. For each delivered album for instance, I charge x3. The reason being, I have my cost, my design time, and just in case I need to redo it for any reason, I am covered and break even. If I don't have to redo the album (I have never had to), I make a nice little profit.
I charge a premium in the area that I am in. I didn't just make the number up, I reseached it. I looked to see what likewise skilled photogs charged, and went from there. I raised my pricing until the phone stopped ringing, and went back $200. My direct area has more than 500 photographers, so that was a lot of research. I've got a lot of "rockstars" in my area, and I'm no rockstar, so it took me a long time to figure it out.
I charge based on my time, which is based on real numbers other people like me are getting. Then I add in my services and expenditures, all of course marked up, because that is the way that business things need to be done.
No, not every bride can afford $5000. There are photogs out there for the $1000 bride. I'm just not one of them. I'm not being egotistical, but I just know what I'm worth because I researched it, and the phone still rings. That's really just how it works.