I participated in a bridal fair in the middle of January. When the show slowed down at the end of the day, I had the chance to go and talk to some other photographers. There was around 15 photographers at the show and only maybe 5 who really presented their product well, so those are the photographers who I talked to.
When talking to the most expensive photographer there, she told me this story...
"When we were starting out, our middle package was $1,500 and business was "ok". We decided to raise our prices and our middle package was now $2,500; business got better. Then we raised our prices again where our middle package was $4,000 and business EXPLODED."
I was floored by what she had said and it got me to think. At the show, my packages were starting at $795 and it was pretty basic package; 5 hours, high res photos on a DVD, online viewing gallery. She looked at my booth and said, you should NOT be able to get THIS for 800 bucks. I had just quoted several hundred brides my prices throughout the day, so I didn't want to raise my prices right away. It's been around a month and I decided to raise my prices nearly doubling all my old rates.
So, my question... Have you found that raising prices increased business for you? I know if you don't have a product that will sell, you shouldn't. I'm pretty confident in the product that I produce, especially in comparison to the other top end photographers in my area, so I think this price increase may be a good idea. Thoughts on this?
My website is listed in my signature if you want to check it out.
When talking to the most expensive photographer there, she told me this story...
"When we were starting out, our middle package was $1,500 and business was "ok". We decided to raise our prices and our middle package was now $2,500; business got better. Then we raised our prices again where our middle package was $4,000 and business EXPLODED."
I was floored by what she had said and it got me to think. At the show, my packages were starting at $795 and it was pretty basic package; 5 hours, high res photos on a DVD, online viewing gallery. She looked at my booth and said, you should NOT be able to get THIS for 800 bucks. I had just quoted several hundred brides my prices throughout the day, so I didn't want to raise my prices right away. It's been around a month and I decided to raise my prices nearly doubling all my old rates.
So, my question... Have you found that raising prices increased business for you? I know if you don't have a product that will sell, you shouldn't. I'm pretty confident in the product that I produce, especially in comparison to the other top end photographers in my area, so I think this price increase may be a good idea. Thoughts on this?
My website is listed in my signature if you want to check it out.