You’re Charging Too Much For Your Photography
(Please note this post is written from the perspective of a professional photographer. If you want to do photography for charity or use it to provide social outreach or pure art, this post may not be something you’ll care to read. Thank you.)
Every time – every single time – someone says – “Your price is too high,” it means that you have the wrong prospect. You don’t have the wrong product or price. You have the wrong prospect.
A man with $2000 in his pocket out to buy a car walks into a Jaguar dealership, sees a lovely XJL sedan and says, “I like that. How much is it?” The salesman replies, “$120,000 sir.” The man says, “That’s too much.” Is it? Obviously the problem here is not that the Jaguar isn’t a nice car or that it costs too much. The problem is that the man simply can’t afford a car in this price range. He’s not the right prospect. There will never be a meeting of the minds here.
So this illustrates part one of this problem. Wrong prospect always leads to no sale.
What is the solution? Is the solution to sell a different product or reduce the price? Absolutely not. The solution is to find the person who can afford that price and wants that product.
Photographers often charge too little because they have an “opinion” based on their own experience about what the market will stand for. But that’s the core problem. The photographer isn’t the buyer. The photographer doesn’t necessarily represent the market. You should be aiming higher than your own income bracket if you want to grow your business so find clients who CAN afford your higher prices and sell to them.
Most often it’s your opinion that is the problem. It’s not the price. It’s not the product. It’s your opinion about what the market will stand for.
Let me give you another example. If you live in a world where the average income is $50,000 a year, you probably haven’t considered adding a Rolls-Royce Phantom to your garage. This may lead you to believe that since you can’t afford it, nobody can. But that’s wrong-headed thinking. Want proof? Rolls-Royce sells a model called the Phantom. It’s $380,000. Now they also sell a special edition of the Phantom called the “Year of the Dragon” edition. That version of the car costs $1.2 million. Guess what. They completely sold out of those cars – worldwide – in 60 days. So while you may not be able to afford that car, it doesn’t mean someone else can’t.
There are people in this world – in fact in your neighborhood – who can write $100,000 checks without even asking their spouse for permission. There’s plenty of money around, even in a bad economy. You just have to find it.
So study demographics. Which zip code in your area is the most affluent? Where are the country clubs? These are the places where your prospects for high-end photography exist.
Not everyone cares about making a great deal of money in their photography business. Some prefer the social nature of the job or the artistic nature of the job. For them, this isn’t going to resonate. But for those of you who would like to make more money, start thinking about finding the RIGHT prospects – the ones who can value and afford what you do.
An article by Scott Bourne posted on Twitter on Feb 6th, 2012
Re-Posted by Monroe Ohio photographer Vincent Rush, Cincinnati Sports Photography and Dayton Sports Photography of Monroe Ohio. Vince Rush can be contacted by phone at (877) 858-6295 or by email at firstname.lastname@example.org or visit http://CincinnatiSportsPhotography.com Check out my about.me profile!