But effectively pricing your photography services involves more than just assigning prices to certain sizes and trying to convince people to "buy stuff." To be truly successful in your photography business, you must consider human psychology, proven sales principles, and blind human nature.
One of the most amazing, little known secrets about pricing and selling photography is what I call "The Whopper Principle."
Here's how it works.
Most people will not normally buy the biggest, best photo size or finish. But many people will buy the "next best." And once you realize how to use this fact, you can make a lot more money with your photography, for NO extra work.
Let me explain.
Let's say your largest size portrait is a 30 x 40. But hardly anyone ever invests in it.
That shouldn't be surprising. Human psychology says that most people will not invest in your 30x40 size, because it's your largest size. But they will quite possibly invest in your 24x30 if it's quite significantly less money than the 30x40.
So, knowing this, here's what you do. You invent a new size - (for me, it's a 40x50.) You put a very significant price tag on it.
Now, when you show your clients their photographs, and you show and talk about this 40x50 size right from the very beginning, they will most likely not want to invest in it - but - and this is a big "but" - but, they will be much more likely to invest in the 30x40 size - since it's the next size down.
So the end result is you have many clients investing in 30x40's now! See how that works? More money. No more work.
I call this the "Whopper Principle." That new 40x50 size is your "Whopper." (No, you do NOT call it that to a client. But that's what you call it to yourself.)
The Whopper is defined as this: "Something that is so big, so expensive, so incredible, that no one in their right mind would invest in it."
Now, what this "Whopper" accomplishes is this:
1. It makes everything else you offer look positively inexpensive.
2. It demonstrates to your prospective clients that you are "good." Because this price is so high that you "must be good" to be charging that much.
3. It gives a client a feeling of saving money. You see, she gets you to create her photographs for her, but doesn't need to pay as much as your "whopper" to get your beautiful work. She can just opt to get a smaller size, and save money, but still get you.
This sales and pricing principle is extremely powerful. It psychologically encourages your clients to invest in your better products and services, and your larger sizes, which totally benefits THEM - because they are going to enjoy the larger wall portrait way more than they would have enjoyed a smaller size. (I TOTALLY believe in the value of wall portraits as home décor.)
So the end result is your clients get a better size portrait for their wall, which they will enjoy more, and you get more money for your efforts. It's a win-win for everyone.
Try this - it's an amazingly effective photography sales and pricing principle. It works wonderfully for me, and I know it will work well for you as well.
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Article Added on Wednesday, November 18, 2009
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