Price is one of the most important aspects of every photographer’s career, particularly once you start selling photography prints and products. In the last blog, you learned how to calculate the Cost of Goods Sold, and this one will guide you on how much should you charge for your photography business. Le’s dive into the price thing!
Set Profit Margin
The profit margin will change depending on the market, industry, cost, and other elements. Generally speaking, you can charge between two to seven times the COGS, to cover all your costs. Consider your ideal salary for this year is $50,000, your COGS for one shoot is $384 (as mentioned in the previous blog), and if you plan to do 50 shoots per year, then your revenue per shoot will be $50,000 ÷ 50 = $1,000, and your profit margin will be $1,000 ÷ $384 = 2.6. Additionally, here is another way to help set your profit margin. It will be 2.85 if you follow the standard 35% cost of goods model, which states that our cost of goods should be 35% of revenue. You can calculate it based on your situation.
Research Target Clients
Researching your target clients plays a vital role in adjusting your pricing. Different types of photography appeal to different audiences and have varying effects on your pricing.
Wedding photographers work long hours and usually expend a great deal of time and energy to meet the high standards of your clients. Therefore, you need to support your annual income through higher pricing. For commercial photographers, you work for companies and can earn more money by licensing your images at higher prices. The family/student portraits is another group of photographers who take shots for them. Even though they might be on a tighter budget, they still want good services. Thus, you can provide high-quality and affordable mini session photography to meet the needs of this demographic.
Furthermore, comments and feedback of your clients can reveal vital details regarding their requirements. With questionnaires, you can ask your clients directly, “How much do you think these photos are worth?” and “At what price would you be willing to purchase my photography?” to understand their acceptance of different services and prices, and help you better adjust your pricing.
Research Competitors’ Price
You can research competitors in your local area, check out their official websites, social media pages, and learn about the different photography services they offer and their corresponding prices. At the same time, you can assess your photography skills and experience. You can charge a comparatively high fee if you have special skills or expertise. But it should be mentioned that you should avoid setting prices that are too high to avoid losing your potential clients and avoid setting prices that are too low to avoid losing your photography business.
Offer Different Price Options
By providing a variety of choices, you can not only help your clients understand the value of the services and products you provide, but also help you meet the needs of different groups and increase your income.
Provide three price options to your clients: Package A for economical prices, Package B for standard prices, and Package C for premium prices. Set Package B as your most popular choice, and it may bring you the best return on investment. For example, if all packages offer the same photography services, but Package A only contains a Layflat Photo Book and Package B includes a high-quality Flush Mount Album or Fine Art Album, and the pricing of the two are not far different, your clients will prefer Package B. If Package C only includes a Presentation Box Album USB Set, but the price increases significantly, your clients will still be happy to choose Package B.
Offer Discounts Appropriately
Your pricing may occasionally need to be changed in response to shifting market conditions. Offering discounts to your clients during holidays and wedding season is also a great promotional tool. One effective strategy is to provide theme-based discounts, such as wedding season discounts, Christmas discounts, and Valentine’s Day discounts, which are undoubtedly very attractive to your clients.
Conclusion of Price
In conclusion, there are a lot of things you need to consider when offering printing services as part of your photography business, but setting reasonable pricing for your business and joining the Zno Pro Plan can make you even more profitable. Zno is a print lab specializing in the production of high-quality photography print products. If you become a member of the Zno Pro Plan, you can get 25% – 35% off products, 50% off Custom Samples and Swatch Samples. In addition, you can learn about Zno’s premium products by purchasing a sample pack for only $5! Sign up for the Zno Pro Plan now!
About Zno
Zno is your One-Stop-Shop Print Lab and All-In-One software platform for professional photographers. With premium quality print products and innovative selections, impress your clients with professional printing on high-quality materials. Maximize your profits with maximum customization options and streamline your workflow with our cloud-based editing and easy ordering system. Say goodbye to complexity and hello to simplicity with Zno. Join us today and take your photography business to new heights！
