A considerable challenge I see photographers struggling with is how to raise prices. Many of you have not increased your prices in years for fear that you will lose some customers. You may feel the photography market is already tough enough, and if you raised your rates, there is this inner voice inside of you that says it isn’t a smart business move. Before you know it, another year goes by, and your struggles continue because you are growing and becoming more established, without seeing an increase in net profit.

Let’s look at this challenge from a different perspective by reflecting on the following questions:

Are your photography skills better today than they were a few years ago? How about the products you offer? Is the quality better, and do you offer more variety of products to your customer? Most of you would say “YES” to these questions. So if your skills have improved, and the quality of your products is sound, then it would be safe to conclude that you are providing your customers with more VALUE and your prices should reflect that. As photographers, we tend to undersell ourselves, which results in stagnation and limited growth.

Here are a few strategies and tips that will allow you to raise your prices and have your customers love you!

1. Put your pricing on “auto-pilot.” Here is a tip I learned from the master photographer, Charles Lewis. He says to raise your prices 10 to 20 percent on New Year’s Day and again on the 4^th of July. This strategy puts your pricing on “auto-pilot” and helps to increase your bottom line profits when implemented in this manner. Raising your prices may scare some of you but when you look at the numbers, it isn’t that big of a change. For example, if you are currently charging $70 for an 8x10, a 10 percent increase is only $7. A product that currently sells for $400 will now be $440. The majority of your customers won’t even notice. 
2. Inform your customers that you will be raising your prices soon. Send an email to your client database stating that you are about to have a price increase. Offer them a window of time (two to three weeks) to book a portrait or wedding at the lower price. This strategy will create a sense of urgency and may cause an uptick in sessions and wedding bookings. A WIN-WIN solution for everyone!
3. Grandfather customers who have already booked an upcoming portrait session, wedding, or baby plan, so they are not affected by this price increase. Customers who have already scheduled their sessions or wedding with you will be working off the existing price list – not the one with the new prices. The customer will see they are receiving more value since they are not affected by the price increase, and will love you even more. They may also tell their friends, so they book you at the lower rate before your new prices go into effect.
4. Easily transition from one price list to another by marking the client folder and putting a copy of the price list in their folder. When I transition into a new price list, I pull my client folders who will remain under the old price list and put a red sticky label on their folder along with a copy of the past price list. This prevents confusion in the salesroom and shows the customer that you are honoring your old prices until the business transaction is complete. 

When you put these strategies and tips in place, you create a “win-win” relationship with your customers and become a better, more profitable business person. Don’t be afraid to increase your prices and get the money you deserve. Go for it!

Do you need help revamping your price list? Schedule a FREE 30 Minute "Discovery" Call and let me know what is keeping you stuck.