Price with 9's..and here's why!
Pricing is a big struggle for all of us. But we wanted to pass along a tip can can make you more money with minimal headaches. Say for instance your 8x10 pricing is $35 per print. Make it $39.99...why? Because if you don't you're basically leaving an extra $5 on the table that you could be taking in as income. I see lots of photographers out there who are priced at $375 or $480 for session fees...and I strongly encourage you to get to $399 and $499 respectively. I've never said no to an extra $15-20 coming in in my life. And your customers won't care.
Next time you walk into a retail store, study the pricing carefully. You will find that they almost always end their price numbers in 9. Because for the most part, their margins are so skinny, that the extra $4-9 are vital to the profitability of the company. So all we are saying is price for profit! Look over your price lists today! And anything that ends in $75 or $90 make it $79 or $99 and maximize every session and sale!
Oh...and although I know I'm guilty of it for the sake of this article, one other thing. Take the "$" off your pricelist. The last time you visited a higher end restaurant, you may have noticed that the menu contained NO dollar signs. We're selling a high end custom service. Make the pricing seem that way too. Lose the dollar signs.
Are there any pricing strategies, you have found that work for you? Comment below!
Like it, Tweet it, Share it, Pin it, +1 it!