Any business that has some kind of product or service to offer will usually provide their customers with a price list. A price list is a statement regarding the prices of all the merchandise, stocks, bills of exchange that is handed out by dealers to their customers.
With a price list, you’re able to target a specific set of prices to a specific group of customers. It should be obvious that once the customer knows the price of whatever product or service a business has to offer, they’ll be able to make the important decision of what to buy and how much of it they should buy. So when creating a price list, be sure to properly specify how much an item should go for and set it at an amount that you know customers would be willing to pay for.
Tips to Help for Pricing Your Photography Services
Let’s say that you still haven’t set proper prices for any of your photography services. You will not be getting any kind of photography orders if you still have not figured out how to price your services. You can be the best photographer out there, but if you don’t have a formal price structure or if you keep changing your prices, it will be hard to remain firm on how much you should charge for you services. So here are some tips that can help you make a proper price list:
- When you start building your photography price list, it’s best that your highest priced products should appear on the list first. You should not be afraid to show off your biggest package off to your clients. If you decide to place in your highest package first on the list, the mind of your clients will be anchored to it. So when your clients look down to see the prices of your other packages, they’ll think to themselves that these are much smaller in comparison to your largest priced package. It makes the client feel more comfortable as they think that what they’re getting is the much better deal.
- You should place in visuals of your services. Customers like it when they can see the product that they’re going to buy. So let’s say that your customer is going through the list of your packages, you wouldn’t just want to place in words and numbers. Your price menu should include the images of your photography products right beside the prices as well as a description. It won’t just take the focus off the price itself, but it can also be used as a conversation piece between you and the client. It will also make your prices more official as well as letting the client know that all of the set prices on the different photography packages are non-negotiable.
- Take out any extra zeroes and decimal points out of your price sheet. Which do you think looks like it costs more? $1399 or $1399.00? It has been proven that removing the extra decimal and zeroes will make the price seem smaller to the eyes of the customer. Usually, our brain tells us that one is worth more if there are more numbers. So even if they’re basically the same price, customers might tend to stay away from the one with more numbers simply because they think it’s more expensive. So all you have to do is drop them as they could be negatively affecting your business.
- Make sure that your prices listed end with odd numbers. There are a ton of clients that perceive that prices that end in odd numbers are significantly lower than they actually are. The theory to that is our brains are looking for some sort of shortcut and our brains can only store and compute so much information. So if we see something that’s priced at somewhere around 599, then our brain quickly rounds off to the next lowest number which is 500 rather than rounding up to the higher price point which is 600. So when you’re setting your prices, try to follow this sort of strategy as customers who would check your service price list might just be more willing to buy what you’re offering thinking that it’s cheaper than it’s supposed to be.
- Create a product that you don’t want to sell to any of your customers. Remember the first tip, when you anchor a high price within the mind of your client, the rest of your products seem a lot more affordable in comparison. The kind of product that you wouldn’t want to sell should be one that positions you completely different than your competitors. You can offer up a service such as making custom frames for your clients for a price. Although most clients might not want to avail the service, that kind of product shows your clients that you’re more creative than the rest of the competition and sets your value higher than the rest of them. Just be sure that you do know how to provide the service should there be a day that a client would like to avail it. Otherwise, it will just lead to some serious problems such as the client no longer being able to trust you and do business with another photographer instead.
The Importance of Properly Pricing Your Photography Services
The one thing that every dealer wants to make sure of is customer satisfaction. When a customer knows that he or she is getting the quality product or service for a fair price, then there should be no doubt that the customer is more than happy. So if you’re going to start pricing your photography service, you’ll need to make sure these prices are what your customers can agree to as fair. However, you’ll need to remember that you also need to price it in a way that’s equivalent to the quality of the kind of photography service you provide. So if you want to ensure that your clients buy your photography services as well as making sure that you’re properly compensated, then you’ll need to learn how to make a proper price list.