I know, I get it... one of the first things we do when we decide to become a photographer is look at our competitors' prices. And what's the next step after that? We price ourselves a bit lower. And right then and there, we fall into the trap. The trap where we believe that having a lower price will attract more of our target clients.
Now don't get me wrong... a lower price will attract more PEOPLE. But guess what? I can guarantee you they won't be your TARGET CLIENTS. They will be low ballers. EW. They will be difficult. UGH. They will try to take everything they can get for the cheapest amount paid. GROSS. They will come to your door at night with torches and.... wait - I just got really carried away right there.
But seriously, what happens when you use your low prices to attract people (instead of solid marketing strategies) is that you usually end up attracting bottom feeders who want the most for the least. This will ALWAYS end up in a headache and sometimes, if it happens to us enough, heartbreak when we close our business because we're so over feeling used and unappreciated.
Instead, price yourself on what your family needs are. Need to bring in $2,000 a month to contribute to your family? Price yourself so that you can make that happen. And how do you do that? Know where your dollars go.
Last week, we talked about this exact issue HERE and so many peoples' brains exploded. I received so many e-mails from people telling me that they had NEVER thought of what happens to their sale once it's over. It is so so so important for you to know what happens to your sale because guess what? When you get that check from your client, that money is far from yours. A portion of it already has a home and you have to understand that BEFORE you come to a decision on what you're going to price that 5x7 as.
By knowing what you NEED to price your products and services as instead of just basing them off of your competitors' prices, you'll be way ahead of the game in your own finances. So many photographers price themselves without understanding why and then wonder why they're in the red come tax time every year.
Don't fall into the trap! Educate yourself on WHY you should price your services and products at a certain point and then go for it! Heck, I even use my pricing on my site to filter out those bottom feeding clients! I don't want them to even waste my time with an inquiry! Now THAT is purposeful pricing and marketing that goes hand in hand!