One of the KEYS to my photographic success is what I call “AutoPilot Pricing.” It has worked amazingly well for me and I highly recommend you adopt the same system for your own photography business. Here it is:
Twice a year, every year, regardless of the economy or the competition, you AUTOMATICALLY raise your prices between 10% and 20%. You do this on January 1st as you’re watching the Rose Bowl Parade. Then you do it again on July 4th as you are watching the fireworks (in the US.) Every year. Whether or not business is good or bad, you raise those prices.
If business is really good, and/or you feel confident about the direction you are heading, you raise them 20% each time. If business is not so good, or if you are really scared and worried, you can raise them only 10%. But the important thing is to RAISE THEM. If you don’t, you will be caught in a spiraling downward situation that will be difficult for you to escape from.
The key here is that if business is bad, it is NOT because of your prices being too high. It took me years to realize this. But it’s so true. It could be because your marketing and advertising sucks. Or it could be because your sales methods are not good. Or it could be because you aren’t taking the right necessary actions to build your business. But it is NOT because your prices are too high. So go get to work – raise those prices 10%-20% right now! And consistently do it twice a year on Jan 1 and July 4th! You’ll thank me later!
If you’d like another little known secret to pricing your photography, click here.
If you’re an Inner Circle member of mine, and would like to SEE my price lists and how they are laid out, merchandised, and much more, click here.
All the best,
Charles J. Lewis, M. Photog., Cr.
PS. If you’re not yet a member of my Inner Circle, and would like more info about it, click here now.
