Climb the Ladder To Sell Bigger Prints
There are lots of ways to improve your photography business to be more profitable. You can become better at lighting, posing and composition. You can work harder at marketing, selling and social media. You can design a better website, improve at blogging and increase your search engine optimization. The list is endless.
These are all great things that you can and should be working on, but they're not easy and they take time. There is one area, however, that you can improve immediately, at zero cost, with just a few keystrokes on your computer - your pricing.
Most photographers don't realize it, but they are sabotaging their profits with poor pricing structure. In particular, I often hear from photographers who complain that they can only sell lots of small prints (e.g. 5x7, 4x6, etc.). Actually, I consider 11x14 to be "small", but that's a story for another day.
When I take a look at their price list, this is no surprise. Most photographers have price lists that are designed to sell small prints. For example, one photographer I worked with charged $50 for 8×10, $25 for 5×7 and $15 for 4×6. Why would the customer spend $50 for an 8×10 when they can spend the same amount and get two 5x7s?
In marketing there’s a term we call “climbing the ladder”. To sell bigger, you’ve got to make your clients climb the ladder. If the ladder is too steep, they won’t climb. This means that the larger print should be just a little bit more expensive than the smaller print, making the smaller print seem like not such a good deal (the corollary being that the larger print seems like a great deal).
Think about the last time you ordered a soda at a fast food restaurant. You'll often see prices like this: $2.35 for a large, $2.15 for a medium, and $2.05 for a small. Why would you not spend just 20 cents more to get the large? Restaurants figured this out long ago.
So let's say you charge $50 for an 8×10, try charging something like $40 for a 5×7 and $30 for a 4×6. Why would your clients buy a 4×6 if a 5×7 were just a bit more? And while they're at it, why not just spend $10 more and get the 8×10? That’s what “climbing the ladder” is all about. You have to flatten the ladder so your clients will climb it.
I take this concept a step further with my own pricing. I make the price differential between my 5×7 and 8×10 really small. How small? Try zero! I simply charge one flat price for any size print 8×10 or smaller. My clients choose the size based on their needs, not based on price. In other words, I never make anything less than my full 8×10 price. Problem solved.
The bottom line: encourage your clients to climb the ladder and you’ll sell bigger prints!
Laurence Kim is a Boston-based portrait and wedding photographer. He also blogs about the art and business of photography, and coaches professional and amateur photographers worldwide.
Keywords: Laurence Kim, Pricing yourself competitively, Seattle, Zenfolio, galleries, marketing, photographer, photography, portfolio, pricing, prints, professional photographer, professional photography, selling
Perhaps your pricing is meant to just be a hypothetical example or what works in the wedding world, but if I charged $50 for an 8x10 image for the bulk of my sports photo work, I would never sell anything. And that would certainly be the case for a $30 4x6!! That price point is simply too steep in a segment of the market where many parents of little "Jimmy" are happy with poor cell-phone photos of their kid in action. I charge $25 for an 8x10 and $15 for a 5x7 and $8 for a 4x6. Add $10 on the 8x10 or 5x7 if they want it matted. This seems to work for me and I think provides a bit of the "climb the ladder" perspective. I do also offer larger prints as well.
No comments posted.
Recent PostsFriday Foto Favorites 7.3 50 Shades of SEO: How Blogging Can Boost Your Business Friday Foto Favorites 6.26 The Zenfolio Academy is coming to a city near you! Get Half off 4x6 Mpix Prints! Friday Foto Favorites 6.19 Never Enough Time? JPEGmini Pro Finds It for You Behind the Shot with Pro Team Member Blake Gardner Friday Foto Favorites 6.12 Mastin Labs Lightroom Presets Product Review