A new year, and hopefully, you’re raising your prices! If you aren’t, I hope you have a good reason because the start of a new year is an ideal time for evaluating your pricing structures. I know, it’s never easy, however, there are a few tried and tested psychological tricks that might help.
In this video from FlashFilm Academy they discuss a few of these ideas and techniques. Hopefully, this will give you a great start to making 2025 your best photography business year yet!
Price reflects value
When clients see your pricing, they’re making assumptions about the quality of your work. If your prices seem too low, they might think your work isn’t up to standard—even if it’s amazing. On the flip side, pricing yourself appropriately positions you as a premium service provider. So, ask yourself: Does my pricing reflect the value and quality I deliver?
Take a look at your portfolio and compare it with others in your market. Are you underpricing yourself? It might be time to level up!
Offer tiered pricing
Ever noticed how you feel more in control when presented with multiple options? Clients love that feeling too. Offering tiered pricing—like basic, premium, and VIP packages—lets clients choose what suits them best. Plus, most people tend to pick the middle or higher-tier option. You don’t have to call them basic and premium either, get creative and think up some different names to distinguish between the different packages.
It could look like this, for instance:
- Basic: A one-hour shoot and five edited photos.
- Premium: Two hours, 15 photos, and prints.
- VIP: Full day, unlimited edits, and a custom photo book.
Use anchoring to your advantage
Anchoring is a psychological trick that has been proven to work. It involves presenting a higher-priced option first, making other options seem more affordable by comparison. For example, if your highest-tier package is $10,000, a $5,000 package suddenly feels like a steal.
Think about Apple’s product pricing. When the Mac Pro costs over $5,000, their $1,200 MacBook feels like a bargain. Use this concept in your pricing strategy to influence client decisions.
Be crystal clear about your pricing
Your pricing should be easy to understand. Remember the adage “a confused mind says ‘no’”. That’s because when something is complicated the natural reaction will be to walk away. Confusion is a deal breaker so be upfront and transparent about what each package includes.
Break down every detail of what’s included in your packages. Use clear language and visuals, and don’t make assumptions that non-photographers will understand industry-standard phrases. What’s included in a basic retouch? Tell them, because it will be different for every photographer. The clearer you are, the fewer issues you will have down the line.
Psychology-driven pricing
Little details can have a big impact. For instance, pricing something at $499 instead of $500 makes it seem more affordable. Bundling services, like offering prints or an extra session at a discounted rate, also increases perceived value.
Similarly you can make the package that you want people to select more entcing, by adding value to that particular option, and detracting value from the other options. I try to make my middle package a no-brainer because it’s obviously better value than the cheaper option. Most people upgrade to the middle package.
My most expensive option is all the bells and whistles but for me it’s more of a nuisance to organise so is also not my preferred option, however the high price point makes it worth the extra effort on the off-chance that someone wants it!
Ultimately, pricing isn’t just about the numbers—it’s about creating a perception of value, control, and trust. By reflecting on your pricing structure and implementing these tips, you can attract more clients who see your work as worth the investment. It will vary depending on what sort of photography you do and where in the world you’re based. But one thing that is almost certain is that you are probably in need of raising your prices for the upcoming year!
