An extremely important decision for any wedding professional is setting the cost of the product or service you are selling.
As a new wedding business you should consider your prices very carefully before starting out. If your business is already established I would recommend conducting a regular review of your pricing model.
Pricing Dangers
Setting your prices too high may make Brides go elsewhere, too low and not only will your profits be affected but Brides may think your product/service is low quality.
How to set a Price
The first and rather obvious factor in deciding a price is how much it costs to produce your product/service. You need to charge more than you spend to make it in order to make any sort of profit.
Secondly, how much do your competitors charge? You don’t want to charge much more than your competitor who provides the exact same service or you will be priced out the market.
Thirdly and most importantly how much value does your wedding service provide? Wedding photographers don’t have huge overheads but a very good wedding photographer is able to charge a lot of money for their service because it provides so much value to a married couple.
How valuable is your wedding service to your customers?
- Is it convenient?
- Is it reliable?
- Are you well known in the market place?
- Do you deliver your products quickly?
- Is your product very high quality?
- Do you offer good customer service?
- Would other Brides recommend you?
The higher value you provide, the higher prices you can charge.
Tomorrow we will look at the different pricing strategies you can use for your business.
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“Wedding photographers don’t have huge overheads”? :~o I’ll return in a couple of years when I’ve finished paying off my initial capital outlay (and have a grip on maintenance costs) and let you know if I agree or not ;~D
Fair point, you’re right, I think the best photographers in the industry will definitely have large costs both upfront and ongoing.
I think however, it’s fair to say that there are plenty of less serious, amateur, perhaps cheap photographers who likely only have their general use SLR and print using Snapfish…sad but true (I’ve experienced them).
Indeed sad but true. It’s a salutary example of the adage ‘you get what you pay for’ perhaps.