Photography marketing

5 signs it’s time to raise your prices in 2022

I don’t know about you, but this time of year is traditionally when I officially lose him. I don’t know what it is about December, but suddenly all of my former clients and the people who were previously hesitant to book a photoshoot decide they MUST have these photos taken now, not yesterday! And I invariably find that my previously empty December turns into back-to-back shoots, all-night editing sessions, and my poor son is pretty much adopted by the babysitter. It sounds like a good deal to have, but sometimes it’s nice to seek some work-life balance and see your loved ones every now and then.

If this scenario sounds for you, then according to the photographer Katelyn james it might be time to consider raising your prices in 2022.

Katelyn is speaking specifically to wedding photographers in this video, however, I think her advice applies to any working photographer. So let’s dive in and get profitable!

  1. The three Es: equipment, experience and education. If you’ve invested in any of these three things over the past year, guess what? They make what you give more valuable. Now there is a caveat with this. You can’t drop $ 2,000 on some fancy new goal and think your customers are going to be impressed by it and pay you money, but it’s usually a sign that you’re ready to jack up your prices by the extra amounts. as you invest more in your business and yourself.
  2. You’re already half booked for 6 months: this one is a bit tricky for non-consumer photographers as they usually don’t have a target number of shots per week or per month. However, if you are continually booked 6 months or more in advance, this is a pretty good indicator of your worth. Katelyn suggests using this 3-6 month period as a buffer zone to test new prices, and then if you find that you’re not hitting your target, you can readjust the prices as you go. She points out that you can’t just try new prices for a month, you have to give it more time than that to really see if it works, 3 to 6 months minimum.
  3. Your experience level has increased: don’t underestimate your experience. More work and more clients equals more to show potential clients, and your portfolio should always be kept up to date. With that in mind, when you update your wallet, it might be time to re-evaluate your pricing. Don’t fall into the starvation marketing trap where you are so busy that you don’t have time to show off your work and then because you are not marketing you are not booking new customers. You need to use this momentum to move your business forward with ongoing marketing and sharing of your work. The answer then is to invest in outsourcing, systems, and a solid workflow so you can keep your head up even in peak times (hint: I’m making a mental note here!).
  4. You’re ready to slow down: can someone say Burnout? Raise your hand if it’s you (me raising my hand!). If you book customers easily but find it hard to keep up, don’t be afraid to increase your prices. It is far better to book fewer clients at a higher price and really be able to give them a great experience than being constantly stressed and skimping on your service because you are too busy. Life is not always about the money. If your quality of life suffers, you might want to take a close look. For example, instead of making $ 80,000 a year and killing yourself for it, would it be better to earn $ 72,000 but with a lot less customers and take the risk of increasing your prices but being there for the best? your family and loved ones?
  5. You are in the dead zone: your prices are way too low for your standard of presentation. You look so amazing on social media that your prices are too low for the type of customer watching your work. it works for commercial photography in particular. If you make an offer that is far too low for the type of job, the client will assume that you do not have the appropriate knowledge and experience and are unlikely to want to take the risk of booking you. If your job is improving quickly, you should increase your prices accordingly.
  6. Bonus: If a customer tells you to increase your prices: you should have done it 6 months ago!

Now Katelyn ends the video with a really big but (not that kind!). She emphasizes that your website, social media presence, and marketing all need to be presented in a professional manner that enhances your value, otherwise you can’t increase your prices.

So what do you think? When was the last time you increased your prices?

Now, if you need me, I’ll outsource my touch-ups this month and grab some free time!