Senior Series | Topic 3: Create Your Product Collections + Pricing Structure
Follow these basic guidelines to give your clients what they want while charging what you’re worth
Previously, we talked about developing your product line. Now it’s time to build your packages.
Offering three different product collections gives your clients enough options without overwhelming them. You can structure your packages strategically, nudging your clients to choose what you want to sell. There’s a simple method that makes this work: Good, Better, Best.
Give your collections names that indicate the level of investment and fit your brand. Maybe your investment levels are silver, gold, and platinum. For the sake of simplicity, we’ll call our collections Level 1, Level 2 and Level 3.
Level 1 — The ‘Good’ Package
This is the lowest level investment. Price this option at the minimum amount you will need to make a profit you’re satisfied with. This package should have the least amount of value for the price. It makes the other packages look much more enticing.
Level 2 — The ‘Better’ Package
The middle option is what people are most likely to choose. Make this the package you want to sell! What’s the ideal amount you’d like to make from each session? Include products you think every senior should have. Add in-demand products to this collection, making an upgrade from the ‘good’ package seem like a no-brainer.
Level 3 — The ‘Best’ Package
This collection is above and beyond what you think seniors would need. It requires a higher investment than your other collections, but it also packs the most value. In this package, they get more and actually pay less than they would per product in any other collection. A few people will choose this option, and it will create some nice bonus income for you.
The Experience is Part of the Package
No matter which level of investment your clients choose, the experience you offer them is part of the package. Your level of service and professionalism should always be top-notch.
What sets you apart from any other photographer? The experience you offer.
Highlight any personalized services you offer as part of the package, even if it’s included with each collection. Think about the perks of working with you, whether fashion consultations, hair and makeup services, amount of time devoted to the photo session, photo editing and retouching, the list goes on. Seniors get excited about these ‘extras’ and parents start to focus more on value than cost.
Outline Your Pricing Structure
How Much Should You Charge?
First, figure out the average amount you need to make per client. This amount should allow you to create the salary and support the lifestyle you want.
Calculate the cost of goods:
- How much does the product cost?
- How much for packaging?
Decide how much your time is worth:
- How much do you want to make per hour of shooting?
- How much time do you put into other tasks: consulting, editing, designing, ordering, etc?
- If you outsource any services: How much does that work cost?
Give your brand some credit:
- Are you in high demand?
- Do you have a signature style that people love?
- Are you known for your outstanding service?
Communicate Your Pricing from the Start
You’re simply not in everyone’s budget and it’s good to find that out as soon as possible. You don’t want to end up discounting your work or defending your prices later in the process.
When you discuss your pricing up front, you take the “sales” out of the sales meeting. You can make it all about the experience of seeing their images for the first time. Talking about products should be exciting at this point, not a negotiation. Set clear expectations from the start so you can exceed them with only fun surprises!
What Not to Do with Pricing
Don’t undervalue yourself.
Charge what you’re worth. You provide a service that seniors and their parents value highly.
Don’t compare your pricing to others.
Every business is different. Do what works for YOU.
Don’t wing it.
You have fixed costs and specific income goals. You need to plan in order to profit.
