Does More Expensive = More Business???

[Southern Cross]

This is a business related question about photography. I've been told more than a few times that I don't charge enough for my work. As my business continues to grow, I need to find out how to attract more business, maximize profit without overcharging, and stay commercially viable.

Ok, so here goes. I've found that when I charge for a wedding, lets say $1,700 for the day, I get a few contracts here and there, usually 3-4 weddings a month. But when I charge $2,000 or $2,500, I get more interest even though I'm providing the same product, same coverage, etc., and I still get online print orders. So what gives?

Same thing for a senior high schooler portfolio. I'll take a junior or senior out for a 1.5-2 hour full shoot at a nice location or two, produce a great portfolio, get everything online, and provide a personalized custom album. If I charge $150 for all this (amost of my profit comes from orders), I get a few shoots. If I charge $350, I seem to get more interest and bookings.

I know y'all are probably not business gurus. That's ok, that's why I am asking you about this. From your side, why do you take the opportunity to pay more for the same product, same service vs. paying less? Does price really infer quality? I've heard of the inverse relationship between pricing and winning business, just not sure how it really works.

 

[Nikoel]

I think it goes along with the thought that the more you pay the higher the quality! (I know it seems like more people would look for better deals...but they've heard horror stories somewhere along the way and they thing more expensive means better as far as photography goes!)

 

[Southern Cross]

Ahhhh... makes sense. I've spent time fixing another photographer's work if they did a terrible job. If it was fixable to begin with (some are absolutely horrible, so I can see where those horror stories come from. Perhaps I am underestimating the amount of money that people are willing to spend on their weddings. Sometimes the price tags for the events are over $100K in my area. But more often than not, I am at the more reasonable weddings.

 

[2Bhumble]

A friend of ours sold puppies in the paper for $250 each and got maybe a half dozen calls, a few lookers and sold none. He re-ran the ad the next weekend and asked $450 each. The whole litter was sold by lunchtime that Saturday. I would have never thought to do that.

 

[Piano Player]

There are certain categories of quality where people do want to pay more. Paying more for a wedding photographer allows the family to think no expense was spared.

 

[Starr SDA Living Word]

I BELIEVE YOU GET WHAT U GIVE. GOD BLESS ALL.