Tips on Pricing Your Photos
If you are a photographer, then you should know the art of pricing your photo because it will pave the way for you to succeed. By pricing them reasonably, you can earn lots of dollars while establishing rapport to your customers.
This article will help you to come up with the right pricing scheme for your precious photos.
In pricing your photos, there will be a big difference between making lucrative sales and making sales. Four of the most important factors that you need to consider in pricing your photos as the following: market, expenses, margin, and competition. The succeeding paragraphs will instruct you more on what to do.
What are the Tips on Pricing Your Photos?
You should analyze the market first by simply conducting a research about how much the other photographers in your area price their photos. This is one of the most vital factors to be considered because the potential buyers will of course compare the prices of photos that different photographers provide. You should not have a bad record on them due to your unreasonable pricing.
The next thing that you need to do is set the margin. That is determined by the equation retail subtracted by cost divided by retail. After getting the result, you should multiply it by 100 and you will already get the percentage. If you would like to sell your photos to a retail channel, of course the retailer will get 50% of the margin. To earn big, you should set the suggested retail at a high price to still make 50-100% margins while still giving your retailer his 50% margin share.
After that, you should begin tracking all your expenses. This includes the following: travel, insurance, hired labor, office expenses, equipment replacement expenses and salary. The number one trick for you to stay in business is to have photos that will supply enough green bills to cover the expenses.
Another thing that you have to carefully analyze is the market. This is important in seeing what clients pay for the photos. If you are shooting for a fashion or travel magazine, you should still research the photo pricing in other magazines. With this, no one could ever question your pricing demands because there is a common pricing trend.
To decide on what price to set, you need to have compilation of your research. Of course, you need to base your decision on the market, margin, expenses and competition.
When you have already arrived at the right decision, the next thing to do is to create a price list for every service based on the research. If you are selling physical prints, you should also include the price of every print size in the sheet.