How to make money as a photographer
How To Make Money As A Photographer
6 Key Ways To Increase Your LTV and make money from your photography
Wondering how to make money as a photographer? This video tutorial walks through the 6 strategies for increasing your customer LTV and growing your photography business
Every photographer wants to make money taking photos. Not many actually pull it off. In this video you’ll learn the 6 key ways of increasing your profit as a photographer so you can make more money while working less.
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What it all comes down to is knowing the Lifetime Value (LTV) of your customer and the 6 core methods for increasing LTV + Revenue. Once you’ve got that down, it’s simply a matter of selecting which methods are most appropriate for your style of photography and your type of client. Choose one or apply all 6! At the end of the day, the worst way to make more money with photography is by lowering your prices. Yes, you might book more clients, but in the end you wind up kicking yourself because you’re doing more photoshoots for less money, rather than getting less clients but making the same amount of money for a whole lot less photography. If these tips were helpful, leave a comment below with how you’ll be applying them to your business!
In summary, there are 6 key ways to increase the LTV of your photography clients. This is important for several reasons, but the main one is this: The greater your LTV, the greater your marketing power and profit margin. When you have a high enough LTV, you can spend so much to acquire new customers that no one else can compete. It also means you can do less work for more money because your pricing is high enough to offset reduced bookings. The key of course to be able to pull this off is that the quality of your photos and the level of customer experience have got to be absolutely top notch if your customers are going to keep coming back and referring you more bookings!
The 6 key ways to increase Lifetime Value of your photography clients:
- Charge More
- Charge Less (But acquire more customers)
- Repeat Sales (Get them to book multiple sessions)
- Upsells (Offer a higher package / upgrades)
- Downsells (Offer alternatives if the upgrades are out of reach)
- Cross Sells (Sell a completely different shoulder service… Such as a wedding photographer offering new parents a newborn shoot, or selling a hair styling service they have partnered with etc)
What ideas can you come up with to make more money as a photographer by increasing LTV? Leave thoughts below!
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📸 My current photography gear:
Panasonic S1- https://amzn.to/39SczqO
Sigma Art 35mm 1.4 L mount – https://amzn.to/3i1SGAc
Panasonic Lumix 24-105 f4 L mount – https://amzn.to/3grgQ6U
YONGNUO YN-560 IV Flash – https://amzn.to/2DAsZI4
🖥 Computer Editing Setup =
2019 27″ imac upgraded with 40gb of ram: https://amzn.to/3i3Vk8I
When I’m working away from home, I use a 2015 15″ macbook pro with 16gb of ram – So you don’t NEED the brand new fancy computer… It just speeds up the performance and snappiness of Lightroom so you’re not waiting so long for previews to load or images to export etc.
Recommended laptop: 💻 13 inch M1 Macbook Pro $1249 USD https://www.amazon.com/dp/B08N5LLDSG?tag=signatureedit-20
The new M1 Macbook Air and M1 Macbook Pros are AMAZING for photo editing and Lightroom Performance, even with their base model options With the new M1 macbooks, 8gb RAM works. With any other machine, I’d recommend going with at least 16gb of ram and 512gb of storage if you can swing it.
OR grab the new M1 PRO 14 or 16 inch Macbook Pro for even more insane performance… But they’re also $500-$1000 more cash, so for most people the M1 macbook air is STILL the best choice