How to Raise Your Prices for Photography Projects
5 Simple Ways to Raise Your Prices
Changing Mindsets to Change Your Rates
Do you wish you could raise your prices for photography but feel stuck in a price range with your current clients?
With the cost of living and prices rising all around you, you might be considering a change to what you charge for photography as well.
It’s important that you don’t raise your rates too much, but you should be analyzing the market to decide how to price or re-price you work.
Chris Hau, in this video tutorial, shares his 5 easy tips for raising your rates and making more money from your clients.
Update Your Photography Pricing with These Tips
Before You Change Your Pricing: Know the data
Before you can change your prices you need to know what prices are in the industry on average. Find out what others are charging for similar work and get a good range of average prices.
This will help you know a good ball-park figure and what is realistic.
Then try these 5 Tips for increasing your rates:
How to Raise Your Prices Tip #1: Do a self-audit for your business
Use these question sets to define the value of your services:
Answer these questions:
- What is your current rate or hourly rate?
- How much do you want to be paid?
- How much do you deserve to be paid?
Who do you admire in your field? – Reverse engineer their path to success!
What is your unique selling proposition?
- What value do you provide that no one else does?
- What makes you stand out in your field or niche?
- What is going to draw clients to you over someone else?
- What can you offer that is unique either in the product, service or experience?
What problem are you solving for your client? – Business and marketing is all about solving problems. Think about what the problem is that your product or services are solving for your clients specifically.
Who/What is your dream client or job? – Write down who the client is and who the decision makers are who will ultimately hire you
Why are you not getting these jobs? – be honest!
What is one thing you can start doing to increase your value? – such as upskilling your editing or adding video services.
How to Raise Your Prices Tip #2: Take the Agency Approach
Clients are more arrtracted to a brand or business that can solve all of their needs in one place, rather than going to multiple companies.
Even if you are focusing on just one creative area, like photography, you can still offer clients the whole package.
Find a graphic designer friend, a local videographer, a photo editor friend, etc and market as a collective or an agency.
With this approach, you are able to provide more value to bigger clients.
How to Raise Your Prices Tip #3: Build a Budget and Estimate With Markup
Do a consultation with the client to find out their vision for the project. Then, build a budget for their project using the information from the consultation which is for you to see.
You give the client a line by line estimate of the project which is the budget but made look nicer for the clients to see.
Most companies will mark up the cost of the project by 20-25% just for doing the work of scoping the project. That’s profit on top of what you are charging for your services.
How to Raise Your Prices Tip #4: Charge for Creative Licensing if Applicable
This licensing is giving permission to a company to use your content for a specific time and place (online, tv, etc) for an extra fee.
Within your negotiations, you can ask your client about where and when they are using the content. If they are a large company, this licensing will help you get more out of your work since they are using you content.
If they will be preparing it for television or their website for a specific timeframe, you can negotiate the charge for using the content.
You can add in a full buy-out clause and fee for small clients.
How to Raise Your Prices for Photography Tip #5: Networking the Right Way
When you take on larger clients who can pay more, and you do a great job for them and they love your work, ask them to recommend you to their partners or other clients.
You will be able to break out of the lower paying clients through this type of good word of mouth networking!
Also ask your clients, especially if they are high paying well known brands, to write testimonials or reviews for your website.
This shows potential clients who you have worked with before and how quality your work and the experience working with you is.
Raise your prices with these 5 easy to apply tips and start making more money now!
Want more information on pricing your products and services as a photographer? Read this helpful guide!
Which of these tips will you use to raise your photography prices THIS WEEK?