pepper ben
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Re:What about inflation? - Pricing - 2008/12/18 01:44
Here in the Uk things financialy are about as stable as a 3 year old on a harley davidson so its a dificult call to makde right now...
Until recently there has been perhaps 2 main trends with regards to product/service placement and pricing in the domestic/wedding/portrait markets; these being...
Go low on price and try to shift volume
or
Go High at a premium and take less work.
(theres always scope for something in between)
Our primary business was until the latter part of this year aimed at a little below 'High', since late last year there has been a decline in financial stability and with some degrees of sucess we started to sell cheaper product ranges and lowered the costs of our regular products. However despite all this it has been a masive struggle and we are now sadly sending 2 empolyees off to find jobs elsewhere.
Ideally you should have some kind of business plan that tells you what overheads you have and what you need to generate in order to cover those overheads and create a profit margin.. Common sense... But, our market will stand some crazy prices (or at least it used to) as it can be a highly emotive product. In the case of certain photographers where a name goes in front of them the sky is the limit with figures reaching Ł10,000 and even higher for Wedding photography. On the other end of the spectrum there are a host of part time photographers out there that will only charge Ł500 and give the client a disc with all thier pictures on.
The best you can do is take a stab at it and then be prepared to move.... Preferably upwards, there are plenty of stories about people who got busier when their prices went up: Why? because of perceived value. If you look or sound cheap then that's probably for a reason, on the other hand if your charging Ł1500 for a bespoke wall mounted portrait then maybe people will think 'wow... it must be good'.
The same theory runs through life all over the place, you can buy Samsung Tv for about Ł300 the equivelant from Bang and olufsen might be ten times that figure... It still shows a picture and for the less discerning it does exactly the same job.......But oh....Wouldnt it be nice to own a B&O.
Thats all for now.... But I might be back with more on the subject in terms of a commercial area.
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