Stop Competing on Price! = Webinar Feb 23

[Todd_Reichman]

Hey all!

As we finish up preparation on our webinar at the end of the month I'd like to solicit your questions about the topic of competing on price. While this webinar is being prepared with an eye towards wedding photography in honor of wedding month, alot of what we'l be tlaking about will be applicable to portrait photographers as well. So give me an idea of your top "frequently asked questions" when is comes to competing on price:

What are your top concerns when it comes to setting your price or achieving profitable pricing?

Do you feel the pressure to compete on price? Where does that pressure come from?

How important do you think price is to clients? Do you believe that your clients are making a decision based entirely on price?

Is the prevailing price that your colleagues are charging influencing where you set your prices? Do you feel the pressure to keep your prices lower than you would like?

What are the factors (in your opinion ) that allow a studio to charge far beyond the accepted rates?


Feel free to answer any of these questions or give your thoughts or concerns as it comes to competing on price. We definetly have our take and "curriculum" as it relates to price and competition, but we want to make sure that we're taking some cues from what we're all dealing with on a daily basis.

Thanks!

- trr

[Michael_Gan]

What are your top concerns when it comes to setting your price or achieving profitable pricing?

Making sure I cover for the time it takes to produce the portraits from beginning to end. some of our portraits take a production time of 20-30 hours to produce from the time of consultation to the finally delivery. Also, our paintings take a 6 month delivery time for the oils to dry before final laquering.

Do you feel the pressure to compete on price? Where does that pressure come from?

Actually, I do! I feel I have to distance myself from the others in my area, so as others raise their prices, I do as well.

How important do you think price is to clients? Do you believe that your clients are making a decision based entirely on price?

Price seems to be important to the clients if they do not get the total experience that they are expecting from my services. That is, they expect to be treated a certain way, and if I fail to complete my total customer experience, than price becomes a problem. At the time of booking me, the experience is clearly communicated to them, so no, their decision is not based on price at all. Many have not experienced other professionals, so they have no idea what other professionals charge.

Is the prevailing price that your colleagues are charging influencing where you set your prices? Do you feel the pressure to keep your prices lower than you would like?

LOL, I make sure I find out what the average is and then multiply by 5 . Seriously, no.

What are the factors (in your opinion ) that allow a studio to charge far beyond the accepted rates?

You have to have a keen understanding of the overall experience. That is, the way you dress, the way you consult with the clients (pre and post consultations), the way you take the images (head and shoulder images make really lousy 40x60's), even the way your greet the clients when they come in and also your availability on the phone. Again, it's not the price that messes you up, its the failure to provide the overall service to the client.

[Todd_Reichman]

Thanks Michael - definitely representing one end of the spectrum on this issue! Who's next?

- trr

[Stan_Lawrence]

"You have to have a keen understanding of the overall experience"

More true than most realize....

"What are the factors (in your opinion ) that allow a studio to charge far beyond the accepted rates?"

There is, of course, only one, and it's the one most folks don't want to hear about. I was told years ago that the biggest challenge I faced in my business was the guy in the mirror, and it was true (still is). Until folks face their own belief systems and change them, likely nothing will change. The solution is not external, it's internal. Hopefully your seminar will cover that to some degree.....

[Todd_Reichman]

There is, of course, only one, and it's the one most folks don't want to hear about. I was told years ago that the biggest challenge I faced in my business was the guy in the mirror, and it was true (still is). Until folks face their own belief systems and change them, likely nothing will change. The solution is not external, it's internal. Hopefully your seminar will cover that to some degree.....

Already on top of it....

Further input desired and welcome.

thanks!

- trr

[jenniferfeeney]

So, exactly how do webinars work? I have a tough time making physical seminars because of distance and time constraints, so am going to do a few on the web. Todd, I would like to take yours--when I register, what happens next? I'm guessing there is a log-in or something? Do I need a web video camera for participation? Looking for more details and have not found any...Thanks!

[Todd_Reichman]

No need for a webcam. You register and then get the info you need from PPA. You'll log into the appropriate website when the time comes to watch the presentation (a slideshow) and you'll call the appropriate number to listen to the presentation. Sounds potentially complicated but is pretty simple in reality. Pay, log in, call in, bob's your uncle. Thanks Jennifer - let me know if you have any specific concerns!

- trr

[jenniferfeeney]

Thanks Todd! Sounds good. I gotta pack up my gear for a location shoot tomorrow and then will be back to pay for the webinar.

As for special concerns...
Pricing is always complicated for me...and YES the woman in the mirror is my biggest competion. I'm finding there is so much mental stuff behind the business - almost more than technical! Understanding cost, having the confidence to charge what it's worth, and the patience to turn down the gig that you know is not for you, etc, etc, etc. I'm looking to learn what you two have to offer :-)

[Heather_L._Smith]

What are your top concerns when it comes to setting your price or achieving profitable pricing?
Being comfortable with that number - personally. Actually being able to hand over an invoice with THAT number on it and not feel the need to explain myself.

Do you feel the pressure to compete on price? Where does that pressure come from?
Yes and no. I know exactly how my prices are calculated and what is included in those prices. I know exactly what my costs are for goods and for my time. My prices are based on a fair, somewhat standardized factor of that. So, in that regard, I don't feel the need to compete on price because I know exactly why my prices are what they are. It's a huge improvement from several years ago when I would pick a number out of the sky because I thought it "looked good." I keep tabs on what others in my area are doing, but I generally don't make my decisions based on the trends of others.

How important do you think price is to clients? Do you believe that your clients are making a decision based entirely on price?
You know, it really depends on the client. Some folks might think I'm really cheap, some might think I'm really expensive. I want them to fall in love with the end product and make spending money with me a priority. How does that happen? It happens the first time I answer the phone, the first email, the way I answer their questions. I want to start a relationship with a potential client from the onset, at which point, they will choose to make spending money with me a priority.

Is the prevailing price that your colleagues are charging influencing where you set your prices? Do you feel the pressure to keep your prices lower than you would like?
No. I had to disconnect from what others were doing and focus on what I was doing. Once I figured out what my true costs were to produce something it was much easier to set a price on a product from there.

What are the factors (in your opinion ) that allow a studio to charge far beyond the accepted rates?
The experience. A technically sound product that is sold with flair and enthusiasm and passion.

[jenniferfeeney]

I had to do the webinar via phone today (technical problems with the computer I had on location). Anyway, I'm looking for the thread that was going to be started with follow-up Q&A and can't seem to locate it!

BTW - nice job today. I have some mulling over to do and questions to ask...