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NEED TO INCREASE YOUR PRICES THIS YEAR?


It's easy to feel fear around a price increase because we don’t want to do it ‘wrong’ or upset people, and this prevents us from doing it. But it’s important to remember that increasing your pricing is a normal and necessary part of business, not just for photographers, but for all business owners! At the end of the day, no one is paying as much attention to your prices as you are. You can change your pricing and increase them whenever you want to. However as a rule, it's better to set your prices as you mean to continue rather than chopping and changing them all the time. If you are increasing your prices often, this can get confusing for your clients and yourself. So it’s important when you do the price increase that you do the maths to make sure that this will be profitable. Here are three strategies we recommend to create a smooth transition when increasing your pricing and communicating this to your past clients. COLD TURKEY This is the most direct of the price increase strategies. This is when you let the client know that from a particular day you will be increasing your pricing. You don’t have to justify your increase or be apologetic. One way to share this information is to simply touch base with your existing clients via an email list or social media. If you are taking positive action to improve your service or offerings then share about these things that will help serve them better. You could also share a pricing pdf, or a link to your pricing on your website so they know what to expect going forward.

GRACE PERIOD You let your existing customers know that in a certain time frame going forward there will be a price increase. But give them the opportunity to purchase now before the price goes up. This will encourage people that are sitting on the fence to purchase now. With this approach, if they choose not to take advantage of the lower pricing, that’s their responsibility. Psychologically they will be more accepting of the higher price point, because they knew it was going to happen. VIP/LEGACY PRICING Remember you can offer legacy pricing. There might be clients that have been with you for a long time, or there might be other reasons you want to keep the business relationship with these clients. Let them know that your prices are increasing but that they are getting recognised and rewarded for their history with you. For example, From this day forward the pricing will be increasing to X . However as a VIP customer, I want to honour your loyalty and I offer you a special price of x. This is psychologically much easier for historical clients to accept as they recognise that although they will be charged more they are still getting a discount. GIFT VOUCHER Sending a gift voucher is another great way to transition old clients to your new price list. This enables your loyal client to have a discounted rate, but they know and understand the new pricing model for future shoots. Make sure you include an expiry date on the voucher and any other terms and conditions you’d like to include!


Remember Showing your customers that you appreciate their loyalty can make them more receptive to price increases so keep the focus on relationship and gratitude! Hope this helps as you navigate your price increase.

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