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Your supply may be high because you’re able to take on lots of work compared to most people, or it might be high because you just opened up booking for the coming year.
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Demand being low is never a good thing, but if it’s just enough, then it’s just enough. If your supply is low (You don’t have very many dates left for possible bookings) and your demand is low (Not many people are wanting to pay you your asking price to shoot) then you’ve got some room to wait and test out your options.Do you lower your price? Do you offer more value while keeping your price? Do you pump up your marketing campaigns so you can get more potential clients that want what you offer? Any way you slice it, when you’re in this situation, you’ve got some work to do! If your supply is high (You have lots of availability to shoot left in the calendar) and your demand is low (Not many people are wanting to pay you your asking price to shoot) then you’ve got some decisions to make.Here are a few situations to think about in the various options with supply & demand: Your demand is based on people that want you and can afford you. If you’re getting a lot of inquiries, but a very small percentage of them are able to afford you, then you can’t take them all into consideration when trying to determine your demand. Depending on your life situation, you may choose to limit your supply in order to keep a healthy balance in your life, or you may choose to open up your supply and book up like crazy.ĭemand is measured by how many qualified leads you receive compared to your supply and compared to the lead rate of others in your area. Supply for photographers usually has to do with the amount of availability to work you have in your calendar. Supply & Demand is a balancing act and needs to be kept in consideration when figuring out your pricing as a photographer. Supply & Demand is a well known function in business that helps us determine whether to raise or lower our prices, change our marketing plans, and many other things in our businesses. The hardest part is putting an actual dollar figure to this! That’s why we need the next two sections, otherwise we’d be charging so much for ourselves that nobody would ever hire us! Your Editing/Production Skillsĭo you produce quality work that backs up your brand and value? What sets you apart? - Your Interpersonal SkillsĪre you a pleasure to have on the job? Do people ever tell you what a great photographer you are, even before they’ve seen a single image you’ve taken? How do you add value to their experience by hiring YOU over someone else? - Your Background and EducationĪre you self-taught or traditionally educated? Are your growing at a rate that is faster than the average of the industry? Are you staying relevant, while not following fads and trends?Īll of these put together will give you a good picture of your inherent value as a photographer. How good are you? You can think of this as comparatively to other photographers, and as well you can place value on being one of a kind and not comparing to other photographers. Your inherent value can be thought of in many ways, and should include aspects like: - Your Photography Skills Let’s start with this, because realistically, this is the most important piece when considering how much you’re worth.
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Here are the top 3 things that control your price as a photographer. In order to calculate an actual amount for how much we should be paid for our services, we have to take into consideration many variables.
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Obviously we know how false that is, but how do we logically and honestly figure out how to price ourselves? As Wedding photographers, we are often blasted with the stigma of over charging for what “seems” to be an easy and enjoyable job that takes only one day to complete. In every business, and every industry, a decision has to be made as to what value a certain product or service holds and what the consumer should be charged.