Photography is as much a business as it is an art. Amid the myriad choices that shape a photographer's journey, one pivotal decision looms large: pricing. For those straddling photography alongside another profession, striking the right pricing balance can be both an art and a science. Navigating my dual professional roles, I discovered that pricing isn't merely a reflection of an image's worth; it's a strategic tool, ensuring equilibrium between passion, profession, and personal moments.
Every photographer's journey is unique, yet we often tread common ground, especially when it comes to pricing. As a fresh face in the world of photography, I had a passion for capturing moments but a scant understanding of the business behind the lens.
When setting foot in the vast world of photography, the immediate instinct is to price low. This approach stems from a blend of humility, market assessment, and a desire to build a portfolio rapidly. For me, this strategy seemed flawless: I'd attract a clientele attracted by affordable rates, rapidly build my portfolio, and gradually increase my prices. And, for a time, it worked.
Getting Started
Life has a peculiar way of surprising us, leading us down paths we hadn’t anticipated. Such was my life as a PR manager at GE. One seemingly straightforward task—to find a professional photographer for our executives' headshots—became a transformative experience. While the photos returned were technically impeccable, they lacked the vital element of capturing the essence of the subject. This revelation was a turning point, making me appreciate the intricacies of the art. As I delved deeper, I began to view photography as a powerful form of communication, akin to my PR responsibilities.
While the above headshot isn't technically the best headshot, I realized I had an eye for the composition and could help serve a need in my local area of Richmond by providing actor headshots for the local acting community. So, I dove headfirst into YouTube videos on photography, learning the exposure triangle and some of the basics needed for headshots.
It was during these formative days of my photography journey that I confronted my first big hurdle: pricing my services.
The Dangers of Underpricing
While my "cheap" rates skyrocketed my bookings as word spread throughout the acting community, I soon faced a predicament. Overwhelmed with clients, juggling a demanding PR job, and spending hours commuting to work and to shoots, I was on the fast track to burnout. There was hardly any space for the things that mattered most.
Pricing wasn't just about numbers; it was intrinsically linked to my quality of life. Every entrepreneur will tell you about the importance of work-life balance, but it's the strategies you deploy—like pricing—that truly make it possible.
The Value Behind the Frame
Every photograph, every shoot, brings with it a plethora of costs – both evident and hidden. Beyond the tangible expenses of equipment, location, and post-processing, there's the intangible yet invaluable cost of time, creativity, and energy. Recognizing this was my first step out of the "affordable" trap.
Transitioning to a pricing paradigm aligned with my evolving expertise and the actual value I offered was an uphill task. It demanded a shift not just in my rates, but also in my branding, marketing efforts, and the narrative I presented to prospective clients.
Delving into Pricing Psychology
Price Anchoring: This is when the first price a customer sees (the "anchor") influences their perception of subsequent prices. My initial low rates set a particular expectation. When I decided to raise them, breaking that anchored perception was challenging.
Value Perception: Clients often equate price with value. Offering services at a very low price might unintentionally signal lesser quality or value, while higher prices can convey expertise and premium service.
Pricing Models Dissected
Understanding and choosing the right model for your photography business is crucial. Here's a detailed look at the options I explored for my side-hustle-turned-six-figure business:
- Package-Based Pricing:
- Pros: Streamlines decision-making for clients. Ensures a baseline revenue.
- Cons: Too many choices can deter clients, and psychologically, they often come in expecting to leave with only the pre-agreed number of photos. Potential earning caps if clients adhere strictly to the base package.
- My observation: Setting a fixed number of images in a package anchored client expectations. Selling additional images became challenging, even when they were genuinely valuable.
- Per Image Pricing:
- Pros: Highly rewarding, especially with a polished sales strategy. Allows tailoring to different client budgets.
- Cons: Requires adept sales skills and tactics.
- My observation: The session fee plus image fee model I adopted from Tony Taafe's TNT program offered a more profitable way and client flexibility. You can add image bundles at the time of sale to encourage the customer to purchase more images.
- Hourly Rate:
- Pros: Guarantees compensation for all working hours. Transparent and straightforward.
- Cons: Can deter clients wary of a mounting bill.
- My observation: I discovered that an hourly rate often underrepresented my effort, particularly when intensive post-processing was involved.
Targeting the Right Audience: Aligning Price with Value Perception
One of the most crucial aspects of a successful photography business, or any business for that matter, is finding the right clientele. It's not just about finding people willing to pay your prices, but about finding those who recognize and value the expertise, dedication, and unique perspective you bring to the table.
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Research and Niche Identification: Begin by identifying your niche in photography, whether it's corporate headshots, candid wedding photography, high-fashion shoots, or local actor portfolios. Once you have a clear understanding, dive deep into market research to understand the specific needs, preferences, and spending patterns of your target audience.
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Positioning and Branding: Your brand speaks volumes. Every aspect of your branding – from your website design, portfolio presentation, to social media presence – should resonate with the kind of clientele you aim to attract. A luxury wedding photographer's branding, for instance, would be vastly different from someone specializing in candid street photography.
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Build Authentic Relationships: Networking plays a vital role. Attend industry-specific events, seminars, or workshops. Building genuine relationships can lead to word-of-mouth referrals, often bringing in clients who align well with your pricing strategy and value your work's inherent worth.
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Educate Your Potential Clients: Sometimes, the perceived value can be enhanced through education. Share behind-the-scenes glimpses, breakdowns of your post-processing work, or even snippets of your thought process during a shoot. This can help potential clients understand the hard work and creativity behind each photo.
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Tailored Marketing: Utilize targeted marketing strategies, be it through social media ads, blogs, collaborations, or content marketing. Ensure that your marketing efforts reach those who are most likely to value and afford your services.
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Quality Over Quantity: It's tempting to cast a wide net, but remember, you're looking for clients who see the value you offer and are willing to compensate fairly for it. It's more rewarding, both financially and creatively, to work on fewer projects that truly appreciate your worth than to juggle numerous assignments that undervalue your skills.
In the vast sea of potential clients, it's essential to find those who not only match your aesthetic vision but also recognize the value behind every click. By positioning yourself correctly and ensuring your efforts target the right audience, you can ensure a harmonious balance between your artistic vision and commercial viability.
Achieving Work Life Balance Through Pricing
For some, photography is a side business or a passion. But passions and side hustles can overwhelm you if not managed wisely. Strategic pricing was my way of ensuring I wasn't consumed and I didn't lose sight of my career in PR. By adjusting my rates and communicating value, I made space for myself. Instead of squeezing in every possible client, I started selecting projects that aligned with my vision and schedule. This meant I could reclaim my personal life: date nights, Braves games, culinary adventures, and all.
Power of the Value Conversation
When we discuss pricing, especially in a domain as personal and intimate as photography, the dialogue goes beyond mere monetary metrics. It encompasses an entire spectrum of value, from the palpable worth of the images to the intangible aspects that shape the experience. It was vital for me, and for any photographer, to recognize and communicate this spectrum to clients. Here's a breakdown:
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Monetary Value: This is the direct financial cost tied to the service, which includes equipment, studio rentals, post-processing software, and more. It's the tangible aspect that most clients initially focus on.
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Time Value: Every hour dedicated to a project is an hour away from other professional or personal pursuits. This includes the time spent in conceptualizing, shooting, editing, and even the back-and-forth communications with clients. My need to get back time prompted me to establish a studio environment in my home.
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Personal Time: Time away from loved ones, hobbies, and personal growth.
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Professional Time: Time that could have been invested in other projects, upskilling, or even the primary career, especially for those balancing photography with another profession.
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Experiential Value: The client's experience from the first interaction to the final product delivery. It encompasses the ease of communication, the comfort during the shoot, the efficiency in post-production, and the joy in the final reveal.
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Emotional Value: The innate ability to capture not just images but emotions, stories, and moments. It's about the feeling an image evokes every time a client looks at it.
Through these layers of value, the conversation shifts from a mere transactional exchange to a holistic understanding of the service's depth and breadth. It was essential for me to frame my services not just as photos delivered but as a comprehensive experience enriched with dedication, expertise, and personal investment. By communicating these varied facets of value, clients could appreciate the entirety of the work involved and form a deeper, more meaningful connection to both the process and the final product.
Pricing as a Tool for Growth
Your pricing strategy is a testament to your growth as a professional and individual. It should reflect your evolving skills, ambition, and the personal life you envision. As you navigate your photography journey, remember that your prices aren't just tags on a service; they're markers of the life you wish to lead, the value you offer, and the balance you aspire to achieve.
How are you pricing your work? What models do you use? I'd love to hear from you in the comments.
Jeremy,
This is a very well written article. I appreciate the article's organization as well as the well thought out and well articulated insights about the different pricing models.
Although this does not apply to my business model, as I do not set the prices for stock usage, I learned from this article and will have an easier time coming up with prices if I ever do the type of photography that requires me to come up with pricing for services or products.
Great article. Very clear and interesting.
Nice article Jeremy.
Great article! However, I noticed that it didn't touch upon the crucial topic of licensing for image usage. In my opinion, this should be the foremost strategy for photographers to monetize their work effectively. After all, licensing not only grants permission but also addresses the primary reason people seek our images – to use them!
Great point, Anthony
Here on Fstoppers, whenever photography as a business or profession is written about, they almost always talk about it as photography offered as a service, and not as photography offered as a product. As a stock photographer myself, I cannot relate at all to 96% of what is written about the business end of photography on this site, because I will not be photographing people and I will never be photographing products.
Clients are those publishers who are looking for already existing images that they can use in their publications such as calendars, books, and magazines. Clients are also corporations that are looking for already existing images that they can use in advertisements that appear online, on billboards, in magazines, and on product packaging.
We shoot what we want to shoot, what we specialize in. And then we offer usage licenses for the images. That is how an enormous amount of income is generated by photographers. And yet Fstoppers insists on thinking of professional photography as something that only consists of shooting headshots or weddings or products or senior photos or working for hire .... which is all insanely boring to me.
In fact, I think that the only recent article they have had about stock photography is one that asks if it is even worth doing anymore. Duh ... where do they think that the thousands of photos they see every day are coming from, and who do they think gets royalties from the usage of those images?
Oftentimes client calls and as for specific images but with their people.
Something like "We like this deer in the forest very much, but we want our new product manager holding microscope instead of a deer and a lab instead of the forest. Can we do that?"
PS: My last stock sale was whopping $0.98. My trip to Antarctica slowly pays back :)
I don't understand your comment clearly. Was it an attempt at humour or sarcasm? Or is there a language barrier that may be causing some confusion? In any event, it does not seem that the quote in paragraph 2 is something that anyone would actually say.
My comment referred to "Clients are those publishers who are looking for already existing images ..."
I wanted to say that there other clients, who don't want existing images at all, they need absolutely new ones.
Well right, of course there are. But my point was that Fstoppers often writes as though those clients are the only ones that exist, and seem to not be aware of how huge the worldwide market is for existing stock.
"While the photos returned were technically impeccable, they lacked the vital element of capturing the essence of the subject." - was photographer budgeted to spend 5 minutes with each subject? ;)