How to Effectively Price Your Photo AlbumsPhotography Business
As a professional photographer, it’s important to know how to effectively price all your products. Sometimes, it can be difficult to decide exactly where to set the price point for important items like photo albums that your customers can purchase, typically pre-filled with the photos from their session that resonate with them the most. By examining some of these key elements, you can create an effective pricing strategy for your photo albums that will encourage customers to buy them.
What is a Photo Album Worth?
Photo albums are a beautiful commemorative tool that generations of family members will be able to look back on. In today’s digital age, it has become increasingly common to keep photos on digital media: on hard drives, in the cloud, or “stored” on social media sites. Photo albums, like photography, are emotive and demonstrate a strong emotional experience, especially albums of important events like weddings, families and milestone birthdays that your customers want to remember.
The worth of the photo album isn’t necessarily in its construction, though the materials used to make it will factor into the price. It’s worth, is in the experience in the memories – both those that are contained in its pages and those that will be made throughout the years as customers and their loved ones examine those pages to look back on.
Materials and Textures
A cheap plastic photo album can be purchased at any craft store for a few pounds. A good photo album – one made of leather, for example – is worth a great deal more. These high-quality materials have weight that customers will feel as they hold them in their hands. It’s not just about the beauty of the album. It’s also about the way customers feel as they hold it – and you’re able to price accordingly.
Photo Presentation: Tell A Story
The layout of your album will impact the way customers view the product you’ve placed in front of them. If you simply place pictures into the album or look for a rough chronological order, chances are, customers aren’t going to be willing to shell out the extra money for your album. Taking the time to carefully arrange the pictures and tell their story will immediately raise the price of your album in the view of your customers. Create a duplicate, one or two examples you have created for previous customers and walk them through how you captured the day and how you tell their story.
Setting the final price for your albums will depend on a wide range of factors. Ultimately, how you price your albums will depend on your unique customer demographic. Use these rules to help determine how you’ll set your price.
- You need to make a profit. Your profit is based both on the time that you spend creating the album and the time spent taking the pictures.
- Assume that you can charge between 2 and 4 times your cost for the item. This includes the raw materials needed to allow you to create the photo album as well as the album itself.
- Pay attention to how customers respond to your prices. If you find that you’re routinely not selling your photo albums, it’s time to figure out why! On the other hand, if every customer who looks at one sits down to buy it, chances are, you can raise your prices.
Learning how to price important items – including photo albums – is a key part of become a successful photographer. By keeping these factors in mind when you price your photo albums, you can create a more effective pricing strategy that will make it easier for you to achieve your financial goals. Want to learn more? Contact us today to learn how we can help.