Product Pricing Audit For Photographers

Have you ever found yourself questioning where you may need to make adjustments in your portrait business in order to raise your client averages? The best place photographers can start is by performing a product pricing audit in order to establish where you can make a few tweaks.

If the word ‘audit’ makes your palms a little sweaty, you are in the right place to get started on taking an honest look at your portrait business and executing an audit. The best place to start in your first audit is considering the size of wall art you offer, the pricing options you have and understanding why your averages aren’t as high as you would like.

#1) Are You Offering Large Wall Art?

When you take a zoomed out look at the wall art you are currently offering your clients, what is the largest size on the list? If your product list doesn’t have wall art sized at 40×60 and beyond, you are putting a cap on your sales.

What is holding you back from offering huge art for your clients?

Providing the option for clients to see their portraits as large scaled pieces of art on their walls not only allows you to better serve your clients with larger walls. You also have the ability to show your clients what a 60″ canvas looks like in their home compared to a 40″ canvas that doesn’t quite fit the space. Not having the ability to say you can do the next size up puts a cap on what you can create for a home and average investments.

#2) Do You Offer High-Middle-Low Options?

Once you have established whether or not you are offering large scaled wall art (and if you aren’t, hopefully you will add it in), it is time to consider what investment options your clients have.

Are you offering products that fall into a high, middle and low range?

When you evaluate your current product pricing, do you feel like you could categorize those wall art options into high end, low end and in between? It is important to take note of whether or not you have budget friendly to high end options if you want to serve clients that can’t do the full fancy options, save the sale and still get them what they want. 

If you find that almost all of your products are in the same price range you can start considering what your current products are and one or two products you can start offering at a higher or lower price range depending on where your pricing is set at the moment. But how do you know whether or not you are lacking a higher or lower end option?

#3) What Would It Take For Your Clients To Invest 5 Figures?

Once you have established the size ranges you offer and whether or not your current product pricing can be sorted into a high, middle and low category, it is time to ask yourself a big question.

What would it take for your clients to invest 5 figures with you?

Even if your goal is not to have a 5 figure average investment with every client, a great place to start understanding whether or not your current product pricing would realistically produce a 5 figure client is doing the math. That means you need to look through your products and price out what it would currently take for a client to invest $10,000+ with you as their photographer and what they would get.

Once you create a few examples of what current products would bring in a 5 figure sale, take note of what your clients would receive. If you feel anything but excited or happy with what it would take for a client to spend 5 figures with you, it is time to add a few larger scaled options and high end products for a larger sale potential.

While these are only three pieces to how a photographer can perform a simple product pricing audit, it is a great place to establish where you need to make a change. The best part about what you do is that there are no solid rules, you have full control of what feels best for your business and clients!

Did you enjoy reading our blog today and want to learn more about how you can perform a product pricing audit and want to learn more about how to implement a change? I have a variety of educational resources available for photographers from our free Facebook Community, a weekly educational podcast and my coaching program dedicated to helping photographers build profitable and successful portrait brands.

Make sure you check out our amazing resources and feel free to let us know your favorite part about reading our blog today!