OnDemand WTP Pricing Research

Stop Lowering Your Prices and Start Increasing Value | Fstoppers

Pricing was the area of professional photography I struggled with the most in the early years. However, it was far too recently that I realized I had a fundamental error in my approach to pricing and value.
I’ve always been completely open about my naivety towards business when I first jumped in to full-time photography. I had no niche — not even close; I was spread-betting with and no idea how I should price jobs. I had only just started on my journey into business, so how was I to know how much my time was worth? Gradually, I found my level as I worked on jobs where I under-quoted significantly (there were lots of these) and worked on jobs where I some how got the role despite over-quoting (there were not lots of these). That was, in essence, stage one.

Stage two was increasing my prices. Once I had an understanding of how much I ought to be charging for a job at that time, I started to get more work, I narrowed my focus, and improved my expertise. Naturally, the next step was to cultivate this career and increase my prices to be in line with my improvements elsewhere. Yet again, I got it quite wrong. Both fortunately and unfortunately for me, I began getting work at my higher prices, and I couldn’t decide if I was worth my fee. I was torn between that doubt being insecurity or perceptiveness, so I continued. Some companies I had worked with before regularly had tried to negotiate my old price down, so my new price was unlikely to fly, and thus, those bridges became burned, albeit respectfully. Gradually, the work became slightly more difficult to attain despite my improvements in skill, industry knowledge (both mine and the clients’), and industry worth (that is how well known I was in my area). So, I made my third mistake: I lowered the prices again.

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Stop Lowering Your Prices and Start Increasing Value | Fstoppers.

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