TIPS60 – Double the money? Are your low rates actually hurting your business?
Here is another of our videos offering tips and inisights into the business of photography. a transcript of the video is included after the jump.
TRANSCRIPT:Here are a few thoughts on your rates and whether or not they're too low. I'm John Harrington. Now it may seem counter-intuitive, but the concept of doubling your rates to earn more business actually is a realistic one. It does actually apply, there is actually some credence to that idea. In some instances there are clients who know that the bill or the costs for a particular services is $1,000, $2,000. And when a photographer, even though they think they're doing the right thing, by saying, “”I'll do the job for $300″” they know, “”Gosh, this photographer may well not understand everything that's going into this project.”” So they'll actually hire a photographer that's more expensive. So if you're looking at your rates and maybe you want to move up to that next echelon of client, you want to have a higher profile client, doubling your rates could actually generate you more business. In many instances that's why we ask whether or not there's a budget the clients trying to work within. So as silly as and counter-intuitive as it sounds, you might actually consider doubling your rates in order to generate more business.
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