pricing

Architectural photographer Brad Feinknopf explains why photographers should not lower their prices in a slow economy:

Please, do not let a poor economy bring the industry of photography to its knees by merely bending to market pressure. (…) We, as architectural photographers, bring great value and please do recognize that! (…) we are assisting our clients to sell their wares, to generate new business, to help them win awards and sometimes, even get them published. Without architectural photography, the publications would merely be words, as would be the websites. They do need us and, believe it or not, most value what we do. We need to value it, too. Do not forget the value you bring and demand adequate compensation for that value.

– Brad Feinknopf

It’s worth reading his entire blog post to understand the clothing store analogy that he uses. Although he refers to architectural photographers, the analogy Feinknopf uses also applies to other professional photographers.

If a photographer is comfortable with the prices they charge, then their pricing is too low.

A photographer should never set their prices based on what they would pay because the photographer is not the customer. Pricing should be determined by the value to the customer, not value to the photographer.

A customer’s willingness to pay hinges on their perception of value. Their perception is always different than the photographer’s.

The photographer sets the price and the customer sets the value.

If a customer decides that the value is equal or greater than the price, then they’ll invest in the photography services. For commercial and corporate photography, value is determined by the usage of the photography and the intended outcome of that usage.

Of course, to justify their prices, a photographer must always make sure their work creates value for the customer.

Once a professional photographer understands this concept, they’ll be comfortable with uncomfortable prices.