As a wedding videographer or photographer, knowing when to raise your prices can be a tricky thing.
There are tons of factors involved with pricing, and today’s candid conversation goes in depth to help you discover if it’s time for a price increase in your own business. It’s the start of the year, which is a great time to take a look at your pricing and what you’re offering to clients.
In this episode, we discuss:
1. When + Why to Raise your Prices
a. inflation was 6.5% in 2022, so for someone charging 5k, they would have to raise their prices by $325 to be making the same amount in 2023.
b. You’re 60-70% booked for the year, meaning your services are in high demand.
c. You are ready to target a new level of client. Pricing is part of your marketing, and needs to be in alignment with your target clientele.
d. You’ve worked hard to increase your skill level / value that you can bring to end your product and clients.
e. Your personal life requires it (ex: getting married, having kids, your business model changes)
2. Where do you announce your new pricing, and with who?
a. Should you show pricing on your website?
b. Emailing planners and common referral sources.
3. How much do you raise your collections?
This is where you would add the links from the episode and from the Youtube video. Generally it’s just our Instagrams, links to shop products, etc.
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