Because I make mistakes (all the time) – is the short
answer. I am kind of daft, and never really liked taking the advice from others, so I am the kind that insist on making my own mistakes, instead of learning from others. Here is the really long answer about my pricing (and changes in them):
My very first pricelist was in an online gallery (don’t do online galleries, please don’t – for your clients sake!). And the first mistake I did was adding everything! Think of a print-product, I had it, all of them, all of the sizes! Think of a frame – I had it, in all kinds! All sizes of albums, all kinds of albums – everything, I had it all. So there was my clients, looking through a pricelist bigger than the bible – and ending up with purchasing gift prints, and maybe a frame if I was lucky … because, that was the easy solution. And each and everyone of them had the same markup – which did that if I sold my smallest size I would make around 4$/3£ … and that was what I sold most of!
You really have to be high volume to make a living of 4$ profit!
So narrowing down the products, and find a price that makes me profitable, has been a long process (If I had had a mentor or read more, it would have been a short and easy process) … and I have now made my new pricelist, “Pricelist_final_new_finalfinal_lastone_final2016.doc” .. I no longer have a pricelist bigger than the bible, I no longer have lots of different prices for each size, and I no longer have everything. I have hand-picked a few selected items.
So, if I was starting over – now a little smarter, this is what I would do:
- Choose ONE wall product.
(I have three today, and that is fine, but starting out with one would have been perfect)
- Choose ONE album.
(I have one album, in two sizes)
Make sure each item on your pricelist is profitable. This means if your clients walks away with just one product, you still made enough profit too reach your CODB (cost of doing business). Sometimes you might want to add “gift prints” or less profitable items on your pricelist, in that case you should make sure the either only can be bought as a collection or after reaching some kind of minimum order. Each session you have should be profitable, and less profitable items should be an extra add on to the profitable items.