Because I make mistakes (all the time) – is the short answer.
I am kind of daft, and never really liked taking advice from others, so I am the kind that insists 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 price list was in an online gallery (don’t do online galleries, please don’t – for your client’s 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 were my clients, looking through a price list bigger than the Bible, trying to purchase gift prints and maybe a frame if I was lucky. All because that was the easiest choice for them.
And each and every one of them had the same markup. This meant 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!
Do your due research before creating your price list!
So, narrowing down the products, and finding 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 price list, “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 price list is profitable. This means if your clients walk away with just one product, you still made enough profit to reach your CODB (cost of doing business).
Sometimes you might want to add “gift prints” or less profitable items on your price list, in that case, you should make sure that either 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.