The Real Reason Why Lowering Your Prices Doesn’t Work

As a photographer and videographer, I have learned that lowering your prices NEVER works. In fact, it can have the opposite effect and cause people to be less likely to hire you. Many people often see photography and video as luxury items. However, this isn't always the case. There are some people who will pay whatever you ask for quality services, and there are others who will only purchase if you offer a lower price. It all comes down to their priorities!

Although it may feel like a luxury item, quality photography and videography are absolutely essential in modern days. Everyone needs imagery to market their business if they want to remain relevant, so don't underestimate the importance of your services! Don't let anyone's bargain hunting sway you into lowering your prices - remember that many people will pay what you ask for, and those are the clients you WANT anyway.

Stand by your values and keep creating quality content!

We photographers and videographers all understand the importance of our services. In your business, it is important to set prices that are fair and reflective of the quality of your work, but also make sure you don't get taken advantage of. Finding clients who will value your artistry and pay what you ask for is key to running a successful creative business and ensuring everyone's satisfaction.

When you're running a business, it's important to make sure you are turning a profit. If you're not making money, you're not going to be in business very long. Lowering your prices may seem like a good way to attract more clients, but in reality, it will only end up hurting your business in the long run.

One of the worst things is if you don't budget correctly or lower the price so low that you end up in the negative and thus end up paying THEM for the assignment. This can be very damaging to your business and can even put you out of business. So, be sure to set prices that are fair and reflect the quality of your work, but also make sure you don't get taken advantage of!

So, what can you do to attract more clients and make more money? It all comes down to your marketing strategy. You need to find ways to let people know about your services and show them why they need quality photography and videography. Make sure your website is up-to-date and easy to navigate and create attractive portfolios that show off your work. Get involved in social media, attend networking events, and do whatever you can to get your name out there.

When you have a strong marketing strategy in place, lowering your prices becomes less important. It also helps to keep you psychologically in the right place where lowering your price or feeling of less value doesn't even factor in your brain. People will see the value in what you offer and be more likely to pay what you ask for.

Also, quick side bar….

I often encounter so many people who are "doing well in life" and who look like the exact type of people you’d love to work with or have in your client portfolio however some of them often turn into the cheapest people on the planet when it comes to spending money with me and my business. They'll bargain hunt, nickel and dime, challenge your standard rates, and try to get the best “deal” possible, even if it means sacrificing quality. It can be really frustrating to work with these clients, but I've learned that it's important to stand by your prices and maintain your standards.

Quality photography and videography are essential in today's world, and that is why I refuse to lower my prices in order to just attract more clients. I believe in charging a fair price for my services, and I know that there are people out there who are willing to pay for quality content.