The “Go Large” Photography Pricing Strategy that works!
In today’s blog article, we are going to turn to Photography Marketing, and your photography pricing strategy. We’ll discuss why, no matter how High End your Brand is, you need to act a bit like McDonalds!
I am going to share a little bit of our pricing strategy that has literally added thousands to our photography business – we call it the McDonalds “Go Large” principle.
Now if you like to target yourself as a mid to high end Portrait or Wedding Photographer I am sure the a well known Burger Chain is not a brand you would think about imitating (I’m more of a Five Guys Burger chain fan myself).
However let’s stop and think how McDonalds’ pricing works……
They have three main prince points Regular, Large and Extra Large.
Now we all know that Regular really means small – but they want to give you the impression of value, so they use the word “Regular” – however when you see the size that a Regular portion gives you, so you typically skip it.
Now Extra Large implies BIG – lots of calories….. so we’ll skip that as well.
And….before we know it we’ve picked the “Middle” one. It’s human nature and a principle adopted by lots of worldwide brands. Now unknown to us, that “middle” option represents the key profit point that the company wants to achieve per sale – so it’s job done.
Or is it?????
Now Step 2 of the McDonalds principle is the real genius of this pricing strategy - the “Go Large” option.
We’ve all done it – you’ve ordered the Medium priced option – “Do you want to Go Large with that” – you look up it’s only another 69 cents and you get more fries, more coke and more value – “Yes of course I will go large”. BANG another jump in profits for McDonalds Corporation! How much do you think that extra few fries and coke cost them in terms of Gross Profit margin? – That Go Large option probably represents the best Profit Margin per dollar the company makes.
So how can you utilise the “Go Large” principle in your Photography business?
We’ll assume you already have a structured set of price points with a definite “middle” option (if not, you need to re-think your price list) – this is your core product and represents the core profit you wish to achieve per sale. If all has went well your client will have gravitated to the middle option and is giving you buying signals. Now we “Go Large”….
For a photographer there are lots of potential “Go Large” options you can add to your business pricing…
- Would you like to upgrade from the 30 page to the 40 page album for just $$$ more?
- Would you like to add the parents album option at just $$$ ?
- Would you like to upgrade your20x16 print to a 24 x 20 for just $$$?
These “Go large” prices need to be focused on profits clearly, and product value – but also a small enough step in price to make is a fairly easy decision for your client – treat them as baby steps – make sure you are making the upgrade easy for your client by making it a little jump. A small jump for them, giving them a nicer product, and greater profits for you. Everybody wins!
You can see where we are going here I am sure – and trust me this works – we use the “Go Large” principle in multiple stages of our sales processes and we have increased our average sales AND profits by a significant margin since we adopted it.
“Stop Thinking like Gucci for a little while and Start Thinking like McDonalds!”
To your photography success…
P.S. Got questions? We’ve got answers – just post your questions in the comments and I’ll answer them as best I can.
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