92. Pricing strategy for photographers with Catherine Guidry
Pricing is a tricky topic! Especially as a photographer when there are so many factors. In this in-depth interview, we dive deep into the world of pricing and building a sustainable photography business with Catherine Guidry, a renowned wedding and portrait photographer.
Catherine Guidry is a New Orleans-based wedding photographer, podcaster, and educator. In the past almost 15 years, she has built a business alongside her business partner and husband Brad Michael, been featured in a variety of publications including Brides, Over the Moon, Southern Brides, Style Me Pretty, The Knot..and is now helping other photographers and creative entrepreneurs embrace imperfection and pursue their passions through the podcast “Mistakes Make Magic,” her membership community the Wedding Photography Society and a variety of online wedding photography courses. Her greatest achievements lie in creating memorable experiences for her clients and teaching other creative entrepreneurs and photographers how to successfully run their businesses!
Understanding the Foundations of Pricing
In this segment, Catherine shares valuable insights into the essential foundations of pricing for photographers. From understanding your expenses to setting a solid base price, Catherine’s advice will help you gain clarity on your pricing structure and ultimately ensure you’re earning what you deserve.
- Expense Awareness: Catherine emphasizes the importance of understanding your expenses as a photographer, which can be challenging due to the industry’s income inconsistency.
- Monthly vs. Annual Bills: She recommends switching bills to monthly payments to gain a better grasp of monthly expenses, making it easier to calculate your yearly income needs.
- Goal-Oriented Approach: Catherine suggests setting monthly income goals and tracking your progress. It helps you stay on top of your financial targets and seize opportunities to earn more.
- Fair Compensation: When working with subcontractors or assistants, aim for fair compensation by discussing their roles, hours, and pay transparently.
- Buffer in Pricing: Always include buffers in your pricing for unexpected expenses like transportation or food costs during shoots.
Overcoming Common Pricing Mistakes and Achieving Sustainability
Catherine discusses common mistakes photographers make when it comes to pricing. Learn why it’s crucial not to base your prices on what others are charging and the potential downsides of pricing too low or too high. Catherine also shares her tips for handling pricing objections from clients and how to incrementally raise your prices to reach that sweet spot.
- Avoid Pricing by Comparison: Don’t base your prices on what others charge. Understand your unique value and pricing needs.
- Stand Firm in Pricing: While empathetic to clients’ concerns, Catherine advises standing firm in your pricing, reinforcing the value you provide.
- Incremental Price Increases: Gradually raise your prices based on your experience and demand. Evaluate your bookings and adjust accordingly.
- Continuous Learning: Keep educating yourself. The photography industry evolves, so stay updated with podcasts, YouTube, and courses.
- Build Gradually: Building a sustainable photography business takes time. Take it one step at a time and gradually implement the knowledge and strategies you acquire.
Pricing in photography is challenging, but Catherine’s insights shed light on this critical aspect of building a thriving, sustainable photography business. Remember, it’s okay to learn from mistakes and grow steadily. Your journey to success begins with knowledge, awareness, and the determination to provide exceptional value to your clients.
Learn the 7 pieces of a sustainable business
Episode 53
What Heather wants you to know
Pricing is not arbitrary but rather should be best on a repeatable formula that will influence all aspects of the business!
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Ingvild Kolnes is the host of the Sustainable Photography Podcast, an educator for photographers, and is ready to help you with your photography business.
hi, i'm ingvild
This podcast is all about education and inspiration for photographers. A sustainable business is profitable and lasting. Instead of short-term wins you want to make sure you’re doing things that matter. Both to yourself, and to create the business you want. The goal of this podcast is that it will help you build and structure your business around your life, instead of the other way around.
