How to increase rates, I'm a catalog and product photographer

9 years 5 months ago #416184 by Steve Zahra
Good morning photographytalk.


Over the last 4 years I have established 7 companies that keep me pretty close to full time busy shooting nothing but catalog and products.  My rates have not changed this whole time.  I'd like to increase my rates, but in a way that doesn't create tension with any of my clients.  

Any suggestions on how to approach this, perhaps even how much of an percentage increase would be a normal price increase?  

I hope you all don't mind that this is my first post here.  This site was recommended to me and I guess I most likely should have introduced myself first.  Sorry!  New guy flag!  - Steve


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9 years 5 months ago #416214 by Joves
Well there is no real set in stone answer for rate increases in any business. Each person and the market they operate in is different, as is their customers. So you really have to look at the different aspects of your market. Things such as how much competition is there? What are their rates compared to yours? What is your working relationship with the company? As far as strengths, and weaknesses. Also how much better is your work over your competition? I know that with this it is hard to be objective, but you have to be able to. If your work is on par, or better, are your rates below your competitors, or the same, or above? If you are making below then it is a no brainer. You maybe raise it to just below them, or even with them. If you are already above what the market is at your level of proficiency, then it gets trickier.
Either way you look at it, you need to carefully weigh whether raising the rates will do you more harm than good.


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9 years 5 months ago #416219 by effron
+1...Nobody knows your business like you, one would hope. If you need to make more, hike your rates. If people walk, seek alternative business. That last part will never change whether you hike rates or not, btw.....;)

Why so serious?
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9 years 5 months ago #416222 by icepics
I'm not sure why you have 7 separate companies for your photography, seems like that might be diluting your brand/your name. I use business resources for photographers thru  http://asmp.org   but I don't know if all of their information would be relevant for you. (I'm a hockey fan so that's all I know about Canada!) They do have something called Business As UnUsual on their site and do 1 hour webinars etc. (no cost, don't have to be a member to sign up) - some of that may still be helpful to you or give you some ideas although the specific info. related to copyright etc. may not be.

Sharon
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9 years 5 months ago #416236 by Steve Zahra

icepics wrote: I'm not sure why you have 7 separate companies for your photography, seems like that might be diluting your brand/your name. I use business resources for photographers thru  [url=://asmp.org]http://asmp.org[/url]  but I don't know if all of their information would be relevant for you. (I'm a hockey fan so that's all I know about Canada!) They do have something called Business As UnUsual on their site and do 1 hour webinars etc. (no cost, don't have to be a member to sign up) - some of that may still be helpful to you or give you some ideas although the specific info. related to copyright etc. may not be.


I was trying to say I have 7 different companies who are clients of mine.  :)


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9 years 5 months ago #416266 by Robert Chen
Send out thank you for your business note stating you will be increasing rates in 2015

Nikon D300 24-70mm f2.8
70-200mm f2.8
50mm f1.4 & 50mm f1.8
105mm f2.8
2 SB800

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9 years 4 months ago #419289 by Steve Zahra

Robert Chen wrote: Send out thank you for your business note stating you will be increasing rates in 2015



Thank you for your response.


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