Pricing Tip for Estimates

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I am often getting phone calls from photographers about how to price a stock sale or assignment.

Options

No matter what you are quoting on I recommend giving the buyer a choice.

I like to think of this as a low, medium and high price.

When you order a drink like coffee usually they give you 3 choices: small, medium and large.  Using this as your model always try and give the customer up front three choices for your prices.

Why?

Well the way you price will help setup how you negotiate later.

In stock photography you are negotiating how much the photo is used and for how long. By giving them three options you have set some parameters from how you like to price.

In assignment work you are quoting on things like number of photos, when they get the photos, how you deliver them and more.

If you just give them one price you are communicating more of a take it or leave it even if you didn’t mean that at all. When you give options people see you as flexible and may even ask for more flexibility.

If you offer three choices and the other bidder gives only one you can see how you just gave them 3 bids to the guys one and maybe you get the job just due to having an option they can go with without going back and forth.

Too Much

If you are not careful you can overwhelm people with too much information. Keep the options simple rather than complex. Sure if you tell them more they have even more options, but they show more than about 5 or 6 options actually works against you.

 

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