LET’S TALK RAISING PRICES & LOSING CLIENTS
This month we are talking all about raising our prices, In Person Sales, and all the other scary things that at some point we realize that we need to get to….yet we don’t want to do. Turning your hobby into an actual business requires doing so many hard things. So, we are going to help you get over some of those hard things by discussing them this month. Today we are going to be talking about the fear of losing clients if you raise your prices.
DOWNLOAD YOUR CHEAT SHEET FOR CHARGING PREMIUM PRICES HERE
INTRODUCING NICHOLE REA
Today we are going to be talking about Nichole Rea. She was in our very first round of Profitography. Nichole came to us really just starting out her business, but taking her business seriously enough that she knew she needed to take Profitography. When she came to us, Nichole thought she would like to specialize in children and families. Through the exercises she went through in Profitography, she learned that she was not as passionate about families as she was about boudoir. Nichole is phenomenal, make sure you check out her work!
Nichole started with way lower prices and a very different focus. We want to talk about how she evolved into the Photographer she is now – where she is highly sought after, and completely booked – and the big changes that she made in her life because of everything that happened while going through Profitography.
DEFINING HER DREAM CLIENTS
The first thing that Nichole did to establish her business was to define her dream clients. Originally, her dream clients started out as moms, because she wanted to do family photography. In Profitography, we do many exercises to hone down what you are passionate about and what you want to specialize in. If you look at any of the work that Nichole has done, she 100% knows who her dream clients are. That is one of the biggest keys to marketing effectively – know who you need to be talking to. Nichole’s dream clients still include moms, but she talks to them differently than she would a mom looking for a family photographer. Nichole would never have been able to attract her dream client if she did not define who it was.
Because Nichole defined her dream client, she probably lost some clients that she loved. That is the first lesson in this whole fear of losing clients – you will lose some of the clients you love. Especially if you are raising your prices, or changing your photography focus. As you continue to hear Nichole’s story, you will realize that losing clients is not something to be afraid of. You will lose clients, but you will gain the RIGHT clients.
SETTING HERSELF APART
When Nichole knew she needed to raise her prices, she also knew that she needed to set herself apart. Nichole is one of those students who took everything we taught her, and then added even more. She has created this amazing experience for her clients, and has given them life-changing confidence. She is not just giving them pictures, she is giving them a start to finish experience. One of the experiences that Nichole offers her clients is to take them shopping for their photo shoot. She boosts their self-esteem and she gets to know them while she is shopping with them!
THE PRICING FORMULA
You are afraid of what people are going to say or think once you raise your prices. But, Nichole knew what she had to be charging in order to make what she needed to make. The push of knowing that the numbers that you figured out are legit – you are not guessing them – you have done a formula that shows you what you are going to make an hour. This formula gives you the confidence of knowing what you deserve.
Nichole needed to support her lifestyle. Before Profitography, she was a full-time nurse, working 10-12 hours shifts, raising 2 little ones, and trying to start a photography business. So, Nichole knew what she needed to make to help support her family. She pushed through even though things were hard and super uncomfortable. And where is she now?! Nichole has now quit her full-time job as a nurse, and she has opened her own gorgeous photography studio. Just last month (not last year or the last couple of months, just last month) Nichole had $21,000 in sales! The crazy thing is that her average sale before Profitography was $100!
I know that raising your prices is a hard thing to do, and the true fear of losing our clients is scary. You will lose clients that you love, but you will gain the clients who are willing to pay the prices because they value you and your work. You have got to know how to define and attract those dream clients so you can be charging what you need to be charging to make a living! You deserve it!
Last week on Coffee Talk we talked about Awkward In Person Sales Moments.
PLEASE COMMENT BELOW
Is the thought of losing your clients keeping you from raising your prices? Let us know if Nichole’s story has inspired you to consider raising those prices and charging what you are worth!