PRICING & YOUR PERCEIVED VALUE

For Photographers

Today’s post is going to be short, but powerful because I really want you to think about this topic – Your Perceived Value.

I am going to use the classic white T-shirt to model this lesson because I think there’s a lot to be learned from comparing our business’ product or service to it.  Stick with me here. I promise that what you’re about to read will get you thinking. And those thoughts will inspire action that has the potential to be a game changer for how you think about your business, your competition, and how you market.  So, let’s dive in. alt=”perceived value” width=”504″ height=”250″ />

Let’s start by examining the photos of the white T-shirts pictured above.  Can you guess which t-shirt is priced at $65.00 and which is priced at $6.74?  Probably not.  These are real Google shopping images that I created screenshots from.  I wanted to use real ads from real businesses because this is very similar to how our potential clients are looking at our products or services.

Note their similarities and their differences. They both utilize attractive, dark-haired, female models with similar body types.  Both are photographed on white backgrounds and paired with dark denim.  Both T-shirts are have short sleeves and appear to have a very similar cut.  The only clear difference is their neckline.

What do potential clients see when they look at your website and compare it to another person’s?  More likely than not, they see just as many similarities as our T-shirt example.  And, yes, I know what you’re thinking.  “How can you dare to say that clients would think my work is the same as someone else’s?  The differences should be clear.”  But, friend, nothing could be farther from the truth.  Most clients don’t have the professional background in whatever it is your offer, so they can’t tell that you’re using the best materials or latest technology.  They don’t know if you’ve been published, awarded, have been a keynote speaker, etc.  All they are seeing is the bigger picture.  Just like the two white T-shirts pictured above.

Let’s go back to our T-shirts for a moment.  If you knew nothing else about these two seemingly very similar shirts except that one costs $6.74 and the other costs $65.00, which shirt would you assume is the better quality product?  If you’re in the majority, you selected the more expensive shirt as the shirt that has the higher quality.  Why?  Most people believe that “You get what you pay for”.

So what does the price of your product or service say about it?  What is your perceived value?  Does your price provide an immediate cue to your potential clients of the value they’ll receive?  Is your higher price point building trust that they’ll get a great product or service or is your lower price point creating doubt and fear that although the price is attractive, the quality may be lacking?

What does the price of your product or service say about it’s value?

And, if you’re anything like me you’re dying to know if you guessed the prices of the T-shirts correctly, so here’s the answer.

perceived value
(L) Big Top Shirt Shop $6.74, (R) Kate Spade $65

Just because you’re in business for yourself, doesn’t mean you have to be in business by yourself. So let’s be friends. Introduce yourself by leaving your name and e-mail and you’ll receive my business strategies delivered right to your inbox so you can continue to refine your craft and your business.

 

 

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