How Much Does That Cost Again?

Take a closer look at the question above and see if you can spot one of selling’s most amazing secrets. I hear this question a lot from my prospects during my sales presentations when they are unsure of the investment needed for a portrait of wedding collection. One of the biggest keys to earning a great living from your photography is locked up inside that little question. Until recently, I might have missed it myself, but when you know it’s there, you really can’t miss it!

Did you find it yet? If you did, then you should be congratulated on your perception. If not, here’s the answer: It’s actually two questions all rolled up into one. Even the people who ask me the question are usually unaware that they’re in fact asking about two distinctly different things. The two questions contained inside are:

• What is the price?
• What is the cost?

There’s more than a good chance that going through your mind right now is an objection: But those are the same thing!

Cost versus Price:

Not so at all! The great Zig Ziglar, in his book “Secrets of Closing The Sale” originally pointed this concept out to me. If you haven’t read this book, then I strongly recommend that you do – it’s an essential read to anyone involved in selling anything, and there’s a direct link to it on Amazon at the bottom of this page.

I can illustrate the difference between price and cost with the example of a simple family portrait sale. While presenting the client with the beautiful photographs I created of their family, the question of wall portraits and prices will naturally arise. The client is sitting there wondering about prices at the same time as trying to decide on the final size etc.

So, if I haven’t yet reached the point in my presentation where I talk about the investment, she might interrupt me and ask, “How much is this going to cost?”

If I wasn’t thinking straight, I could simply respond with a price: “Thank you for asking, this size right here is $1,200 printed on canvas.”

So, now she knows the answer to one of the questions – the price. But what about the cost? She knows nothing about that, and probably doesn’t even realize that she doesn’t know. As a salesperson, this leaves me a little stuck with her objection to the price.

Getting Out Of The Corner And Back Into The Ring:

What I should have said is something like this: “Thank you for asking, but so that we’re on the same page, are you asking about the price or the cost?”

Most of the time, they say, “What’s the difference, they’re the same thing?”

“Not at all,” I reply. “In fact, they’re quite different. You see, you could buy the same photograph in a smaller size, or a different finish and the price would be lower, of course.” She nods in agreement. “However, the cost in the long term would be quite different, not in monetary terms, but in the way you enjoy this beautiful portrait. Let’s say you purchased an 8×10 print instead of the wall portrait. To begin with, you might place it in a family album. Once the newness has worn off, you probably won’t really look at it more than two or three times a year. The wall portrait, on the other hand, will be proudly displayed for you and your family to enjoy every day for many years to come. Every time you walk past it, you will be reminded of how blessed you are to have such a wonderful family.”

You see, price is a one-time fee; the money you paid for the photography at the time the purchase is made. The cost is an on-going thing, spread out over the whole time you own the portraits. In this case, the cost of each choice might be seen as the original price divided by the number of times it’s enjoyed. In the case of the wall portrait the “cost” over the life of the portrait is very low, but the 8×10, perhaps kept in a drawer somewhere, has a more substantial “cost” per unit of enjoyment! Which of the two options do you think represents the best value to the client?

Is That Economy Real?

One of the excuses often given for investing less at the outset is to save money at the time, but when the cost of the product is high even though the initial price might be low, we are often led into what is commonly known as a false economy situation.

When we educate our portrait clients or wedding couples about the concept of price versus cost, they inevitably win, because they can then make the right choice in terms of the products we help them invest in.

A very important note here: This isn’t an exercise in trying to extract the most amount of money from the client. If you believe that, then you’ve either missed the point or shouldn’t be in sales. I believe wholeheartedly in the products and services I help my clients become involved with, and photography is a business primarily concerned with selling emotions and relationships. If I sell a family an 8×10 print to be stuffed in a drawer instead of a 20×30 wall portrait, then who is the real loser? The answer is: the client, because they’ve been deprived of the enjoyment they would otherwise receive from the product.

Imagine we could travel 20 years into the future to visit our client and ask them about the portrait they bought from us, and how much it “cost” them per day, week or whatever in terms of the enjoyment and pleasure they’d gained from it. I am 100% convinced that the wall portrait, though more expensive at the outset, would win every time.

Summary:

So, the next time one of your prospects or clients asks that simple question, “How much is that going to cost?” think about explaining the real cost before really talking about the price. Not only will your clients be happier, you’ll see a definite improvement in your own bottom line.

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Sales & Marketing pricing, professional photographer, selling