Are you a professional photographer dealing with too much stress over wedding photography pricing, or do you find yourself spending too much time constantly reworking your price list because you’re not 100% confident in the pricing of your wedding photography packages and collections?
If so, then I can totally sympathize with you, and all the other wedding photographers who are in the same boat – I’ve been there myself, having spent countless hours revising and tweaking my own price list in an effort to find that sweet spot that clients would invest in.
Sadly, this is not only a tragic misuse of our valuable time, but it’s also unnecessary, and I decided a long time ago that I would use a system as close to a formula as I could find to rid myself of the nagging headache that came with learning how to book weddings and price wedding photography…
Wedding Photography Pricing Headaches Are A Confidence Problem
Basically, the symptom of forever tweaking price lists is a result of a lack of confidence somewhere in your business, the cause of which could be any of the following:
- Lack of confidence in the value of our skills
- Poor sales techniques
- Inadequate understanding of the costs of doing business
- Inaccurate cost of sales information
- Attracting the wrong prospects with broken marketing
Wedding Photography Pricing Is No Guessing Game
One of the problems with wedding photography pricing is that I see a lot of professional photographers making up price lists based almost on guesswork, or on the prices other photographers in the area are charging. The price list of another photographer actually has very little do with our own prices, since we have no idea what their overheads and cost of doing business might be.
To eliminate all this unnecessary and inaccurate guesswork, I developed an Excel workbook to calculate wedding collection prices that would allow me to focus more on the costs of doing business for each collection that I wanted to create.
Download The Wedding Photography Pricing Calculator:
How To Use The Wedding Photography Pricing Tool
Once you’ve downloaded the spreadsheet, open it up in Excel and you’ll see that it contains two worksheets:
- Wedding Books
In each worksheet, there are some fields that are meant to be unchanged, or are automatically calculated for you, which are rendered in a light gray color, for ease of recognition.
The “Wedding Books” worksheet allows you to set up three different series of wedding books, each with 30, 40, 50, 60 or 70 page variants, where you can enter the printing costs, cost of covers, cases and shipping etc. The mark-up value is taken from the constants on the “Collections” worksheet for primary products.
The “Collections” worksheet is the one you’ll use to set up your actual wedding collections and calculate your final price list.
This spreadsheet uses the “cost of sales” methodology to calculate retail prices based upon the cost of materials, plus factoring in the cost of your own time spent on the project, with an appropriate mark-up factor applied.
You’ll see that all the fields where you can enter your numbers are shown with a light green background. Again, any fields that are automatically calculated for you are rendered in light gray.
First, you should make sure you’re happy with the five main constants. These will be used to calculate many of the prices in the price list:
- Your in-studio hourly rate
- Your on-location hourly rate
- Mark-up factor for your time
- Mark-up factor for primary products (e.g. wedding books and print sets)
- Mark-up factor for secondary products (e.g. cards)
Next, you’ll need to enter all the costs and values for the various items that have a light green background:
- Assistant on wedding day
- Second photographer
- Second assistant
- Design time per page or side for a book (e.g. 0.125 hrs = 10 mins.)
- Hi-resolution DVD (enter your cost and your price)
- Low-resolution DVD (enter your cost and your price)
- Slideshow DVD (enter your cost and your price)
- DVD Cases (enter your cost and your price)
- Pack of 25 cards
- Wedding website
- Print sets (up to 4)
To create a collection, you’ll see 6 columns labeled “A” to “F”, all of them with light green boxes in the places where you can enter data. You simply need to enter the quantity of each item to be included in the collection.
When you enter a quantity for a wedding book, the book design costs will be automatically calculated for you, and factored into the final totals at the bottom of the worksheet.
Understanding The Calculated Prices
The bottom area of the spreadsheet shows the results of the calculations, based on the data you entered.
The first 3 lines show the estimated production costs, time costs and a suggested retail price for each collection.
The next 4 lines show an analysis of your profit (absolute amount and as a percentage) , plus the overall cost of sales.
The next line allows you to specify your target cost of sale for each individual collection. As a reminder, cost of sale is what it costs you in materials to make the product, expressed as a percentage of the retail price. The cost of sales numbers are initially set to the industry-standard of 25%, but you can enter any value you like to see how it affects the suggested retail price of the collection. It’s highly recommended that your cost of sales don’t exceed 35-40% for a healthy business.
You Can’t Argue With The Numbers
While this photography pricing calculator is not intended to give you hard and fast numbers, and I make no warranty or claims on the results, it can definitely act as a stabilizer and point of reference when you’re caught up in the game of constantly second-guessing yourself over your pricing.
If you face the facts of what you need to charge in order to maintain a healthy photography business, it becomes easier to eliminate those knee-jerk emotional tendencies to fiddle with your pricing, leaving you in a better position to focus on becoming a better marketer and seller.
I hope you find the tool useful, and please let me know if you find any errors or have suggestions on how it can be improved.