Wedding Bossness

Pricing strategies and a demo for computing cost

The best part of getting into business is making money, let me show you the ways!

5 years ago

Welcome to the Wedding Bossness Podcast, I am your host, Paul Santiago. We’re at Episode 8 and I want to talk a little bit more about pricing so let’s tackle the different pricing strategies, the cost factors that you should consider, and a live breakdown of how to compute for the price. So let’s start with a quote:

"Pricing is actually pretty simple...Customers will not pay literally a penny more than the true value of the product."

  • Ron Johnson

Pricing is the one thing that creatives never want to talk about. Probably it’s because we create art and art is priceless OR "like you know, I’m just doing this for fun bro”.

That’s right! Having a business should be fun!

There are different types of pricing strategies but I have summed it up to the three most useful:

  1. Price based on cost
  2. Price based on market
  3. Price based on perceived value

Cost factors:

Labor - Post Production - Overhead

Value Factors:

  1. Experience
  2. Quality
  3. Customer Service

Cost breakdown:

---EXAMPLE---

  • Lead shooter
  • Second shooter
  • Highlights
  • Music
  • Software
  • Business Insurance
  • Incidentals
  • TAX

Things to note:

  1. If someone books your top package, it means it’s time to raise your prices.
  2. Your price is your brand - be aware of that
  3. Demand will be the gauge for raising prices

Bottom line is, your business needs to be sustainable and pricing correctly is the key. Don’t forget though, using these pricing strategies will help you earn money but the quality of your product is what gets your business.

"Price is what you pay. Value is what you get." - Warren Buffett

I hope this episode was helpful, also if you have any questions or suggestions, just feel free to reach out! I’m throwing all these information goldness for free so I’d really appreciate if you help me by subscribing, rating or leaving a review, Thanks so much to those who already did it, thanks for listening it means the world to me, watch out for Monday masterclass and I’ll see you on the next Wedding Video Boss podcast. Till then, play nice if you can’t win, be nice if you’re good looking. Bossman out.

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Paul Santiago