085 - We're on to the fourth business pillar this week, and it's one that makes joyful fireworks explode in the nerd-center of my brain: PRICING!
Yep, this week I channel my inner CPA to help you sort through the numbers. Because if you want to be in business, you need to ensure that you're actually making a profit. There are pricing traps waiting to swallow up unsuspecting new photographers—and I don't want you to fall victim.
What To Listen For:
You might want to listen to this episode twice. And for some extra guidance, you'll definitely want to sign up for my free 45-minute pricing masterclass! Download this FREE Pricing Checklist, too!
Resources From This Episode:
JOIN THE PARTY:
085 - We're on to the fourth business pillar this week, and it's one that makes joyful fireworks explode in the nerd-center of my brain: PRICING!
Yep, this week I channel my inner CPA to help you sort through the numbers. Because if you want to be in business, you need to ensure that you're actually making a profit. There are pricing traps waiting to swallow up unsuspecting new photographers—and I don't want you to fall victim.
What To Listen For:
You might want to listen to this episode twice. And for some extra guidance, you'll definitely want to sign up for my free 45-minute pricing masterclass! Download this FREE Pricing Checklist, too!
Resources From This Episode:
JOIN THE PARTY:
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Welcome to the hair of the dog podcast.
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I'm Nicole Begley.
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And today we are in the middle of our six apart
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business pillar series.
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And today is business pillar.
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Number four,
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all about pricing and sales.
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If you've missed our first couple,
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go back to episode number 79 on June 22nd,
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2021. And grab business pillar,
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number one,
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legal and admin.
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And then the following week we had business pillar,
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number two,
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branding, and then number three website today,
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we are on to pricing and sales for business pillar.
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Number four out of six.
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Stay tuned.
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Welcome to the hair of the dog podcast.
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If you're a pet photographer,
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ready to make more money and start living a life by
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your design,
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you've come to the right place.
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And now your host,
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pet photographer,
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travel addict,
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chocolate martini connoisseur,
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Nicole Begley.
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All right.
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Hey, Hey everybody,
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Nicole, here I am back for business pillar.
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Number four,
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you guys,
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this is my favorite pillar.
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It's not really a secret that at some point,
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when I thought about changing careers after being in the Zoologic
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panel training field for 13 years,
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and I was like,
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oh, what can I do?
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I actually considered,
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possibly becoming a CPA.
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I mean,
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nerd alert.
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I love numbers.
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I love numbers.
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I love pricing.
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I love looking at my students' pricing and making little tweaks
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that result in drastically bigger sales for them.
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It's one of my superpowers and one of my most favorite
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things to do,
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if you're an academy member,
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be sure to have me review your pricing during a laser
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coaching or an office hours.
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If you're an elevate,
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we of course will review that as well at any of
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our calls.
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So there is nothing I love more than looking at pricing
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and looking at pricing strategically.
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There is so much more to pricing than just a hard
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and fast four times a markup role or a 25% cost
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of goods sold rule,
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or just charge X charge wide charge Z,
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put it together this way and call it a day.
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There are so many different ways we can put this together
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based on what we want to sell,
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what we want to make,
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how much time is invested and all of these other moving
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parts. Now,
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the first thing we really need to look at that everybody
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needs to know for their pricing is how much you hope
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to make,
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because you can't just say,
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oh, I want to make more money.
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Okay. Congratulations.
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Here's a nickel.
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All right.
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That's not probably not,
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probably not what you had in mind when you said I
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want to make more money in my photography sessions.
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So we need to start with this intention with trying to
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determine what our actual sales goal is.
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Because if we don't have a goal,
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then we're really just shooting these darts at a wall that
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might not even have a dart board that we just don't
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don't even know what to build our pricing and collections and
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packages around.
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We don't know what products to offer.
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We don't know how much profit we need.
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Like this is important stuff.
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The most important thing that you can possibly do for your
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pricing is to determine your target session average.
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Now, how do I do that?
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How do I determine my target session average?
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Well, I just so happened to have a training that walks
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you through this process.
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If you go to hair of the dog academy.com/pricing,
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you can register and it's complimentary,
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it's a free 45 minute class that takes you through how
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to figure out your target session.
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Average. Really the basis of it is figuring out how much
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money you want to make for profit,
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calculating how much of money it takes to run your business,
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and then how much money you would need to have to
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cover the product costs for the profit that you wanted to
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make, as well as any taxes and things like that.
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And then looking at the number of hours you want to
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work on your business,
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the number of hours it takes for you to take a
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session from original inquiry all the way through to delivery and
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how much time you're working on the admin of your business.
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So it's putting all of these numbers into a formula and
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it's coming out with a target session average of saying like,
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okay, I want to shoot 50 clients a year and I
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need my target session average to be $1,500.
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So I'm going to save you a whole lot of math
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right now and tell you that as a general rule,
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I've seen so many photographers do this calculation.
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And if they are looking to earn,
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I don't know,
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50 or $60,000
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of profit in their business,
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then generally it's about 50,000
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or 50,000
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clients. That would be a lot.
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We'd be really tired.
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It's usually about 50 or 75 clients at about a $1,500
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average, 1500 to $2,000
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is generally the ballpark that most people end up wanting to
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be in,
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to hit the numbers that they want to earn based on
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the number of hours they want to work in their business
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and the number of hours it takes to go through a
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client session from beginning to end.
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So that is by far,
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the most important number to figure out though,
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is to have an idea of what you want to make.
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Because one of the challenges that I think a lot of
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people have when they first get into this industry.
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And I did the same.
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I remember I was at my sister-in-law's house,
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New Jersey.
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I was still working.
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I think I was still working at the aviary.
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I can't remember if I had left that job or not,
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or I might've been on maternity leave and thinking,
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you know,
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what do I want to do next?
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Anyway, regardless,
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I was very early in my photography journey.
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I don't think I was in business yet.
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And I remember her telling me about somebody that was doing
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mini sessions at their local park for like $50 each.
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And just doing a whole bunch of people from this moms
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group. I was like,
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oh wow.
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You know,
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I can charge like $175 per client to do a full
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session. I'm making like $175 a day.
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Wow. I would've been making so much money if it's just
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digital files and don't really have any cost of goods sold,
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I'm going to be making so much money.
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So this is a trap that many of us fall into
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when we're first starting to explore this world of photography and
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portrait photography,
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whether pets or families or newborns or whatever John HRA you
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are photographing is we look at this all-inclusive model and we
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look at these digital files and we think,
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oh man,
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that's all profit.
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Yeah. It's not turns out it is not because there's a
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lot of time invested in that.
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There is a lot of business expenses.
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I mean,
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just add up how much all your photography gear costs,
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how much your computer costs,
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how much education costs,
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all of these different things.
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Taxes just,
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there's so much,
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there's so much.
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So it actually costs quite a bit of money to run
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our business properly.
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So working in a situation in which you're charging just a
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couple of hundred dollars for a session,
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unless you have a very high volume business,
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which can be done.
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But the way I was looking at it was like,
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oh, I'll meet a new client,
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you know,
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maybe three days a week because here's the other thing you
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can't be shooting every day because you need time to run
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your business and edit those images and do all of those
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things. And maybe a day off every now and again,
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and weather delays,
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things like that.
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So having a client every single day is often not scalable
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unless you're a studio shooter and you're going for that high
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volume. Like I said,
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it is possible to have a high volume model that is
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very, very profitable.
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But most of us in general,
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in the hair of the dog community are looking to create
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more of a boutique business experience with having less than 100
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clients in a year.
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In which case we need to make more per client to
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reach our financial goals and to not make ourselves crazy by
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working all the hours of all the days and nights and
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weekends and holidays and all of the things.
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So again,
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this is where that target session average comes into play.
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So for the sake of moving forward here,
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let's just,
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let's just estimate that we want a $1,500
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target session average,
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because I think that probably is one of the most common
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between there in 2000.
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So that's our first step.
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Number two step in determining our pricing is figuring out what
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we want to offer.
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Do you want to sell just digital files?
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There's nothing wrong with that.
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For those of you guys that are,
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you know,
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want to sell and focus on digital files,
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there's nothing wrong with that.
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But here's the challenge.
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The challenge comes and that digital files are often seen as
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a commodity,
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like a banana.
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You know,
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if you went to one store and the bananas were 40
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cents each,
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and then you went to another store and there are $2
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each you're going to be like,
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well, why the heck are these bananas so much more expensive
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over here than they are at that other store?
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Digital files are very similar.
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The general public does not necessarily see the difference in our
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work for why photographers,
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AEs digital files are $2,000.
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If photographer B's digital files are $200.
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So there in lies the conundrum when you're offering digital files
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only. And since we figured out our target session average,
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that means we need to be making at least $1,500
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per client for our sales.
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So it can be kind of challenging to have a digital
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file focused business and be commanding that much money for your
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digital files.
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It's not impossible.
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It's just one of the challenges I want you to be
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aware of,
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if you are considering focusing on selling digital files only now,
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if you want to do products.
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My favorite thing is products with digital files.
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So the clients get the digital files that they think they
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want. And they're also getting the products that they actually are
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going to love much more than the digital files over the
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course of many years.
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And I'm creating artwork that fills my heart and my soul.
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Like there is nothing like seeing the photographs that I've taken
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printed on big,
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beautiful wall pieces.
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It's my most favorite thing ever,
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or a beautiful album or whatever products you love.
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So you can go ahead and combine those and either include
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those digital files with your products.
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You can have it as an add on lots of different
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ways to do that.
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We'll talk about that a little bit more in a bit
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when we talk about pricing strategy,
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but for here are step number two is determine what products
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those are.
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So I don't want you to go to your lab,
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open up their website and say,
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I need to offer all of these in 37 different finishes
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on my prints and canvases and metals and acrylics and holograms
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and all of the things because they offer it.
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So I'm need to offer it because my clients might want
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it. You know,
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that's overwhelming.
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I went to a furniture store when I was visiting friends
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in Boston.
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It's this giant furniture store.
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It's like six levels huge.
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And they have like this little ropes course,
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it was rainy.
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So we took the kids,
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do the ropes course.
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And I was like,
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great. I'm going to go look at furniture because I love
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looking at model homes and I love furniture shopping.
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So I took a quick spin around upstairs.
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You guys,
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I'm glad I wasn't actually shopping for a couch because there
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were literally 17 rooms of couches,
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17 rooms of couches,
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and to make matters worse.
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They weren't even like in the same room,
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you know,
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because you could at least in the same room,
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look at two,
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kind of at the same time or sit on them kind
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of back and forth.
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But when you have to go through 14 or 17 different
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rooms to get to the other one,
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you forget what the other couch felt like.
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I couldn't imagine shopping for a couch at that particular furniture
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store. So what's my point here.
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My point here is that we should not offer so many
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products that we feel like a client shopping for a couch
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at that furniture store because overwhelmed minds are just going to
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say, oh,
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Nope, nevermind,
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forget it.
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Just give me the digitals I'm outta here or nevermind.
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I'm going to go somewhere else.
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So we want to have a streamlined product menu and it
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is it's okay to have one or two or max three
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types of wall art or three types of albums.
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But really you can start with one type of wall art,
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one album,
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some prints,
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some digital files,
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that's it.
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That's all you actually need.
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I would go so far as to say,
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you really could do a business with just one type of
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wall art and some prints,
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digital files,
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that's it.
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You don't need a gazillion things.
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Sure. Is it nice to find a beautiful new product and
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add it?
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Yeah, of course.
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You know,
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so, so we can definitely have things to offer our clients,
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but we just want to make sure we're not offering too
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many things.
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And the other point I want to make on products is
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that I want you to choose products that you love products
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that you love,
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how they look with your word don't choose products,
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00:12:37,270 --> 00:12:39,040
just because you think they're trendy,
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your clients will be attracted to your products and your artwork
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because you love it.
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00:12:44,530 --> 00:12:45,790
Same thing with your,
347
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your craft and your art and the images you create.
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Don't just create images.
349
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Cause you're like,
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oh, this is what Marcel,
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00:12:51,970 --> 00:12:53,890
no create the images that speak to your heart.
352
00:12:53,890 --> 00:12:55,930
And you're going to attract the people that also love that.
353
00:12:55,930 --> 00:12:57,640
So same thing with products.
354
00:12:57,670 --> 00:12:58,780
So here's our homework.
355
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Again, remember a target session,
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average, then figure out what products,
357
00:13:01,810 --> 00:13:03,730
just make a little list of what products you love.
358
00:13:03,910 --> 00:13:04,270
All right.
359
00:13:04,420 --> 00:13:05,620
So then number three,
360
00:13:05,620 --> 00:13:08,050
we're moving on to our pricing strategy.
361
00:13:08,050 --> 00:13:11,020
There are a few different types of pricing strategy.
362
00:13:11,080 --> 00:13:14,050
We can have the good old fashioned collections and which is,
363
00:13:14,050 --> 00:13:14,500
you know,
364
00:13:14,740 --> 00:13:17,260
option a option B option C at different price points.
365
00:13:17,320 --> 00:13:18,760
We could have a bonus schedule,
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which is if you purchase a wall piece,
367
00:13:21,640 --> 00:13:24,460
you save 50% on your digital files,
368
00:13:24,700 --> 00:13:26,830
or we could do a create your own collection,
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00:13:27,010 --> 00:13:28,870
such as choose something from here,
370
00:13:28,900 --> 00:13:29,950
choose something from here,
371
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choose something from here and save on your entire order.
372
00:13:33,430 --> 00:13:36,580
So those are the three main pricing strategies.
373
00:13:36,580 --> 00:13:38,590
There are pros and cons to all three.
374
00:13:38,680 --> 00:13:40,270
I have used all three,
375
00:13:40,360 --> 00:13:46,030
my two personal favorites are actually collections and the bonus schedule.
376
00:13:46,090 --> 00:13:49,150
And I actually like to work with both of those in
377
00:13:49,150 --> 00:13:54,070
tandem together because one of the challenges with collections is when
378
00:13:54,070 --> 00:13:55,360
you have somebody come in,
379
00:13:55,400 --> 00:13:56,650
look at your collections and say,
380
00:13:56,680 --> 00:13:57,670
oh, I want all that,
381
00:13:57,670 --> 00:13:59,230
but can I sub this for that?
382
00:13:59,230 --> 00:14:00,310
Because I don't want that.
383
00:14:00,310 --> 00:14:01,630
Or can I change this or that?
384
00:14:01,690 --> 00:14:01,990
You know,
385
00:14:01,990 --> 00:14:03,280
that gets really confusing.
386
00:14:03,310 --> 00:14:05,530
So that's one of the downsides of collections,
387
00:14:05,560 --> 00:14:09,220
but the upside is that it's really clear for consumers.
388
00:14:09,220 --> 00:14:09,820
They come in,
389
00:14:09,820 --> 00:14:11,620
they see the collections,
390
00:14:11,620 --> 00:14:13,720
it gives them estimated spending points.
391
00:14:13,750 --> 00:14:15,100
They see what's included.
392
00:14:15,340 --> 00:14:17,140
They understand how it works.
393
00:14:17,170 --> 00:14:18,250
So I love them.
394
00:14:18,520 --> 00:14:21,010
But if you work with those along with a bonus schedule,
395
00:14:21,220 --> 00:14:24,010
then you have an easy way to say when they want
396
00:14:24,010 --> 00:14:24,850
a sub thing,
397
00:14:24,850 --> 00:14:25,540
say, okay,
398
00:14:25,630 --> 00:14:26,980
I totally understand that,
399
00:14:26,980 --> 00:14:27,310
you know,
400
00:14:27,340 --> 00:14:29,110
these collections aren't right for everyone.
401
00:14:29,140 --> 00:14:32,500
So I also offer this bonus schedule so that you can,
402
00:14:32,530 --> 00:14:32,890
you know,
403
00:14:32,950 --> 00:14:34,360
get exactly what you want.
404
00:14:34,420 --> 00:14:35,710
And that bonus schedule,
405
00:14:35,710 --> 00:14:40,450
because so many consumers do want the digital files to have
406
00:14:40,450 --> 00:14:43,480
for their computer and their home and their archives,
407
00:14:43,480 --> 00:14:45,480
or to print some prints or a little calendar,
408
00:14:45,490 --> 00:14:46,300
things like that,
409
00:14:46,510 --> 00:14:50,800
that having those as the bonus works really,
410
00:14:50,800 --> 00:14:51,260
really well,
411
00:14:51,260 --> 00:14:54,320
but it doesn't have to be your bonus schedule could be
412
00:14:54,350 --> 00:14:58,780
order a wall piece and get an album 50% off or
413
00:14:58,780 --> 00:15:02,920
order an album and save $400 on a 16 by 20
414
00:15:03,310 --> 00:15:04,000
or wall piece.
415
00:15:04,060 --> 00:15:08,710
Like you can create these bonus schedules based on what ever
416
00:15:08,920 --> 00:15:11,380
you want to be selling.
417
00:15:11,440 --> 00:15:15,400
So this is why that step before figuring out what products
418
00:15:15,400 --> 00:15:15,850
we love,
419
00:15:15,850 --> 00:15:17,380
figuring out what products we want to sell.
420
00:15:17,650 --> 00:15:18,910
Well, it's very,
421
00:15:18,940 --> 00:15:19,870
very critical.
422
00:15:19,880 --> 00:15:22,600
Are you guys starting to see how it's next to them
423
00:15:22,690 --> 00:15:24,700
possible to come up with a pricing strategy?
424
00:15:24,700 --> 00:15:26,530
If you don't know how much you want to make and
425
00:15:26,530 --> 00:15:28,210
what you want to be focused on selling,
426
00:15:28,390 --> 00:15:29,560
I hear it all the time.
427
00:15:29,770 --> 00:15:32,650
Nicole, what's the most popular products for pet photography.
428
00:15:33,010 --> 00:15:33,400
You guys,
429
00:15:33,400 --> 00:15:34,240
it's what you love.
430
00:15:34,330 --> 00:15:38,260
I know photographers that sell mostly all albums.
431
00:15:38,290 --> 00:15:39,910
Their messaging is around the albums.
432
00:15:39,910 --> 00:15:41,080
They love the albums.
433
00:15:41,080 --> 00:15:42,160
They sell the albums.
434
00:15:42,160 --> 00:15:44,140
They have plenty of clients buying albums,
435
00:15:44,230 --> 00:15:46,660
right? Clients rarely buy albums.
436
00:15:46,750 --> 00:15:49,420
Usually clients are buying a wall piece and adding on the
437
00:15:49,420 --> 00:15:50,290
digital files.
438
00:15:50,380 --> 00:15:53,290
And you know what that's because I love selling wall pieces.
439
00:15:53,400 --> 00:15:55,750
I don't love selling the albums as much.
440
00:15:55,750 --> 00:15:58,750
I actually don't shoot for album sales.
441
00:15:58,750 --> 00:16:01,720
As much as I used to my sessions nowadays tend to
442
00:16:01,720 --> 00:16:04,270
be a little bit more streamlined with a little bit more
443
00:16:04,270 --> 00:16:06,790
focus on creating a wall piece and then having a few
444
00:16:06,790 --> 00:16:08,350
extra digitals as well.
445
00:16:08,470 --> 00:16:12,130
So that all depends on how you want to work.
446
00:16:12,280 --> 00:16:12,850
So anyway,
447
00:16:12,910 --> 00:16:13,900
sorry, little tangent there.
448
00:16:13,900 --> 00:16:15,820
And let's jump back to this pricing strategy.
449
00:16:15,850 --> 00:16:19,240
So those collections bonus schedule create your home collection.
450
00:16:19,240 --> 00:16:19,900
As I mentioned,
451
00:16:19,900 --> 00:16:24,220
is choosing something from different buckets and then they save on
452
00:16:24,220 --> 00:16:24,870
their whole order.
453
00:16:25,360 --> 00:16:26,770
So the challenge with that,
454
00:16:26,860 --> 00:16:28,030
I did that for,
455
00:16:28,480 --> 00:16:30,220
for a while and it was good.
456
00:16:30,280 --> 00:16:34,660
I, the bottom line is all of these worked and all
457
00:16:34,660 --> 00:16:35,890
of these different pricing,
458
00:16:35,890 --> 00:16:41,800
strategist strategies resulted in approximately a very similar target sale for
459
00:16:41,800 --> 00:16:42,910
me about 2,500
460
00:16:42,910 --> 00:16:43,600
to $3,000.
461
00:16:44,140 --> 00:16:47,230
And so they'll work.
462
00:16:47,470 --> 00:16:49,150
So I don't want to any of you to get hung
463
00:16:49,150 --> 00:16:49,570
up on,
464
00:16:49,600 --> 00:16:50,440
oh my gosh,
465
00:16:50,470 --> 00:16:51,310
what am I going to do?
466
00:16:51,310 --> 00:16:51,880
Which one do I do?
467
00:16:51,910 --> 00:16:53,050
Choose just pick one,
468
00:16:53,170 --> 00:16:54,850
just pick one and try it.
469
00:16:55,660 --> 00:16:56,710
And you know,
470
00:16:56,740 --> 00:17:02,230
it will work because it's not that packaging pricing container that
471
00:17:02,260 --> 00:17:04,600
dictates our average sale.
472
00:17:04,690 --> 00:17:10,000
It's how we set it up and how we encourage people
473
00:17:10,030 --> 00:17:13,300
to do what we want them to do.
474
00:17:13,360 --> 00:17:18,100
So how do we do that by offering special incentives to
475
00:17:18,130 --> 00:17:19,390
continue down the path,
476
00:17:19,390 --> 00:17:22,900
you basically create a little path for them to walk as
477
00:17:22,930 --> 00:17:26,860
they go through their pricing as they go through the experience.
478
00:17:26,890 --> 00:17:27,670
So for instance,
479
00:17:27,670 --> 00:17:30,310
my current path is let's choose Walmart,
480
00:17:30,310 --> 00:17:31,450
we're shooting for Walmart.
481
00:17:31,600 --> 00:17:32,290
I also do.
482
00:17:32,380 --> 00:17:33,970
I have a digital file option too,
483
00:17:33,970 --> 00:17:36,130
for people that are mainly interested in digital file.
484
00:17:36,150 --> 00:17:37,480
So let me back up here,
485
00:17:37,660 --> 00:17:40,060
basically the new way that I've been doing my pricing this
486
00:17:40,060 --> 00:17:43,600
year and I've been enjoying it is that I talked to
487
00:17:43,600 --> 00:17:44,800
my client and I tell them,
488
00:17:44,800 --> 00:17:46,330
I basically have two options.
489
00:17:46,330 --> 00:17:47,020
Your artwork,
490
00:17:47,020 --> 00:17:48,310
your way is my tagline.
491
00:17:48,370 --> 00:17:52,020
And it is a file option or a Walmart option.
492
00:17:52,080 --> 00:17:54,540
And the Walmart comes with a big,
493
00:17:54,570 --> 00:17:58,350
beautiful piece of wall art and two additional prints and digital
494
00:17:58,350 --> 00:18:02,040
files. So those three and then the digital file collection is
495
00:18:02,040 --> 00:18:05,400
an album block with 10 images and those 10 digital files.
496
00:18:05,490 --> 00:18:06,960
And so they can choose,
497
00:18:06,960 --> 00:18:08,370
or if they want,
498
00:18:08,400 --> 00:18:11,250
they can also do a create your own collection or sorry,
499
00:18:11,250 --> 00:18:13,470
a bonus schedule type thing where they choose a wall art
500
00:18:13,470 --> 00:18:15,390
and they can add on all the digital files too.
501
00:18:15,390 --> 00:18:17,640
So that way they kind of have the best of both
502
00:18:17,640 --> 00:18:19,050
worlds, excuse me,
503
00:18:19,050 --> 00:18:20,280
which is what I actually named that one.
504
00:18:20,490 --> 00:18:21,090
So anyway,
505
00:18:21,090 --> 00:18:25,020
the art of that pricing is what really leads people down
506
00:18:25,020 --> 00:18:27,330
the path to get them to purchase exactly what you want
507
00:18:27,420 --> 00:18:30,210
and getting them to spend somewhere near that target session,
508
00:18:30,210 --> 00:18:33,300
average of what you need in order to have a sustainable
509
00:18:33,330 --> 00:18:35,790
business. We dive into gosh,
510
00:18:35,790 --> 00:18:37,020
more of that in the academy.
511
00:18:37,020 --> 00:18:37,800
Like I said,
512
00:18:37,890 --> 00:18:42,120
it is really my zone of genius to give feedback to
513
00:18:42,120 --> 00:18:46,020
people's pricing guides and help them make a couple tweaks that
514
00:18:46,020 --> 00:18:48,870
result in so much more sales for them.
515
00:18:48,870 --> 00:18:49,980
So remember,
516
00:18:50,040 --> 00:18:51,630
cause you guys are an academy member,
517
00:18:51,840 --> 00:18:53,940
hit me up on a laser coaching or office hours.
518
00:18:53,940 --> 00:18:57,660
And I would love to give you feedback on your pricing.
519
00:18:57,690 --> 00:18:58,740
If you're an elevate,
520
00:18:58,830 --> 00:19:01,440
ask myself for the other coaches on one of our calls.
521
00:19:01,500 --> 00:19:03,690
And if you want information on either of those,
522
00:19:03,690 --> 00:19:07,800
just head on over to hair of the dog academy.com/academy,
523
00:19:07,890 --> 00:19:10,920
or hear the dog academy.com/elevate,
524
00:19:10,980 --> 00:19:13,260
we would love to have you in either program.
525
00:19:13,440 --> 00:19:15,300
Alright, even though I've been talking a little bit about the
526
00:19:15,330 --> 00:19:17,670
art of photography pricing,
527
00:19:17,700 --> 00:19:21,000
I want to also speak to the science and I might've
528
00:19:21,000 --> 00:19:24,330
gotten a little ahead of myself because the art usually comes
529
00:19:24,420 --> 00:19:26,670
in after you figure out the science,
530
00:19:26,670 --> 00:19:29,850
but I couldn't in good conscious do this podcast without mentioning
531
00:19:29,850 --> 00:19:31,200
the science of pricing.
532
00:19:31,320 --> 00:19:34,140
And that is where we dive into our cost of goods
533
00:19:34,140 --> 00:19:36,810
sold. I know cogs a four-letter word.
534
00:19:36,810 --> 00:19:38,190
You guys are probably running away,
535
00:19:38,190 --> 00:19:40,140
like turning off the podcast now,
536
00:19:40,140 --> 00:19:41,190
like I don't want to hear it,
537
00:19:41,190 --> 00:19:42,720
Nicole, you guys so important.
538
00:19:42,750 --> 00:19:43,620
So, so important.
539
00:19:43,890 --> 00:19:47,910
This is where that 25% cost of goods sold comes into
540
00:19:47,910 --> 00:19:52,890
play. And that is an industry benchmark PPA professional photographers of
541
00:19:52,890 --> 00:19:58,770
America has done numerous studies of different photography studios across the
542
00:19:58,770 --> 00:20:02,700
country, retail based home studio based on location-based.
543
00:20:03,030 --> 00:20:06,360
And they have found that 25% cost of goods sold is
544
00:20:06,360 --> 00:20:10,470
really the ceiling of expenses for our products to have a
545
00:20:10,470 --> 00:20:12,150
sustainable business.
546
00:20:12,270 --> 00:20:14,760
Does that mean that everything has to be marked up four
547
00:20:14,760 --> 00:20:15,720
times? Cause Nicole,
548
00:20:15,720 --> 00:20:18,570
have you seen the price of my 30 by 40 acrylic?
549
00:20:18,660 --> 00:20:19,140
I get it.
550
00:20:19,200 --> 00:20:19,710
I get it.
551
00:20:20,040 --> 00:20:23,730
It means that the average of your markup needs to be
552
00:20:23,790 --> 00:20:28,320
25%. So what that looks like on my price list is
553
00:20:28,350 --> 00:20:29,700
that my lower items,
554
00:20:29,700 --> 00:20:32,730
like my 11 by 14 might actually be marked up five
555
00:20:32,730 --> 00:20:35,340
times. So it has like a 15 or 20% cost of
556
00:20:35,340 --> 00:20:39,420
goods sold where my very large framed acrylic might only be
557
00:20:39,420 --> 00:20:42,540
marked up three times because that's such a higher price point.
558
00:20:42,660 --> 00:20:45,210
I have plenty of profit on that only market it up
559
00:20:45,240 --> 00:20:47,860
three times and how I choose that is to kind of
560
00:20:47,860 --> 00:20:51,010
make sense on the jumps on my price list.
561
00:20:51,010 --> 00:20:54,190
So I don't have like a $600 jump from one size
562
00:20:54,190 --> 00:20:54,790
to another.
563
00:20:54,820 --> 00:20:57,760
They kind of go up and some fairly consistent two to
564
00:20:57,760 --> 00:21:01,600
three to $400 increments depending on what the prices of those
565
00:21:01,600 --> 00:21:05,020
are. But so the main takeaway here is that those smaller
566
00:21:05,020 --> 00:21:08,320
items might be marked up a bit more than those larger
567
00:21:08,320 --> 00:21:10,870
items in terms of percent.
568
00:21:11,020 --> 00:21:13,750
So for your homework here is to take those products that
569
00:21:13,750 --> 00:21:15,730
we figured out and step to the products that you love,
570
00:21:15,730 --> 00:21:16,510
that you want to sell,
571
00:21:16,750 --> 00:21:18,610
figure out what sizes you want to offer.
572
00:21:18,730 --> 00:21:18,940
And then,
573
00:21:18,940 --> 00:21:23,470
then figure out what your costs are in that product and
574
00:21:23,800 --> 00:21:25,990
test them out with a markup of four times that would
575
00:21:25,990 --> 00:21:28,090
give you a 25% cost of goods sold.
576
00:21:28,090 --> 00:21:31,270
So if this wall piece costs $150,
577
00:21:31,450 --> 00:21:34,630
then you would want to sell it for approximately $600 because
578
00:21:34,630 --> 00:21:36,610
that's one 50 times four.
579
00:21:36,640 --> 00:21:37,660
And that works really,
580
00:21:37,660 --> 00:21:41,950
really well for Walmart where this markup strategy does not work
581
00:21:41,950 --> 00:21:44,400
well or albums or prints.
582
00:21:44,490 --> 00:21:48,810
And that is because albums have so many more images in
583
00:21:48,810 --> 00:21:54,150
it. And the time that you spend getting those albums ready,
584
00:21:54,150 --> 00:21:58,530
editing, all of those images in the album is significantly more
585
00:21:58,530 --> 00:22:00,060
than the time you're going to spend a prep.
586
00:22:00,060 --> 00:22:01,920
One file for one wall piece.
587
00:22:01,950 --> 00:22:03,720
So therefore albums,
588
00:22:03,750 --> 00:22:05,880
I have found generally,
589
00:22:05,970 --> 00:22:08,190
I like to see them at a markup of about 10
590
00:22:08,190 --> 00:22:11,790
times so that they have an actual 10% cost of goods
591
00:22:11,790 --> 00:22:14,100
sold. If you're looking at just those hard costs,
592
00:22:14,100 --> 00:22:17,790
because then it accounts for your time that you have been
593
00:22:17,790 --> 00:22:19,860
spending on that album.
594
00:22:19,890 --> 00:22:22,560
So Walmart mark it up times for albums,
595
00:22:22,590 --> 00:22:23,940
mark it up times 10,
596
00:22:24,000 --> 00:22:27,600
and then there's prince prince syndrome files.
597
00:22:27,660 --> 00:22:29,130
And these are like the wild west,
598
00:22:29,130 --> 00:22:32,070
because I can't tell you how many times I see a
599
00:22:32,070 --> 00:22:37,500
photographer offering a print for $8 or $25,
600
00:22:37,740 --> 00:22:39,600
gosh, anything under 50,
601
00:22:39,630 --> 00:22:43,140
but really even anything under 75 becomes really,
602
00:22:43,140 --> 00:22:45,900
really challenging to have enough profit there.
603
00:22:45,960 --> 00:22:49,410
And that is because the cost of goods for that print,
604
00:22:49,410 --> 00:22:53,190
the actual hard costs that you have to spend to get
605
00:22:53,190 --> 00:22:53,760
that print.
606
00:22:53,820 --> 00:22:54,000
You know,
607
00:22:54,030 --> 00:22:54,930
even if it's mounted,
608
00:22:54,930 --> 00:22:55,980
it's $10,
609
00:22:56,160 --> 00:22:58,980
there's just not enough prophet marking that up times five,
610
00:22:58,980 --> 00:23:03,540
four, then you're only earning 30 or $40 on that print.
611
00:23:03,540 --> 00:23:07,830
And that doesn't even cover the time you spent to edit
612
00:23:07,830 --> 00:23:10,890
and upload that image image and package it not to mention
613
00:23:10,890 --> 00:23:13,650
the packaging and the delivery and the time to shoot food
614
00:23:13,800 --> 00:23:14,940
and all of those things.
615
00:23:14,940 --> 00:23:18,600
So there is this minimum time,
616
00:23:18,630 --> 00:23:21,150
time component that we need to make sure that we get
617
00:23:21,150 --> 00:23:25,800
paid for which in my experience tends to be eight to
618
00:23:25,800 --> 00:23:27,750
12 hours per client,
619
00:23:27,780 --> 00:23:29,760
if you're running a boutique business.
620
00:23:29,880 --> 00:23:34,410
So if you're making 30 or $40 profit on a print
621
00:23:34,500 --> 00:23:38,160
divided by 10 it's like three or four or dollars an
622
00:23:38,160 --> 00:23:42,570
hour before your taxes and expenses not going to be able
623
00:23:42,570 --> 00:23:43,410
to be sustained.
624
00:23:43,410 --> 00:23:44,160
But here in lies,
625
00:23:44,160 --> 00:23:45,290
the challenge with prints,
626
00:23:45,320 --> 00:23:47,420
those prints are one of those like banana,
627
00:23:47,420 --> 00:23:48,950
like commodities,
628
00:23:48,980 --> 00:23:51,830
where people kind of expect them to be a certain price.
629
00:23:51,860 --> 00:23:54,110
So one of the things I do in my book,
630
00:23:54,130 --> 00:23:56,110
this and this with prints is a floppy print,
631
00:23:56,110 --> 00:23:57,040
never, ever,
632
00:23:57,100 --> 00:24:01,390
ever under any circumstance ever leaves my studio because a floppy
633
00:24:01,390 --> 00:24:06,520
print is quickly equated to a print at Costco or Walgreens
634
00:24:06,520 --> 00:24:08,560
or some other big box drug store.
635
00:24:08,710 --> 00:24:13,780
And when I only allow mounted prints with a linen texture
636
00:24:13,780 --> 00:24:15,850
and a UV coning to leave my studio,
637
00:24:16,150 --> 00:24:19,180
oh, all of a sudden clients can't compare that to the
638
00:24:19,180 --> 00:24:20,440
other things they've seen.
639
00:24:20,620 --> 00:24:22,480
So now it has more value now.
640
00:24:22,480 --> 00:24:24,760
They don't know what it actually costs me.
641
00:24:25,000 --> 00:24:27,010
And it's just inherently more valuable.
642
00:24:27,040 --> 00:24:29,950
The other thing I do to protect myself from that print
643
00:24:29,950 --> 00:24:32,260
sale, because I never want to tell a client no.
644
00:24:32,290 --> 00:24:36,100
So when somebody calls and they are just looking for an
645
00:24:36,100 --> 00:24:37,270
eight by 10 print,
646
00:24:37,270 --> 00:24:39,340
maybe a big one of 11 by 14,
647
00:24:39,490 --> 00:24:43,420
I want to be able to steer the conversation and let
648
00:24:43,420 --> 00:24:47,740
them know what I offer without telling them no,
649
00:24:47,770 --> 00:24:49,060
without telling them,
650
00:24:49,060 --> 00:24:49,690
Hey, yeah,
651
00:24:49,720 --> 00:24:50,590
I would love to do that,
652
00:24:50,590 --> 00:24:51,970
but you need to buy more than that.
653
00:24:52,060 --> 00:24:52,360
I mean,
654
00:24:52,360 --> 00:24:54,940
you can have a minimum purchase requirement.
655
00:24:55,030 --> 00:24:56,260
I didn't really love that though.
656
00:24:56,260 --> 00:24:58,150
Like what if I went into a clothing store and I
657
00:24:58,150 --> 00:24:59,620
just wanted a pair of earrings,
658
00:24:59,650 --> 00:25:00,070
but they're like,
659
00:25:00,160 --> 00:25:02,080
no, you have to buy a pair of jeans too.
660
00:25:02,080 --> 00:25:03,730
Well, I don't really like your jeans.
661
00:25:04,210 --> 00:25:05,350
I just doesn't sit right.
662
00:25:05,380 --> 00:25:07,390
Well to me as a consumer.
663
00:25:07,390 --> 00:25:08,650
So I'm not a huge fan.
664
00:25:08,650 --> 00:25:09,580
There's nothing wrong with it.
665
00:25:09,580 --> 00:25:11,170
Some people do it very successfully.
666
00:25:11,440 --> 00:25:14,320
The way I like to protect myself from the people that
667
00:25:14,320 --> 00:25:17,060
might want to purchase one print or around Christmas time,
668
00:25:17,090 --> 00:25:20,290
want just one digital file for the Christmas card is to
669
00:25:20,290 --> 00:25:22,870
not sell single prints or digital files.
670
00:25:22,870 --> 00:25:23,470
Of course,
671
00:25:23,470 --> 00:25:26,200
if somebody comes in and they purchase a wall piece and
672
00:25:26,200 --> 00:25:28,300
an album and they just want to print for their desk,
673
00:25:28,390 --> 00:25:28,710
you know what,
674
00:25:28,710 --> 00:25:29,950
I'm going to sell them a single print.
675
00:25:29,950 --> 00:25:30,580
That's fine,
676
00:25:30,610 --> 00:25:32,950
but I don't need to put in my product guide in
677
00:25:32,950 --> 00:25:34,930
my conversations with inquiries,
678
00:25:34,960 --> 00:25:36,880
letting them know that I sell a single print.
679
00:25:36,910 --> 00:25:40,300
I can sell those in a minimum package of five,
680
00:25:40,360 --> 00:25:43,990
which takes my cost of those up to at least $500,
681
00:25:43,990 --> 00:25:46,630
which for me is the minimum amount I need to make
682
00:25:46,630 --> 00:25:48,460
on a shoot to not lose money.
683
00:25:48,490 --> 00:25:49,060
You guys,
684
00:25:49,120 --> 00:25:51,430
that's not even to not make money.
685
00:25:51,580 --> 00:25:54,220
That is to not lose money for the time that I
686
00:25:54,220 --> 00:25:55,000
have spent.
687
00:25:55,210 --> 00:25:56,620
And really at $500,
688
00:25:56,620 --> 00:25:58,270
I probably am still losing some money.
689
00:25:58,330 --> 00:26:00,550
It really needs to be at least a thousand dollars than
690
00:26:00,550 --> 00:26:02,950
I make on a shoot in order for it to be
691
00:26:02,980 --> 00:26:04,810
at all reasonably profitable.
692
00:26:04,840 --> 00:26:08,740
So that is one way to protect yourself from that print
693
00:26:08,770 --> 00:26:10,210
digital file pricing,
694
00:26:10,270 --> 00:26:11,740
because prince,
695
00:26:11,770 --> 00:26:14,200
you can only increase and digital files.
696
00:26:14,200 --> 00:26:17,530
You can only increase so much because there is that market
697
00:26:17,530 --> 00:26:19,060
pressure. Like those bananas,
698
00:26:19,150 --> 00:26:21,160
a little bit of a commodity people kind of know what
699
00:26:21,160 --> 00:26:22,960
they might feel like they should cost.
700
00:26:22,960 --> 00:26:26,200
So that is just something to consider.
701
00:26:26,260 --> 00:26:27,460
And then digital files,
702
00:26:27,790 --> 00:26:28,690
oh, digital files,
703
00:26:28,720 --> 00:26:29,440
digital files.
704
00:26:29,440 --> 00:26:30,550
People are always asking,
705
00:26:30,550 --> 00:26:31,690
what should my price be?
706
00:26:32,140 --> 00:26:36,550
And the real answer is whatever your price needs to be
707
00:26:36,550 --> 00:26:37,930
to encourage your clients,
708
00:26:37,930 --> 00:26:39,730
to do whatever you wanted to do,
709
00:26:39,730 --> 00:26:41,440
to get them to that target session,
710
00:26:41,470 --> 00:26:42,850
average and purchase the products you,
711
00:26:43,860 --> 00:26:44,760
there really,
712
00:26:44,760 --> 00:26:46,140
isn't a formula here,
713
00:26:46,140 --> 00:26:49,380
pricing your digital files is really an art form.
714
00:26:49,650 --> 00:26:50,850
And, you know,
715
00:26:50,850 --> 00:26:51,840
for instance,
716
00:26:52,320 --> 00:26:54,780
for my way that I like to price,
717
00:26:54,810 --> 00:26:55,890
which is okay,
718
00:26:55,890 --> 00:26:56,880
let's buy that wall art.
719
00:26:56,880 --> 00:26:58,860
And then you get like a bonus schedule by the wall
720
00:26:58,860 --> 00:27:00,660
piece and you save on digital files.
721
00:27:00,690 --> 00:27:01,860
Okay. I'll figure out.
722
00:27:01,890 --> 00:27:05,070
Most people get a 16 by 24 to a 20 by
723
00:27:05,070 --> 00:27:08,100
30 wall piece is kind of the average prices.
724
00:27:08,100 --> 00:27:13,320
So maybe that costs like 7 95 to 9 95 on
725
00:27:13,440 --> 00:27:14,340
those two sides.
726
00:27:14,340 --> 00:27:16,890
And I want to make $2,000
727
00:27:16,890 --> 00:27:18,270
on a sale.
728
00:27:18,270 --> 00:27:20,340
I'm somewhere 1500,
729
00:27:21,000 --> 00:27:25,110
2000. So I need to then have that digital file add
730
00:27:25,110 --> 00:27:28,170
on be at least a thousand dollars.
731
00:27:28,200 --> 00:27:30,780
So then I can look at okay to add on digital
732
00:27:30,780 --> 00:27:31,530
files for a thousand.
733
00:27:31,530 --> 00:27:32,640
Is that the whole session?
734
00:27:32,640 --> 00:27:33,060
Is it 10?
735
00:27:33,060 --> 00:27:33,900
Is it 20?
736
00:27:34,200 --> 00:27:35,070
You can make that up.
737
00:27:35,100 --> 00:27:37,230
You can figure out what it is that makes sense for
738
00:27:37,230 --> 00:27:39,510
your workflow and how you work and how much time you
739
00:27:39,510 --> 00:27:42,210
have and how many images you usually create a session and
740
00:27:42,210 --> 00:27:43,650
then double it.
741
00:27:43,650 --> 00:27:46,170
And there's your retail price for your digital files?
742
00:27:46,200 --> 00:27:49,830
So my retail price for digital files would be $2,000.
743
00:27:49,890 --> 00:27:52,860
But if they purchase a 16 by 24 or larger wall
744
00:27:52,860 --> 00:27:55,230
piece, that starts at 7 95,
745
00:27:55,230 --> 00:27:58,380
they can get the digital files for half off.
746
00:27:58,470 --> 00:27:59,580
So you can do the math.
747
00:27:59,580 --> 00:28:02,790
That's actually less expensive than if they purchased the digital files
748
00:28:02,790 --> 00:28:03,570
on their own.
749
00:28:03,570 --> 00:28:05,100
Why on earth would I do that?
750
00:28:05,100 --> 00:28:09,720
I do that because it feels my soul to give them
751
00:28:09,720 --> 00:28:13,200
this beautiful piece of art that they are going to love
752
00:28:13,200 --> 00:28:13,980
forever and ever,
753
00:28:14,040 --> 00:28:16,710
and they still get those digital files.
754
00:28:16,710 --> 00:28:21,330
It kind of moves them into a value seeking because instead
755
00:28:21,330 --> 00:28:21,870
of like man,
756
00:28:21,870 --> 00:28:23,700
$2,000 for those digital files,
757
00:28:23,730 --> 00:28:24,000
it's like,
758
00:28:24,030 --> 00:28:26,340
oh, well I can get this beautiful piece of art.
759
00:28:26,340 --> 00:28:28,260
And then look at what I'm saving.
760
00:28:28,470 --> 00:28:30,090
They become a value seeker.
761
00:28:30,240 --> 00:28:33,330
So this is what I mean with the art of pricing.
762
00:28:33,450 --> 00:28:36,270
So to go over high level again,
763
00:28:36,270 --> 00:28:38,520
how we price those individual products,
764
00:28:38,610 --> 00:28:41,730
it is wall art times four albums,
765
00:28:41,730 --> 00:28:46,290
times 10 prints only collections of five,
766
00:28:46,410 --> 00:28:49,170
gosh, at least for like three $5,400
767
00:28:49,230 --> 00:28:52,590
and then digital files or making those up based on what
768
00:28:52,590 --> 00:28:54,360
our target session average is.
769
00:28:54,390 --> 00:28:59,010
So to recap this whole podcast today of how to start
770
00:28:59,010 --> 00:29:00,150
to look at your pricing,
771
00:29:00,180 --> 00:29:00,960
number one,
772
00:29:01,230 --> 00:29:02,640
we want to figure out our target session,
773
00:29:02,640 --> 00:29:03,960
average, number two,
774
00:29:04,140 --> 00:29:07,650
we want to figure out what products we want to sell.
775
00:29:07,680 --> 00:29:08,310
Number three,
776
00:29:08,310 --> 00:29:10,170
we want to price those products.
777
00:29:10,170 --> 00:29:11,280
And then number four,
778
00:29:11,280 --> 00:29:14,280
we jump into the art of pricing in which we start
779
00:29:14,280 --> 00:29:18,660
to look at the different ways that we can encourage people
780
00:29:18,660 --> 00:29:22,590
to get up to our target session average with encouraging them
781
00:29:22,590 --> 00:29:25,140
to purchase what we want them to purchase and giving them
782
00:29:25,140 --> 00:29:26,850
what they want as well.
783
00:29:26,850 --> 00:29:30,480
So that is where that art of pricing comes into play.
784
00:29:30,540 --> 00:29:32,580
Now, if you guys are like,
785
00:29:32,610 --> 00:29:33,150
oh my gosh,
786
00:29:33,180 --> 00:29:34,230
totally overwhelmed.
787
00:29:34,260 --> 00:29:34,800
Don't worry.
788
00:29:34,800 --> 00:29:35,280
Don't forget.
789
00:29:35,280 --> 00:29:36,660
I have that free pricing,
790
00:29:36,660 --> 00:29:40,530
training and hair of the dog academy.com/pricing,
791
00:29:40,560 --> 00:29:41,320
jump on over,
792
00:29:41,320 --> 00:29:43,570
feel free to join us lately free.
793
00:29:43,930 --> 00:29:46,900
And I also wanted to mention something else.
794
00:29:46,960 --> 00:29:50,260
And these are the questions that determine if you need to
795
00:29:50,320 --> 00:29:51,340
update your pricing.
796
00:29:51,370 --> 00:29:55,570
So you might be like me possible CPA one day,
797
00:29:55,570 --> 00:29:58,210
maybe in another universe nerd that loves spreadsheets,
798
00:29:58,240 --> 00:30:01,900
loves numbers and playing with pricing is like one of my
799
00:30:01,900 --> 00:30:03,700
most favorite things to do in my business.
800
00:30:03,730 --> 00:30:05,200
So I get,
801
00:30:05,260 --> 00:30:05,620
I don't know.
802
00:30:05,620 --> 00:30:07,180
I want to change my pricing a lot.
803
00:30:07,210 --> 00:30:09,730
I get inspired to like test out different things when I
804
00:30:09,730 --> 00:30:12,580
see different ways of pricing or get some ideas.
805
00:30:13,120 --> 00:30:14,320
And I just love to do that,
806
00:30:14,320 --> 00:30:18,130
but not always the best business decision to be changing your
807
00:30:18,130 --> 00:30:19,150
pricing all the time.
808
00:30:19,150 --> 00:30:20,740
So if you are tempted,
809
00:30:20,740 --> 00:30:21,460
like I am,
810
00:30:21,460 --> 00:30:24,310
I have a couple questions for you to ask yourself to
811
00:30:24,310 --> 00:30:26,350
determine if you need to update your pricing.
812
00:30:26,530 --> 00:30:27,310
Number one,
813
00:30:27,370 --> 00:30:29,080
are you hitting your target session?
814
00:30:29,080 --> 00:30:30,460
Average regularly?
815
00:30:30,490 --> 00:30:32,170
You won't hit it every single session,
816
00:30:32,170 --> 00:30:33,580
but has an average,
817
00:30:33,610 --> 00:30:35,380
are you hitting that target session?
818
00:30:35,380 --> 00:30:36,970
Average, number two,
819
00:30:37,120 --> 00:30:39,910
are you selling what you want to be selling?
820
00:30:40,120 --> 00:30:44,290
And then number three are your cost of goods sold averaging
821
00:30:44,320 --> 00:30:45,610
under 25%.
822
00:30:45,640 --> 00:30:46,810
It's okay if one sessions,
823
00:30:46,810 --> 00:30:49,150
30% and one sessions 20%,
824
00:30:49,420 --> 00:30:51,880
because that means you're averaging 25%.
825
00:30:51,910 --> 00:30:55,270
So make sure that your cost of goods sold are averaging
826
00:30:55,300 --> 00:30:57,340
under 25% per session.
827
00:30:57,460 --> 00:31:00,190
So if you can say yes to those three questions,
828
00:31:00,220 --> 00:31:01,600
your pricing is fine.
829
00:31:01,600 --> 00:31:04,180
There is no need to go blow up your pricing and
830
00:31:04,180 --> 00:31:04,780
start again.
831
00:31:04,990 --> 00:31:07,120
And if you're getting started with your pricing,
832
00:31:07,180 --> 00:31:09,460
ask yourself these questions periodically,
833
00:31:09,640 --> 00:31:11,920
have a client or two check in with those questions,
834
00:31:11,920 --> 00:31:12,640
have another client,
835
00:31:12,640 --> 00:31:14,110
or to check in with those questions.
836
00:31:14,110 --> 00:31:16,510
And then it is going to tell you if you need
837
00:31:16,510 --> 00:31:20,110
to adjust anything simply by asking these three questions.
838
00:31:20,110 --> 00:31:20,710
Number one,
839
00:31:20,740 --> 00:31:23,440
are you hitting that target session average regularly?
840
00:31:23,500 --> 00:31:24,070
Number two,
841
00:31:24,070 --> 00:31:26,080
are you selling what you want to be selling?
842
00:31:26,470 --> 00:31:29,980
And number three are your cost of goods coming in below
843
00:31:29,980 --> 00:31:36,040
25%. So that is my high-level cliff notes version of pricing,
844
00:31:36,880 --> 00:31:39,760
man. I love some pricing.
845
00:31:40,000 --> 00:31:41,770
Thanks so much for joining me again.
846
00:31:41,770 --> 00:31:44,230
Don't forget to jump back to episode number 79.
847
00:31:44,230 --> 00:31:46,420
If you want to listen to the series from the beginning
848
00:31:46,510 --> 00:31:48,190
and the next two weeks,
849
00:31:48,190 --> 00:31:52,630
we have workflow coming up next week and then pillar six
850
00:31:52,660 --> 00:31:53,920
is marketing.
851
00:31:53,980 --> 00:31:55,090
So stay tuned.
852
00:31:55,120 --> 00:31:58,000
I can't wait to talk to you about those two pillars
853
00:31:58,000 --> 00:31:58,600
as well,
854
00:31:58,690 --> 00:31:59,920
have a great week everybody.
855
00:31:59,920 --> 00:32:00,910
And I'll talk to you soon.
856
00:32:02,130 --> 00:32:03,900
You enjoy this podcast episode,
857
00:32:03,900 --> 00:32:07,290
go ahead and take a screenshot of this episode on your
858
00:32:07,290 --> 00:32:10,560
phone and post it up there on your Instagram stories and
859
00:32:10,560 --> 00:32:14,070
be sure to tag us at hair of the dog academy.
860
00:32:14,190 --> 00:32:17,730
And we would just love to see how you're listening and
861
00:32:17,730 --> 00:32:18,870
a full disclosure.
862
00:32:18,990 --> 00:32:22,410
Sometimes we just like to give away a little pet photographer,
863
00:32:22,410 --> 00:32:26,250
swag in the form of hair of the dog t-shirts and
864
00:32:26,250 --> 00:32:28,830
sweatshirts. So what are you waiting for?
865
00:32:28,890 --> 00:32:31,980
Go ahead and share that screenshot of this episode.
866
00:32:32,250 --> 00:32:34,100
And don't forget to tag us at hair,
867
00:32:34,120 --> 00:32:34,920
the dog academy.
868
00:32:35,130 --> 00:32:36,150
And while you're there,
869
00:32:36,210 --> 00:32:38,460
maybe you want to jump on over to our account and
870
00:32:38,460 --> 00:32:40,490
see what we're up to on the gram.
871
00:32:40,550 --> 00:32:42,140
We'd love to connect with you.
872
00:32:43,100 --> 00:32:45,380
Thanks for listening to the hair of the dog podcast.
873
00:32:45,380 --> 00:32:47,450
If you want to check out the show notes for access
874
00:32:47,450 --> 00:32:49,670
to any of the links that we shared in this episode,
875
00:32:49,940 --> 00:32:52,250
as well as any additional related resources,
876
00:32:52,370 --> 00:32:56,990
simply go to www.hairofthedogacademy.com/
877
00:32:57,020 --> 00:32:58,760
85. Once again,
878
00:32:58,820 --> 00:33:00,850
that's www.hair.
879
00:33:00,870 --> 00:33:02,930
The dog academy.com/the
880
00:33:02,930 --> 00:33:04,490
number eight and the number five.
881
00:33:05,710 --> 00:33:08,680
Thanks for listening to this episode of hair of the dog
882
00:33:08,710 --> 00:33:11,080
podcast. If you enjoyed this show,
883
00:33:11,200 --> 00:33:12,910
please take a minute to leave a review.
884
00:33:13,120 --> 00:33:13,990
And while you're there,
885
00:33:14,140 --> 00:33:15,490
don't forget to subscribe.
886
00:33:15,550 --> 00:33:17,800
So you don't miss our upcoming episodes.
887
00:33:18,310 --> 00:33:19,000
One last thing,
888
00:33:19,420 --> 00:33:22,090
if you are ready to dive into more resources,
889
00:33:22,360 --> 00:33:27,760
head over to our website@wwwdothairofthedogacademy.com.
890
00:33:28,090 --> 00:33:31,300
Thanks for being a part of this pet photography community.