Pricing trends.

In the last week I have come across multiple articles about what I call trends in upscale pricing. Lexus Automobiles (Toyota- to the rest of the world) realized that the upper tier of the economy is growing. They wanted to get their cars into the hands of that growing group of millionaires. Lexus held parties with magazines like Vogue all around the country. The found that the Bentley, Rolls Royce, Ferrari, Aston Martin crowd liked their brand but did not buy it. What I gathered from the article is 1) they (Lexus) was priced too low. 2) they did not give the service that this target market expected. Lexus learned that these clients owned more than one car. Cars that complemented one another. So to sell to the Market, Lexus needed to give the level of service demanded and make sure that the model offered (which will probably cost about 2 times what a Lexus costs now.) fits in with the complete lifestyle of the client.
Microsofts X box game system. The Xbox 360 came out priced at $399.00, about 2 times the price of the original x box. Now they come out with an “elite” version. Yes, it has more gizmos but will price out at $480. Do you see a trend yet?
Recently, resort/ hotels in places like Aruba, Bahamas and Miami have started “gold clubs” or “royal club” levels of service. Separate pools, air conditioned restaurants, faster check in/out are some of the services this status will run an extra $50-$500.00 a night depending on the resort. Keep in mind this rate is above the already $480-$800.00 guests might be paying, so we are not talking about mid-market level of service to begin with here.
Hotels are responding to the unprecedented number of US millionaires and the large number of retiring baby boomers, with luxury room rates up 9% over the last year. This is the beginning of the trend towards pricing aimed at the high end market, with a lot of growth in the next few years. People will pay for quality services and products. If you are in the position where you are not making all the money you deserve from your work. It might be time to rethink your brand position in the market. The top market is growing larger every day, how much of that business do you want?

This is a good time of year to take an overview of your business. Not only what you are doing but what can be improved? look at your accounting system, the process you use to store your product. your presentation method. Are these areas in need of improvement? are you using a current method? Not that you have to have it, but what is the cutting edge methods being used out there by others? I highly recommed reading Business 2.0 and Fast Company both magazines cover up coming companies and some new methods that they are applying tosometimes, old markets. - a great resource to get your mind set ready.

A smart business person will look at the methods that they use and see if it can be improved. if it can, maybe somebody else is looking for a solution - like the one you have created. find a need and Fill it. it is not always wise to rely on one single product. dervisify your business - Can you sell a method that you created for your business that others may pay for?

This Monday, When somebody asks you what you did this weekend, what are you going to say? Did you watch somebody else build their business ( TV, Movies, sports) or did you work on your OWN business- Which one will support you in the future? theirs or your business -

Patrick

This is half of my friends preformance at the Colgate Country Showdown. If you want to see a fantastic preformance, check this video out.


IF you want to see more of J's preformances, his website is http://www.littlenashvillemusic.com

Here is a great article about spec photography. I agree with John Harrington. great insight.
Here is the link (BLOG)

Along with that, here is another link to help you clear up your thinking about how to operate your business LIES! - what a great list that if you learn it can help you get your business profitable

Always remember, more people will pay for information than will pay for a hard good ( item). Start to look at what you do well. Focus on your strengths not your weakness. For a photographer, maybe you take great pictures of birds, or babies. Maybe you shoot everything with only 1 light or the post processing method that you use. Practice what you do best. try to look at what steps are involved with what you do to end up with the shots that people rave about. Now, take the steps of your process and document it from start to finish. - that by the way, is your brand identity. We will get into that more later.

Ask yourself, can this be duplicated? the process, steps, equipment? all of it? Can somebody learn how to do what I do? or not. If 80% of it can be learned, you now have a product that can make money for you when you are not shooting. If you had to teach a seminar, or create a CD, or book, What would you talk about? If you start to think about knowledge as a product, you can increase your income and sometimes make a passive form or revenue.

Build a business from the inside out.

Before you make numerous mistakes in the beginning of your business, it is a good idea for you to look into yourself and learn the signs that your body gives you about situations (and people) that are good for your business and the ones that are not. It is instinct. You know that “feeling” you get before things go wrong. If you don’t think you have instinct I have some good news for you. Everybody has instinct - it is primal. You can practice and hone your instinct.

As you go about your day, ask yourself how you feel about what you are doing and note what the outcome turns out to be. Once you are able to match up your feelings in a certain situation and the outcome patterns that occur, you will then be working on your instinct. the more "in tune" with your instinct that you are, the less bad decisions your will make in your business and life.

You ONLY do what?

That is the new catch phrase. OK I have to admit, I started it. but i know it will catch on soon if not in the near future. Some of you know what I mean, for others let's back up a bit. Years ago men went to work at a job and their wives stayed home. Bills were paid and mouths were fed. Today a few jobs out there allow one person to work and support the whole family. I want you to have a successful business but ALSO diversify your income. this way if one source stops or drops off, you can still provide for your family and sleep at night.

Look around in the photography industry. Photographers teach classes, sell Cd's with actions, music or "tips". They give lectures and speak at conventions. Why? to share their knowledge yes, but also to diversify their income.

I would like to devote this site to photographers and how to diversify your income.




are delightful

Great News!

I have been informed that the website ART.COM has selected my as one of thier top photographers of 2007 ! It is great to have my work recognized, but in the mean time I know they are making money off my work - Oh well, looks good on the resume.


are delightful

Funny what happens when you make a decision. I vowed that in 2007 I will build the business side of my photography....... Um, Business.

Well so far so good my billings so far have passed what I sold in 2006 total. Anyway I wanted to start a new blog for my Business. ( my other blogs are all personal, kind of a shame because I have about 3 years worth of writting on them)

so I hope you enjoy my Plog ( patrick's blog) I will update with some of the shoots that have kept me busy in Jan and Feb 07.

Well, a busy day was had by all. MY RentCheck is gone! Kinda sad. I guess I should morn for a minute............................... O.K. Time to move on. bring on 2007 with Pret a photo - I have some gigs lined up and have some payments waiting to be plucked.


What a year to come.

sample slideshow