My new approach

[BillGrant]

Hey Everyone,
I thought I would share a new strategy for diversifying our business a bit and how were going to approach weddings from now on. We raised our prices this year and came to some realizations. We are still booking at our new prices (basically $3700 for photo, video, with a bridal portrait, album and highlight video thrown in) we are not getting nearly as many calls. So we realized that at $2500 for the above, people that were shopping for photo only would get photo & have video thrown in for free basically. In that way we would get people that weren't looking for video that "buy" video without much care about it. So, what's happening this year is that we are getting only the couples looking for both because $3700 is the start of the high end for photography around here and there alot of photogs that have that wrapped up. Also, we're not marketing to a high end bride. We also realized that the photography focus should remain weddings because that is our bread and butter, while the corporate video market here is undersaturated. So here's what we've decided to do.
We are going to offer photography as the main product for weddings. It'll break down like this...

Photography will come in 2 flavors...
#1 $1900 will be 6 hrs, photocd, small album
#2 $2500 will be unlimited, photocd, bridal portrait, and really nice album
Video will come in 3 flavors
#1 $700 add-on or $1200 stand alone Ceremony only
#2 $900 or $1500 Ceremony and main reception events
#3 $1200 or $1700 brings us right back to where we are now, full cinematic blah blah, highlight video, unlimited coverage and so on.

This way, we don't really change our prices, we offer a broken down version of our current work where I can get the edit done in a day or so depending on which package and we can sell what the people we market to overwhelmingly want which is photography. If I add a few clean up edit packages then great, otherwise we can live on the money from photo alone. Where I am going to focus on developing some relationships I have started with small business as well as music promotion.
Just thought I would share my thoughts here because I think this is very important. I will exchange what I'm doing now for a clean up edit of a ceremony. 2-3 hrs shooting and 6 hrs editing, I will take it. Anyway, whatya think?
Bill
Grant Photo & Video

[Superfly]

Good Stuff Bill,

We're doing an off season Bridal Show in which we will experiment with presenting packages that start at $2500 (Platinum 3 cam, 2 operator) and $3500 (Diamond).  If our number of bookings drops off by 40% that will be perfect.  Half the work for the same money is the goal.

We are trying to experiment with the high end market and I'll let you know how it goes.

If it fails miserably the $500 off cards will start going out and we will gradually find a way to lower the price until people realize they're getting a $2500 package for $1500.

I am very hopeful that although it is only 15% of the market that we can squeeze into the mid-high end rapidly as there is no way I can keep up my current pace for 6-7 16 hour work days.

Good luck!

Todd

[BillGrant]

Well,
So far we've had a dry spell since going up in our prices since January. No bookings at all since Feb. We have met with 4-6 brides and no bookings. With this new setup we've booked the last 2 we talked to both for full photography and basic video. The kicker is this package will be major events of the reception only so 4-6 hrs editing total and we're still getting $3200 for the package. It's awesome so far.
Bill

[Superfly]

Photography is where it's at.

The bottom of the high end starts at $3500 and $5000 is not uncommon for the guys who color correct every image.

todd