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With this in mind, how can i be differentiated in the customer's short list if I price myself like a bigger player? quote]
I believe the more challenging question that can bring in more bucks is - outside of price, how else can I compete? How can I differentiate myself from others? What can I offer that nobody else is offering? Of course, competing on the basis of price is still an option, but it should be the last consideration.
@ Majarlika Mirasol
"Soon enough i found myself tired, frustrated, broke and with less and less equipment.and sad. as in. I got the deals, but I wasn't happy. I was worse than when I started off. Broke and miserable."
Upon seeing this statement of yours, I told myself, that you already failed before you even got started. For me, that was like starting on a wring footing.
By competing, by cutting prices, it doesnt mean you have to forego profits. You cut prices coz you see yourself investing on a move that someday you will get returns of your investment. You have to weigh a lot of things, you have to carefully lay out your long term strategy and how you will be able to achieve it. You dont grow your business once transaction at a time.
By giving away something without getting back in return is outright recklessness in business. Bottomline, dont cut prices without knowing why you are cutting your prices and just for the sake of getting the deals. The real pros will be laughing at you if you do that. Here are some of things I have done before that paid well after:
Just carefully balance your strategies. Always do things advantageous to you and things that will make you happy but always try to capitalize on the gains you just had coz nothing lasts forever.
- I gave a significant discount to a high profile client in exchange of another contract. That contract states, I can use them as reference in my portfolio and be allowed to drop/use their name that they are one of my most high profile clients. Some clients just dont want strings attached after a transaction. But I can see a lot of outfits use their client's photos for their portfolios without explicit permission. WARNING: By failing to capitalize on this after the transaction, you are only wasting some things you have just gained.
- I gave a deal for free knowing i will gain a tremendous amount of knowledge and experience if I get the deal. I know that if I dont get this deal, there is no way for me to gain the knowledge and experience through any other easy means. WARNING: By failing to capitalize on this after the transaction, you are only wasting some things you have just gained.
- I overpriced a deal (400% from possibly what I thought would be the highest competitor price) as I see the deal as something of a distraction to begin with. In short, I am really avoiding to get the deal but I just couldn't shoo anyone away if they really like to get my services. In my mind, If I get this deal, it should really well worth my time, thus I saw to it that I profit really really really big. To my surprise, the wealthy client still wanted me to do it. I dunno if they were stupid or just have lots of money. But in the end, it turned to be one of the best one time deals I ever had. Had the client, went and signed up with a competitor, I'd be happy to know that they will be distracting my competitor, not me.
Wow! Good read Marlo!
If there's one thing that I've learned from this thread, it's about sharing what you know and not selfishly keeping things for your own -- your doing a good service to all the other responsible fotogs out there! If given the chance, I'll do the same and share what I learned and do a pay it forward.
WOW! ang haba ng thread but worth the time spent reading it...
"When you want something, all the universe conspires in helping you to achieve it."
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i missed a good portion of this topic already. i wonder if theres a way to consolidate the post / opinions so i can just print ; P
"There is never a better time to chase your dream than now. Make this life count... do what you love!"
This thread rocks.....read the whole thread in 3 days....(since am reading it only during break time / lunch periods - even had to hasten my lunch just to hv time to read)...am blessed with all the info sharing with the community. I hope someone will have the time to consolidate and share a pdf version of the thread to the community. More blessings if this happen....kudos to the authors.