Smart Pricing helps you set the right price and start selling in minutes.
October 3rd, 2022
How do you know if you’ve properly optimized your pricing? Unless you’re on a TV game show, you might not know whether your price is right. Pricing photo prints, products and digital downloads can feel like one of the biggest business challenges a photographer faces when they’re starting out.
Some photographers spend hours researching local market rates, calculating margins and worrying about setting appropriate prices to achieve optimal earnings and profits. Unless you’re also a mathematician and economist, it’s difficult to know if your prices are both competitive and profitable based on your local business market.
The new Zenfolio Smart Pricing solution optimizes pricing for you. Smart Pricing intelligently recommends prices based on your geographic business location, lab fees, and shoot type. You can accept suggested pricing, adjust it as needed, or set your own price lists based on your needs.
Why proper pricing is important.
If you’re like most photographers, you got into the craft to express your creativity. And as creative small business owners, you may not have the desire to spend time researching and setting product prices. Zenfolio is here to help.
Researching other photography product prices and consumer trends in your local market can take hours. With the many hats photographers are expected to wear (artist, website designer, social media manager, marketing expert…the list goes on), simplifying and outsourcing some of these tasks can take your to-do list from drowning in overwhelm to manageable. Even if you have time to devote to thorough research, you’d probably rather spend the time out shooting or use it to catch up with your mountain of editing before midnight. With Smart Pricing, you can confidently and quickly create price lists that are both profitable for you and fair for your clients.
How does Smart Pricing work?
Zenfolio has collected hundreds of thousands of historical data points from photographers pricing their products, and their clients purchasing those products on our platform in the last 12 months. The Smart Pricing resource applies advanced algorithms to this Big Data to estimate pricing for similar products based on:
- Your geographic business location – zip code/state.
- Cost structure of local labs.
- Photography shoot types.
The best part is the efficiency and time savings Zenfolio Smart Pricing delivers. This exciting new tool is already live in PortfolioPlus and ProSuite accounts. A default price list based on your locale is sitting there, ready for your review. It’s another benefit of having Zenfolio as your business resource.
Smart Pricing is turned on by default for new price lists and the pricing will be highlighted in a separate column. If you have any existing price lists, they will not be automatically updated. You are in control to accept or modify suggested Smart Pricing; if you decide to add more products to a list, then Smart Pricing will give you recommendations.
Smart Pricing gives you control.
After going over the recommended Smart Price list, you have options:
- Create multiple price lists by client or photo type.
- Adjust prices as needed to meet your business needs.
- Create your own custom price list.
Once you have the right pricing in place, you can shift focus to the best practices for selling more prints. Optimized pricing helps you convert leads into buyers. Take a look at these 4 ways for photographers to sell more prints.
Zenfolio is focused on designing advanced business features and resources to help photographers market and sell their digital downloads, prints and photo products faster, helping generate additional revenue streams. The advanced Smart Pricing resource is just another way Zenfolio helps streamline your workflow and optimize your time.
