Regularly assessing the prices of your images is a valuable practice for improving their commercial potential. Here are some tips to help you achieve a better return on your photos...
When you sell images with a Picfair Store, you always keep 100% of what you asked for when you set your price, and it’s entirely up to you what you charge for them.
But a question that all photographers, no matter what skill level or genre they specialise in, will grapple with at some point is, what amount they should price their images at. And truthfully, there’s no right or wrong answer. It’s a hugely personal choice, and everyone will have their opinion on how an image should be priced.
To know what the best price point for your images should be, one thing you can do is test and optimise your prices over time; for example, if you price your image at £20, you may find that over time, it’s better the price it at £10, or £25, and so on.
With testing and optimising over time, you’ll find a sweet spot for pricing your images, encouraging customers to purchase your work and a price that will feel justified for your time and efforts in your craft.
So, here’s some tips to help you optimise your prices...
Picfair licenses, prints and pricing:
A reminder of how the structure for pricing works for in our FAQs:
See how to change prices in your Image Library.
1 Monitor sales activity over time and change prices to suit
You should constantly review the sales performance of your images in your Picfair Store. Pay attention to which images are selling well and which ones are not.
With this information, you could consider adjusting the prices of your images based on their sales performance. So, for example, if you have an image that’s a bestseller, you could consider increasing its price to see if might help generate a better income. On the other hand, if you have images that aren’t selling, you could perhaps lower the price of them to make them more attractive to potential buyers (make sure you’re telling people they are a lower price too, as covered in a later tip below).
2 Consider the costs involved with taking your image(s), reflect that in your prices
Consider how much time and effort you put into taking a particular picture. Calculate the costs involved with producing your images, for example, the expenses like your camera equipment, travel to and from locations, any props you may need, and any post-processing software or services. Ensure that your prices not only cover your production costs but also provide you with some profit for your time and expertise.
3 Run discounts and promotions from time to time
Consider periodically running limited-time discounts or promotions of your images to incentivise sales and attract new customers. A promotion like this can create a sense of urgency and encourage potential buyers to make a purchase of your work.
The best way to run a promotion on your Picfair Store is to lower the prices of images (or select images) from your Image Library, then post across your social media channels, telling your followers about your promotion. You could also consider adding a line in your bio text or album descriptions to inform visitors of any temporary offer.
4 Ask your customers for feedback and respond to it
Reach out to your previous customers and followers and get their input regarding their buying experience and how they feel about the prices of your images. Then, use this feedback to tailor your prices and offerings. It also gives you the opportunity to cater your store closer to the needs of your customers.
5 Offer Exclusive Content (and price it in to your offering)
Consider creating a collection of exclusive images that can only be found in your Picfair Store (don’t list them anywhere else).
Often photographers will price exclusive images at a premium, and you can do the same. Highlight the value of owning exclusive content to potential buyers, and reflect this in the price of your images.