Are you happy with your rates? (version 2008)

[Yatlapball]

New Year New Poll

2007 poll here

[eastwest]

It is tough to raise rates at the moment as people are experiencing price rises everywhere else. My clients are mainly families and therefore a photo shoot is a luxury item and the first to be done away with when money is tight. I didn't raise my prices last year and can't see that I will be able to do so anytime soon. Oh well, this is just the way business goes sometime. Everyone is having a tough time (unless you've found oil or gold under your back garden!).

[Shu22]

I think money is never enough.

[vince123123]

I noticed that the professionals in this forum often say that they are raising their rates and again and again. In informal chats, some have wondered if this is because they are trying to project the impression that everyone is raising their rates so as to ensure the market as a whole, gets paid more.

There have also been some theories that in actual fact, these people did not raise their rates, but in creating an impression that their rates have increased, will spur others to raise their rates first, and they can then raise theirs to match when the market has accepted the higher rates.

Wonder how true are these.

[TheQuestion]

Originally Posted by vince123123 I noticed that the professionals in this forum often say that they are raising their rates and again and again. In informal chats, some have wondered if this is because they are trying to project the impression that everyone is raising their rates so as to ensure the market as a whole, gets paid more. There have also been some theories that in actual fact, these people did not raise their rates, but in creating an impression that their rates have increased, will spur others to raise their rates first, and they can then raise theirs to match when the market has accepted the higher rates. Wonder how true are these.

it's a virtual minefield so u say le?

[Godzilla Invades]

Originally Posted by vince123123 I noticed that the professionals in this forum often say that they are raising their rates and again and again. In informal chats, some have wondered if this is because they are trying to project the impression that everyone is raising their rates so as to ensure the market as a whole, gets paid more. There have also been some theories that in actual fact, these people did not raise their rates, but in creating an impression that their rates have increased, will spur others to raise their rates first, and they can then raise theirs to match when the market has accepted the higher rates. Wonder how true are these.

How true it is? Not sure about others but I have raised mine since the December 2007.

Well, as a working professional...........I have raised my rates to at least a minimum of 25-30%. My clients do feel the pinch but it's all about educating them why there is a need to raise the rates. If you just raise the rates without letting them know in advance, you will lose them immediately.

It's not about speculation as this is not a stock market.

There are 2 types of professional photographers who raise their rates. One is they raise due to higher cost from electricity to transport to equipments which they will explain to their customers. Then is another type they raise their fees because everyone is doing it but not knowing the impact towards their income that they will lose their customers eventually. If your negotiation skills are poor, your new fees will not sustain as you aren't able to convince your clients why you raise your fees.

Higher cost of electricity, transport cost and equipments are just some of the examples. Not all clients will be convinced. There are other methods as well.