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The thought of raising your prices can feel daunting, especially if you don’t know where to begin. You may be asking yourself, “When is it time to raise prices?” “How much do I raise my prices?” “Am I worth charging this much?” My guest today, Nathan Chanski, is an expert on raising your prices and maximizing your demand as a photographer.
Nathan is a wedding photographer, a business coach, and a course creator based in Grand Rapids, Michigan. He runs a full-time photography business, education, and coaching platform for photographers. He’s also the host of The Passion with Purpose Podcast, a podcast for photographers and creators. His primary passion is always centered around glorifying God through everything he does, building a life with his wife, Kayla, and inspiring individuals to create the life and career of their full potential.
Nathan has talked about pricing quite a bit and I love the perspective he brings. We talk a lot about maximizing your demand and how to increase demand around your brand specifically. We also talk about the value of how you’re presenting yourself.
There is so much we cover and you will find so much value from my conversation with Nathan.
Nathan’s business journey
Nathan started his business back in 2018-2019. He knew he loved taking photos, but didn’t know the business side of things. He knew how to do the work, but didn’t know how to get the work, and even questioned if he should still continue with photography.
Nathan began to consume books and podcasts, took courses, and even hired coaches to learn the ins and outs of running a business. While it didn’t happen overnight, he was finally able to create abundance in his business and shortly after, and booked his first six figures as a photographer.
How long it took Nathan to get to this point in his business
It took Nathan about a year to his his first six-figure booking. He knows that success doesn’t happen overnight, but it took him time to realize that. Seeing others on social media share their quick successes made him believe for so long that he needed to reach certain milestones in a certain timeframe. Nathan reiterates that he is still learning and growing, and wants to encourage others that success comes at different times for everyone.
Nathan loves being able to give his students a fast track so they don’t have to go through everything he went through of learning the hard way. That’s the beauty of following those who have come before us. We see many entrepreneurs that are younger and younger succeeding at earlier ages, and Nathan believes it’s because of the knowledge that’s being passed down.
How to set your prices with confidence
Setting your prices comes down to two primary things. It comes down to the demand you have for your work and the value you’re providing.
Demand means how many people are willing to work with you versus how many people you have the capacity to work with. If you have more people coming to you in your inquiry box than you can sustain, you can have those higher prices.
Value is what you’re actually giving someone based on how much they perceive it to be worth. Nathan gives the example of buying a $500 microphone versus a $500 dream camera setup. The camera setup holds more value for a photographer. Therefore, despite both items being the same price, the camera setup would be considered more valuable.
Nathan also explains that photographers should break down their services and understand the market value of each piece they offer. Whether it’s online gallery storage, second shooters, or exclusive print labs, recognzing the value you offer and communicating that well to potential clients helps to confidently set prices that reflect your worth.
When is it time to raise prices?
There are a lot of moving parts when it comes to raising prices, and Nathan believes it comes down to three main things:
Raise Your Demand – How many people in a raw inquiry form are saying, “I want to work with you,” or at least, “I’m very interested in working with you?” That is dictated by your marketing. Marketing is getting more eyeballs on your brand and getting more people exposed to you. That’s what drives demand.
Creating Connections – If you can create connections with people that goes beyond just having a good product, they will choose you. Even if someone else who’s comparable to you has lower prices, having those deep connections can get potential clients to choose you. Nathan believes connection comes down to not only branding, but having that branding resonate with people on a deeper level.
Learn How to Close – After creating that demand and creating connections, you have to get them over the edge. Having them in your inbox is not enough. So, you have to learn how to close, and that’s what sales is. It’s getting people from reaching out to you to getting them to book with you.
These three things – raising your demand, creating connections, and learning to close – are going to dictate how you raise your prices and actually get them to stick.
Analyzing Bottlenecks
If you’re struggling to understand what’s holding you back from raising your prices, Nathan suggests having a good self-evaluation and being honest with yourself while not being too hard on yourself. You have to distinguish what the underlying issue is.
Low Inquiries – If you’re experiencing low inquiries or people have seen your prices and they aren’t booking with you, there could be an issue when it comes to your sales funnel.
Connection – A good indication that you’re not creating connections is if people are sending you inquiries and the inquiries are really short. They are barely telling you much about their day and there isn’t much emotion or excitement in the form. Another indicator is that they don’t know what to expect when they get on a call with you. This could mean that potential clients aren’t connecting with your brand very well.
How demand has an impact on how much you’re able to charge
Nathan says that you want to create a party for your brand. Similar to when you’re walking down the street and you see a house party with a ton of people. You’d probably love to be there too. As humans, we have these herd instincts and we want to be where other people are.
So, how can you create that feeling of a house party in your brand so people are magnetized to it? For one, you have to be photographing actively so people can physically see you doing the work. Then, you want to share that work all over the place so that you’re maintaining visibility.
People are watching. If you don’t share the work you’re doing, they will notice. It will give the impression you don’t have high demand.
Overcoming scarcity and fear around raising your pricing
The first thing Nathan emphasizes is that you’re not alone. We all feel this way. He advises against basing the longevity of what you’re doing off of micro experiences. Rejection and setbacks are part of the journey. Take these moments as learning experiences. Use that data to figure out how you can refine your strategy. Those who are willing to give it another try and willing to get better are the ones who have the biggest results.
Final Thoughts
Good things often take time. Building those connections, getting good at sales, and creating demand doesn’t happen overnight. There will be setbacks, but if you stay consistent and are willing to learn and adapt, you will be able to achieve the success you’re aiming for.
In this episode, we cover:
- Nathan’s business journey
- How long it took Nathan to get to the place he’s at now in his business
- Setting your prices with confidence
- When to know it’s time to raise your prices
- Analyzing bottlenecks
- How demand has an impact on how much you can charge
- Overcoming scarcity and fear around raising your prices
RESOURCES MENTIONED IN THIS EPISODE:
Passion With Purpose Podcast – How to Move Your Business to a New State Successfully With Claire Hunt
Connect with Nathan:
Follow Claire:
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