Meet Joe. Joe is planning on getting engaged to his girlfriend Megan. He is leaning over a glass display case filled with shiny things. The jeweler at the counter pulls out a small box revealing a stunning piece. She goes on about the color, cut, and clarity of the diamond and it’s designer setting. This is a pretty special ring. While a little more that Joe was planning to spend, he can see the value in this precious stone as he ponders the paychecks that will move him closer to spending the rest of his life with Megan. Joe sees the value in the ring.
Value means different things to different people. It might be a perfect diamond for wedding ring, a piece of property that’s close to amenities, or getting peanut butter for $.09 an ounce in a in a 20 gallon bucket. In our previous blog How Much is That , we talked about getting your pricing in order. While there’s no cookie-cutter answer on pricing wedding albums, being able to convey the value of handcrafted professional albums to your couples is a huge factor in them moving towards investing in what you’re offering.
Here are some ways to show value when selling wedding albums to your clients.
• Good Better Best Offer three different wedding album options. Make the differences clear. In a good, better, best scenario start with a small album with one image per page. For your “better” album, offer one size larger with twice the images and Simple Design. For “the best”, upgrade the cover and add another 25 images with a Contempo Design. It’s okay to have something that may be a little out of reach. Allow your clients to imagine the beautiful professional wedding album they might be able to get if they canceled the 11 p.m. visit from the taco truck or scaled down their floral arrangements.
• Create Collections. Another suggestion is to include wedding albums in collections. List everything you offer; service hours, engagement sessions, albums etc, on an à la carte menu. The create collections of services and albums at 10% – 15% off the à la carte pricing. Allowing your clients to see the value and benefit of the collections.
• Pre-Investing Present your à la carte menu and allow your customers to pre-invest in their final purchase. For every $500 they spend they get an extra $100 credit. If the clients à la carte shopping list brings them to $2400, allow them to pre-invests $2000 in their custom package.
• Print Pricing List print prices. Even if you never sell an 8 x 10 list them (and other sizes) on the à la carte menu for, say $30. If a customer purchased 20 by 8x10s it would cost them $600. One side of a 10 x 10 album is similar in size to an 8 x 10, however an album with 10 spreads and 20 sides can hold up to 45 images. A custom designed wedding is a better value than a handful of prints.
In all the scenarios above where discounting occurs, do the math and be sure you are in alignment with your profit margins.
In the end it’s a combination of perception, cost and emotion that creates value.
For Joe, the value equation made perfect sense; an investment in a lifetime of happiness. As he slipped the ring on her finger, Megan’s eyes filled with tears for joy as she said, “Yes!”