Pricing — how is it decided?

One of the most difficult decisions to be made when you are in the business we are in is photography and video pricing. What makes it even more difficult is the vast differences in prices between one company and another.

For example, it is possible to find someone in Lincoln who will photograph a wedding for $500. Others charge $5,000. The average bride and groom may not understand why there is such a difference. Frankly, I’m not sure anyone knows. I can tell you though, why photographers who charge $5,000 for a wedding do it. It’s because they can. They have been in business long enough to know what their services are worth and that people will pay them.

Not only is there a price disparity in Lincoln, there is a huge price difference between one city and another. Check prices, for example, in Chicago. You likely will find them much higher.

What is good photography and videography worth? I’m sure everyone has a different opinion on that. Some brides and grooms will say it’s worth a lot. Others maybe not so much.

Let me try to explain how pricing is determined and why, at least according to some, it is high.

First, the photographic equipment. A good camera setup is several thousand dollars. Good video cameras can range upwards of $10,000. Add onto that the additional accessories — lights, lenses, etc., and the cost to get into a business like this is exorbitant.

For example, I use two speedlights — the average person would call them a flash — for my photography. When we use off-camera flash, it often is necessary to have two of them. One of my speedlights alone costs $500. Each single lens that I use on my cameras ranges from $1,000 to $2,000. You can even buy a lens for $10,000 if you want.

Let’s shift to video. We have a camera stabilizer that allows a video camera to move around without camera shake. It cost about $3,000. We have a new Canon video camera that focuses perfectly every time. It cost $5,000. Our latest video equipment called a Second Shooter provides smooth video camera movement up and down and side to side. It cost $2,000.

Maybe this information provides a little more insight into why pricing for photography and video costs as much as it does.

Ask that $500 wedding photographer what type of equipment he or she uses. It’s probably lesser cost, which allows them to charge a lower fee. Maybe that $500 photographer is new and doesn’t have a lot of experience.

We at Moments in Time adjust our pricing frequently. When we were new in the business, we charged $500 for a complete wedding video. We got lots of takers. After being in the business awhile, that same video now costs $1,500 or more. Why? Experience, additional equipment, additional skill. That all costs money.

Pricing is a difficult challenge and one we undertake with great thought.