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COMMENT Increase Your Prices... It’s Vital To Grow by Den Lennie I ncreasing prices is such an important part of growing your business. If you want to invest in the latest gear then you have to be charging enough to allow for continual investment The easiest and most efficient way to achieve this is to reposition you and your business away from a cheap ‘commodity product to a desirable and premium priced service. ow cost high ualit and speed cannot coe ist and the kind of clients you want to be dealing with are people who understand this. Speed Take something as simple as ordering a product from an online retailer. If the item is in stock then you can usually select a variety of shipping methods, all priced accordingl . ou want that item the ne t da be ore am then the shipping option or this is likel to be the most e pensive compared to the standard shipping which takes two to three days. What this demonstrates is that if you want the item quickly, you pay a premium price. If you don’t need it right away, then you choose a more economical shipping option. Speed and e fi cienc is more e pensive than slow and economical. If you apply the same principles to your video productions, you can charge a premium for post- production if the client wants the item delivered quickly. There’s no reason why you can’t charge a additional premium on our edit rates or a uick turnaround. Quality Let’s imagine your client would like a very high production promotional fi lm that the want to have a cinematic look and feel to. This will require you to work with the gaffer and additional lighting, perhaps 50 | KITPLUS - THE TV-BAY MAGAZINE: ISSUE 105 SEPTEMBER 2015 a focus puller, a grip, and other production team that might include actors, make-up people, and a costume department. Your DP might choose a camera format like the Red pic rri le a or a on with cine lenses and associated camera package. It’s also likely it would take one or two days to shoot in a single location, taking care with every single frame. However, if the client wanted this kind of high quality production, but only wanted a three hour shoot, then there would be a disconnect from the amount of time required to the quality of the end production. If they want quality, it takes time and money. High quality is generally associated with the addition of the best resources to guarantee the consistency of output. Low cost You never want to be associated with cheap. There are plenty of videographers out there working with cheap e uipment and the bare minimum o gear fi ghting over who can do the job the cheapest. You never want to be in a race to the bottom. ou fi nd oursel in a position where you’re being price matched with another company, then the chances are you’re dealing with the wrong kinds of clients. You probably haven’t got a strong enough relationship with that client either. Priced-based buyers are not interested in relationships, they are only interested in getting the cheapest price and that is not a business I recommend you focus on. If you are too cheap your clients will not take you seriously and it gives out the wrong message. Increasing your prices to a point where you’re reassuringly e pensive gives ou the pleasure o dealing with non priced based buyers.