Pick 3 out of 4

Consumers today ask themselves many questions before making a purchase such as whether they really need it, whether the price is right and if it has value.

So, how do we tap into their minds to understand how they define value?

Some define value as everyday low prices while others will define it as a product with great features and still others will say that value is the way their needs and desires are met.

Value is a combination of these 4 components:

style 

price 

quality

service

What we need to realize is that consumers are willing to give up some components to get more of the others. 

In defining and marketing your business and brand, you must understand how vital it is to communicate the four components of the value equation and how your products and brand fit the equation. 

Some businesses may have to minimize service in order to lower prices while others may have to lower the quality of their products to offer a lower price.

So you can see how this equation can be juggled in many ways. 

A successful business cannot excel at all four points of value. Something has to "give!"

What you must decide is this; what are your THREE components that fit your business model and vision and are not “brand busters!”

We chose these three out of four to preserve our brand integrity. 

ONE: STYLE

We have been preaching this for so long, we feel it is becoming redundant, but it is still vital to success. Style is the first impression, the siren singing her song, the attention grabber that you need to draw prospects into your business. 

If you try to be all things to all people, you will greatly minimize the impact your photography has on the consumer. 

If everyone is zigging, then zag!

Be different, be bold, follow your heart on this. Use your gifts to their fullest. 

Also, remember you cannot be all things to all people. If you try, you will simply water down who you really are.

Our business model at Walden's is a specialty, boutique studio. We want to appeal to the higher level spenders...we can't do everything well, so we decided to specialize in studio portraits that are mostly black and white (our iconic style). We only offer two other "styles"...classical color studio portraits and mixed media paintings, our top of the line.

 TWO: PRICE

Price has become a more important component as we are competing in a unique marketplace where everyone is a “photographer.” 

Because of this, we must understand the elements that go into the consumer’s thinking and build value in order to charge premium prices.

With so many running photography businesses out of their homes, shooting snapshot style images outside and offering small products such as magnets and mugs, being able to produce studio pieces that are large, original pieces of art is drastically different from the majority of the many new people entering photography-it is our zig when everyone else is zagging.

Even the decision to purchase and shoot with a medium format camera (after all, everyone and their mothers now have a Canon or Nikon) sets us apart and provides a separating layer of value to allow us to charge the price we do.

The other option having to do with the price is to shoot more quantity with less quality, service and style, therefore allowing a lower price point. These are the options you need to think about for your business and brand.

We opted to stay at higher prices and offer exceptional quality, service and style to our clients.

 THREE: QUALITY

The third part of the Value Equation is the consumer’s assessment of the quality of your business. Is your brand the highest quality? Do your standards match your clients? 

In order to charge the higher prices, your quality must be without excuse!

Years ago when we took over the business from Tim’s father, the one thing he imparted that we have not forgotten is that we must produce the highest quality available-no excuses were allowed! If something had a problem, we were not allowed to deliver it. No, we had to do it over, fix the problem and take the financial loss.

This advice has never failed us as we now have a solid reputation in our community that we have built over many years.