Everyone’s desperate for more enquiries.
More, more, more.
That’s totally understandable.
Enquiries are important because when you’ve got lots of enquiries it builds your confidence and makes it easier to raise prices.
But what’s the point in getting enquiries if you’re not booking them?
So does that mean your booking conversion rate is the most important stat in your photography business?
What’s the point in booking loads of clients if you’re not making any money?
Ah – so your average order is the most important factor then!
An average order is meaningless because it depends on how much profit you’re making on the order.
My average wedding is £1500. That’s well above average, but not particularly great. However, it compares quite nicely to higher end photographers when you consider that last night I bought 7 wedding albums for £398.65!
Yep, that’s just £56.95 each.
These albums are lovely and big too. They’re A3 sized and 70 pages and they come in a protective box. My clients love them and they’re about a 10th the price of a higher end album of the same size.
When you factor that in my average profit is closer to a £2000 wedding photographer, which is pretty awesome for someone doing most of their weddings near Peterborough (and therefore low travel costs/time too.
So, your average profit is very important.
However, that’s still not the most important stat in your photography business.
After all, which family photographer is making more money out of these two:
Photographer 1: Average profit of £400 at 8 hours per client
Photographer 2: Average profit of £300 at 5 hours per client
Photographer 1 is making £50 an hour while photographer 2 is making £60 per hour.
So, PROFIT PER HOUR is perhaps your most important statistic.
The danger is that photographers try and do everything as quickly as possible and end up compromising service and differentiation. You become a shoot and burn photographer.
Of course all these stats work together anyway.
Profit per hour is meaningless if you don’t have any clients, right!?
And even if you have a reasonable business, is your branding attracting the kind of clients you actually enjoy working with?
The key is to know your stats.
Are they going up or down?
Which stats are under-performing?
Where can you make improvements?
Seriously, I’m asking you!
Leave a comment below and I’ll do my best to help.
If you’d like to earn more from wedding and family photography then trial our membership for 1 month and then check out these two videos on the membership site:
- How to maximise your wedding photography profits
- How to triple your income without raising your prices