Earning new clients is hard work. There is no exception for creative professionals. Lowering your price to earn more customers doesn’t eliminate the hard work. Your business still requires solid sales skills to close a new deal. If you have a great product or service and you know how to sell, price is a secondary factor.
If the standard industry price for your product or service is $1000 and you sell an average of one per week, you might think lowering your price is proportional to new sales. Not really. For example, if you lower your price to $300 you might earn three new clients in a week. Yet, you’re making less money and working harder. Maybe you earn three new clients at $500. Yes, you are making more money, sadly, you are still working harder. It’s also possible that if you increase your rate to $5000, you may earn fewer clients, yet make more money over all.
The above scenario is more common than you might think. Unfortunately, many creative professionals believe they will make the lower price up in volume. Most do not.
Volume and catering to the masses is big money game. It takes a lot of resources which the independent photographer, writer, designer or artist does not have at their disposal.
You are at a crossroad. Do you increase or decrease your rates? My recommendation is to slowly increase your rates. Examine how you can add value, rather than work cheaper. Professionals with higher rates often receive more opportunities for higher profile assignments compared to their cheap competition.
You love what you do; make sure you can do it for a long time.