6 Strategies For Charging A Premium For Corporate Photo Booth Rentals

Part 5 of 10 Valuable Lessons I Was Reminded Of While Running a Six-Figure Photo Booth Business This Spring

If you read my previous blog then you know my photo booth business MISGIF had a record-breaking spring (January-March) and earned over $100,000 in gross revenue.

But what you may not know is that 99% of this revenue did not come from weddings or social events - it was earned from corporate and community events (we only did one social event this spring, which was a Bar Mitzvah.)

Also interesting is that we only executed 37 rentals in order to achieve $100,000+ in gross revenue in 3 months.

All of that said, my point here is that if we use my Q1 numbers as a case study, it is evident that charging a premium results in higher revenue and less work (the dream, right?)…as well as less wear-and-tear on your equipment, less likelihood of your team/you burning out, less potential for error and more opportunity to give back to your local community (see MISGIF’s GIF Back Club for what I mean), which are all great things.

Ultimately, charging a premium helps you fast-track growing your photo booth business and increases odds of long-term sustainability and success. It also ensures you’re getting paid your worth…because remember, running a photo booth business is not a hobby!

So how do you charge a premium and what exact amount do you charge?

Before we hop into my personal premium pricing strategies, let’s start with getting in the right mindset to charge a premium. Because the truth is, in order to successfully charge more for your photo booth services you need to first believe you are worthy of the price you’re charging.

Tap Into A Premium Pricing Mindset

For the sake of this activity below, let’s pretend that premium pricing means charging corporate event clients $1,500 + tax for 3 hours of rental time for an all-digital, iPad-based photo booth with one photo booth attendant, an in-stock backdrop and in-stock props package (this is my base rate and around the average for a high-quality, basic corporate iPad photo booth rental among industry leaders.)

1. Premium pricing communicates exclusivity and quality, positioning your photo booth business as a top-tier service provider in your area and industry. When charging a premium you are confidently announcing to your clients that your services are worth the investment and you have the equipment and expertise to back it up. Action Step: Do you believe you are worthy of charging $1,500 + tax for 3 hours? If not, why is that and what actions can you take to change that? If yes, jot down all the reasons why.

2. Premium pricing naturally attracts clients who prioritize quality and are willing to invest in premium services, such as corporate event planners and brand activation managers. When charging a premium you are actively attracting these types of clients. Action Step: Are you ready to start attracting premium-paying clients like corporate event planners and brand activation managers? If not, why is that and what actions can you take to change that? If yes (or you’re already doing that), jot down all the reasons why these clients book with you.

3. By charging premium rates, you set your photo booth business apart from your competitors, emphasizing the unique value proposition and superior photo booth experience you offer. Action Step: What makes your photo booth business unique and/or a better choice for corporate event clients and brand activation managers compared to other photo booth companies in your area, and industry? If you can’t easily articulate this, jot down some ways that you may be able to set yourself apart, keeping premium-paying clients’ needs and your local competitors’ services in mind.

4. Charging premium rates allows you to generate higher revenue per event, leading to improved profitability and sustainability. Action Step: Review your spring numbers (January - March 2024.) How many corporate event rentals or brand activation rentals did you provide during that time period and how much total gross revenue did you earn from them? If you charged less than $1,500 + tax for 3 hours, how much money did you leave on the table? What are some contributing factors to why you didn’t charge more, or close a pitch at a higher amount?

Here’s the thing. Even if after completing the above activity you still don’t believe your photo booth services are worth a minimum of $1,500 + tax for 3 hours of rental time, the truth is they either are (which means you are underselling yourself) or they aren’t (which means you need to put some extra work into your business to get it to where it needs to be in order to charge a premium — we’ll talk about how to do this below.)

While some industry leaders will argue that there isn’t a specific amount you should be charging for photo booth rentals, I beg to differ.

Seven years of experience running a full-time photo booth business has made one thing very clear - it costs A LOT if you want to run a business that is successful, legally-sound, sustainable and profitable, much less pay yourself and your team fairly and earn six-figures doing so. And in the currently economy we’re in plus it being an election year you simply can’t afford not to charge premium.

Because if you don’t charge a premium, I know this to be true: You’ll eventually realize the juice isn’t worth the squeeze. You’ll run the risk of burning out or breaking the bank trying to keep your business afloat, which worst case scenario can result in having to shut it down entirely.

The good news is, you can avoid both those scenarios by strategically charging premium for corporate events and brand activations (as well as weddings and social/community events.)

So let’s get to the good stuff and talk about how to effectively charge a premium for corporate events, specifically a minimum of $1,500 + tax for 3 hours of rental time for an all-digital, iPad-based photo booth with one photo booth attendant, an in-stock backdrop and in-stock props package. To be clear, I personally use all of these strategies for my own business MISGIF and have found them to be extremely successful.

6 Strategies For How To Charge A Premium For Corporate Photo Booth Services

1. High-Quality Equipment & Output: Invest in high-quality photo booth equipment and producing high-quality output. At a minimum, if you want to be able to charge a premium to corporate clients you have to look and act the part. This includes being proactive about taking care of your equipment, ensuring your setups at events look clean and sleek, ensuring your team looks and acts professional on-site and your photo booth quality (and creativity) is unmatched.

2. Niché Services: Clearly communicate what makes your photo booth business different from others in your area. If a corporate event planner visits your website/social media and can’t easily and instantly understand this, you’ve got work to do. If you’re woman-owned, minority-owned, veteran-owned, LGBTQ-, family-owned, etc. business, highlight this! If you specialize in high-quality DSLR prints with branded overlays, highlight this! If your props game is on-point, highlight this! If you excel at bringing unique event themes to life, highlight this! If you give back to local nonprofits, highlight this! If you specialize in working with a very specific type of client or providing a very specific type of service, highlight this! Just make sure you’re setting yourself apart by honing in on the niché services you provide, that the majority of others in your area do not — this will help a lot! If you’re not sure what your niché services are then spend some time figuring this out.

3. Tailored Packages & Enhanced Branding: Offer customizable packages tailored specifically for corporate events, including advanced features such as branding, customization, data capture, etc. Because corporate clients value these things, it’s important to highlight your ability to provide them. Every corporate company is different, therefore it’s important to showcase you can adjust your packages accordingly to meet their unique needs. Furthermore, many corporate events have themes. Focus on showcasing your ability to bring corporate event themes to life. By sharing themed visual examples from events, this makes selling your services to corporate clients hosting themed events much easier. But whatever you do, don’t steal images from other photo booth owners and don’t rely heavily on stock images — create your own! This will make you more likely to standout.

4. Exclusive Add-Ons: While I personally offer all-inclusive packages and recommend this based on busy corporate clients appreciating this over the years (see my Selfie Station package for example), offering exclusive add-ons and upgrades for an additional cost like a custom photo booth wrap, custom backdrop or props package, live slideshow, etc. can help bump up your premium pricing. Educate your clients on the benefits of these items and why it’s worth it to pay more for them — that said, I do encourage you to try to be mindful of sustainability and guide your clients in the most ethical direction. For example, we have not offered prints for years due to this being an unsustainable event practice (read more about this here) which I know leaves money on the table, but ultimately this add-on doesn’t align with our company values nor is good for the environment. Therefore, this is one-add on I personally choose not to promote and actively educate my clients on why all-digital is better.

5. White-Glove Service: Provide exceptional customer service and attention to detail, including pre-event online consultations, friendly and outgoing on-site attendants in professional attire, and thorough post-event follow-ups to ensure client satisfaction. White glove service is not only going to set you apart, it’s going to communicate instant value to corporate clients. I highly recommend spending some time brainstorming what this looks like for your company — specifically, focus on how you can be proactive about solving common problems corporate clients run into with photo booth companies.

6. Unique Value Proposition: It’s crucial to clearly communicate your photo booth business’s unique value proposition (aka distinct benefits or advantages the your business offers that make it stand out from competitors) to clients in order to command a premium price for corporate photo booth rental services. By distinctly outlining what sets your photo booth business apart—whether it's a specific type of photo booth you offer, the fact that a portion of your profits are donated back to local nonprofits (like my GIF Back Club) or that you specialize in something most others in your area don’t — you not only differentiate yourself from competitors but also justify higher pricing. This clear articulation of unique benefits helps potential clients perceive the added value they receive, making them more inclined to choose — and pay for — your premium services for their corporate events.

   Bonus Tips For Charging A Premium

1. Market Research: Conduct thorough market research to understand the pricing landscape in your area and identify opportunities for premium positioning. If you’re serving a larger metropolitan city odds are you should automatically be charging a premium because that’s where corporate clients are. Don’t let others charging low rates deter you from charging a premium, trust me! On the other hand, if you’re serving only smaller surrounding towns without conference centers and corporate event venues, odds are you need to expand your service area to a larger metropolitan city where corporate companies host events and conferences in order to more easily charge a premium.

2. Transparent Pricing: Clearly communicate your premium pricing structure to your clients, whether that’s on your website or post-inquiry marketing materials, emphasizing the value and benefits of your services. While I currently do not share my pricing on my website, I am in the process of building a new website that will highlight my starting-at pricing for the sole reason that it’s likely I’m losing clients because I’m making it harder for them to get a quote aka less likely to book with me. Including transparent pricing removes a barrier for your clients inquiring about events. Be as clear and concise as possible with pricing.

3. Client Education: Educate potential clients on the value of premium photo booth services and the impact it can have on their events, emphasizing the importance of quality and professionalism. A great way to do this is via a blog on your website, which also helps with SEO! See my blog here. Then you can easily hyperlink educational content in your quotes.

4. Testimonials and Case Studies: Showcase testimonials and case studies from satisfied corporate clients who have experienced the exceptional service and results of your premium photo booth offerings. You can do this on your website blog, social media posts, e-newsletters, etc. Again, this is a great way to sprinkle in value by hyperlinking testimonials and case studies in your quotes.

By following these above tips and charging a premium for your photo booth business, you are actively setting yourself and your business up for long-term success.

Remember, it's not just about making money – it's about building a profitable photo booth business that doesn’t burn you out or burn a hole in your pocket!

The biggest mistake I see with new photo booth owners — and a lot of veteran ones if I’m being honest — is they don’t charge enough for their time, energy and expertise. This creates more work which ultimately results in more burn out, which at the end of the day isn’t sustainable or beneficial to running a six-figure photo booth business, if that’s your goal…which if you’re reading this I’m assuming it is. And let’s get something straight — by six-figure photo booth business I don’t mean six-figures in gross revenue, I mean in NET REVENUE aka what you take home at the end of the day.

Stayed tuned for Part 6 that includes photo booth business Lesson #6 (Create Healthy Habits.) I’ll be sharing my favorite tips rooted in psychology for how to buildout a weekly schedule that sets your photo booth business up for success.

Friendly reminder: Affiliate links were shared in the above blog. That said, I do not believe in sharing affiliate links for the sake of making money alone; rest assured, all of the links are to resources I personally use and love. I may receive compensation for these things should you choose to purchase them, so I thank you in advance for this.