put more business in your photo business
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JUNE 2011
PUT MORE BUSINESS IN
Lessons from an internet entrepreneurYOUR PHOTO BUSINESS
P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Who are you?
• My stock business is declining, what should I do?• I’d like to start making money from photography• I’m shooting editorial, and I’d like to do more commercial
work• I lost my staff job, and need to go freelance
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Think about market opportunity
• Instead of freaking out, think about where growth opportunity exists
• You might be in the wrong geography• You might photograph the wrong stuff• Shift your business to seize opportunity
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
The winds of change
• Change is scary• "e industry won’t cease to exist• We don’t know where we’ll end up• Buckle down and focus
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Lesson 1: Your business is not scaleable
• Internet companies can scale• Your business cannot• So your time is very valuable• Strive for a better ROI over time
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Lesson 1b: You need a budget
• How much money do you want to make?• What’s your cost of doing business?• Plan on growing your business because if you don’t, the
competition will eat your lunch
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Greg Smith on the CODB
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
If only I had ________, I’d be more successful.
Lesson 2: Marketing drives sales
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Create a marketing plan
List your marketing activities• Approximate cost for each initiative (time & money)• Best guess for return on investment
For example:• Direct mail, $3000 cost; 100 hours, $10k new business• iPad portfolio, $1250 cost; 50 hours, $5k new business• Quarterly coupons, $0; 4 hours, $4k new business• Facebook, $0; 5 hours per week, $500 new business• Twitter, $0; 5 hours per week, $300 new business
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Determine your “costs” to objectively determine whether your marketing initiatives are worth it.
Lesson 2: Marketing drives sales
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Use tried and true marketing techniques to achieve success
Lesson 3: Stop re-inventing the wheel
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Lesson 3a: Your website is a marketing tool
• Not an online portfolio• Does it meet the needs of:
• "e audience you have• "e audience you want
• Features to consider:✓ Searchable✓ E-commerce✓ Portfolio✓ Private galleries✓ High resolution !le transfer✓ Mobile & SEO friendly (i.e. no Flash)✓ Social Media tools
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Getting people to your website is hard work.Convert them while you have them captive!
Lesson 3b: Your website is a marketing tool
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S 14
P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Text
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Connect
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Everyone loves a coupon
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Pricing is arbitrary and elastic.Take advantage of that fact.
Lesson 3b: Test your pricing
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Engage your audience where they congregate.
Make an effort to understand their needs.
Lesson 5: Word of mouth is potent
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S 20
P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
CPOY 2007: Travis Dove
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
CPOY 2008: Tim Hussin
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
To do list
• Are you in the right place doing the right type of photography?
• Create a #nancial forecast• Create a marketing plan to support growth within your
forecast• Make sure your website is built for your audience, not you• Use known techniques for driving growth
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Social experiment
• Create a blog entry, tweet or wall post• megmckinneyphotos.com
Birmingham editorial photographer• chenxphoto.com
Maryland editorial photographer
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P H O T O S H E LT E R | P U T M O R E B U S I N E S S I N Y O U R P H O T O B U S I N E S S
Get more info
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photoshelter.com/mkt/research
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