put more business in your photo business
DESCRIPTION
The closing keynote at the June 2011 NPPA Business Blitz in Reston, VA.TRANSCRIPT
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
2
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
3
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
4
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
5
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
6
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
7
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
8
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
9
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
10
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
11
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
12
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
13
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
15
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
16
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
17
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
18
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
19
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
21
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
22
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
23
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
24
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
25
photoshelter.com/mkt/research
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 with PhotoShelter
blog.photoshelter.comfacebook.com/[email protected]/photoshelter
26
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
NPPA Discount on PhotoShelter
• photoshelter.com/signup• Enter coupon code: NPPABIZ611• Discounts off Standard & Pro Annual
Plans. Save up to $70/year off our regular Monthly Pro Account.
27