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JUNE 2011



PUT MORE BUSINESS IN
YOUR PHOTO BUSINESS
Lessons from an internet entrepreneur
Who are you?

        My stock business is declining, what should I do?
        Id like to start making money from photography
        Im shooting editorial, and Id like to do more commercial
         work
        I lost my sta鍖 job, and need to go freelance




 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   2
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 stu鍖
  Shift your business to seize opportunity




 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   3
The winds of change




  Change is scary
                  e industry wont cease to exist
  We dont know where well end up
  Buckle down and focus




 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   4
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



 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   5
Lesson 1b: You need a budget


        How much money do you want to make?
        Whats your cost of doing business?
        Plan on growing your business because if you dont, the
         competition will eat your lunch




 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   6
Greg Smith on the CODB




 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   7
Lesson 2: Marketing drives sales




                     If only I had ________,
                      Id be more successful.



 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   8
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

    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   9
Lesson 2: Marketing drives sales




Determine your costs to objectively determine
whether your marketing initiatives are worth it.




 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   10
Lesson 3: Stop re-inventing the wheel




Use tried and true marketing techniques
           to achieve success




 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   11
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


 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   12
Lesson 3b: Your website is a marketing tool




 Getting people to your website is hard work.
  Convert them while you have them captive!




 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   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
Text




 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   15
Connect




 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   16
Everyone loves a coupon




 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   17
Lesson 3b: Test your pricing




                   Pricing is arbitrary and elastic.
                    Take advantage of that fact.




 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   18
Lesson 5: Word of mouth is potent


                  Engage your audience
                  where they congregate.

               Make an e鍖ort
          to understand their needs.

 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   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
CPOY 2007: Travis Dove




 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   21
CPOY 2008: Tim Hussin




 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   22
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




 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   23
Social experiment




  Create a blog entry, tweet or wall post
  megmckinneyphotos.com
   Birmingham editorial photographer
  chenxphoto.com
   Maryland editorial photographer




 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   24
Get more info




                                            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   25
Connect with PhotoShelter




        blog.photoshelter.com
        facebook.com/photoshelter
        @photoshelter
        vimeo.com/photoshelter




 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   26
NPPA Discount on PhotoShelter



  photoshelter.com/signup
  Enter coupon code: NPPABIZ611
  Discounts o鍖 Standard & Pro Annual
   Plans. Save up to $70/year o鍖 our
   regular Monthly Pro Account.



 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   27

More Related Content

Put More Business in Your Photo Business

  • 1. JUNE 2011 PUT MORE BUSINESS IN YOUR PHOTO BUSINESS Lessons from an internet entrepreneur
  • 2. Who are you? My stock business is declining, what should I do? Id like to start making money from photography Im shooting editorial, and Id like to do more commercial work I lost my sta鍖 job, and need to go freelance 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 2
  • 3. 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 stu鍖 Shift your business to seize opportunity 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 3
  • 4. The winds of change Change is scary e industry wont cease to exist We dont know where well end up Buckle down and focus 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 4
  • 5. 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 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 5
  • 6. Lesson 1b: You need a budget How much money do you want to make? Whats your cost of doing business? Plan on growing your business because if you dont, the competition will eat your lunch 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 6
  • 7. Greg Smith on the CODB 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 7
  • 8. Lesson 2: Marketing drives sales If only I had ________, Id be more successful. 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 8
  • 9. 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 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 9
  • 10. Lesson 2: Marketing drives sales Determine your costs to objectively determine whether your marketing initiatives are worth it. 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 10
  • 11. Lesson 3: Stop re-inventing the wheel Use tried and true marketing techniques to achieve success 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 11
  • 12. 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 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 12
  • 13. Lesson 3b: Your website is a marketing tool Getting people to your website is hard work. Convert them while you have them captive! 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 13
  • 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 14
  • 15. Text 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 15
  • 16. Connect 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 16
  • 17. Everyone loves a coupon 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 17
  • 18. Lesson 3b: Test your pricing Pricing is arbitrary and elastic. Take advantage of that fact. 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 18
  • 19. Lesson 5: Word of mouth is potent Engage your audience where they congregate. Make an e鍖ort to understand their needs. 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 19
  • 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 20
  • 21. CPOY 2007: Travis Dove 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 21
  • 22. CPOY 2008: Tim Hussin 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 22
  • 23. 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 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 23
  • 24. Social experiment Create a blog entry, tweet or wall post megmckinneyphotos.com Birmingham editorial photographer chenxphoto.com Maryland editorial photographer 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 24
  • 25. Get more info 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 25
  • 26. Connect with PhotoShelter blog.photoshelter.com facebook.com/photoshelter @photoshelter vimeo.com/photoshelter 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 26
  • 27. NPPA Discount on PhotoShelter photoshelter.com/signup Enter coupon code: NPPABIZ611 Discounts o鍖 Standard & Pro Annual Plans. Save up to $70/year o鍖 our regular Monthly Pro Account. 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 27