JUNE 2011

PUT MORE BUSINESS IN

Lessons from an internet entrepreneurYOUR PHOTO BUSINESS

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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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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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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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Use tried and true marketing techniques to achieve success

Lesson 3: Stop re-inventing the wheel

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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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Text

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Connect

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Everyone loves a coupon

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

Lesson 3b: Test your pricing

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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

CPOY 2007: Travis Dove

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CPOY 2008: Tim Hussin

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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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Social experiment

• Create a blog entry, tweet or wall post• megmckinneyphotos.com

Birmingham editorial photographer• chenxphoto.com

Maryland editorial photographer

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Get more info

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