JUNE 2011PUT MORE BUSINESS INYOUR PHOTO BUSINESSLessons from an internet entrepreneur
Who are you? •       My stock business is declining, what should I do? •       I’d like to start making money from photogr...
Think about market opportunity • Instead of freaking out, think about where   growth opportunity exists • You might be in ...
The winds of change • Change is scary •                 e industry won’t cease to exist • We don’t know where we’ll end up...
Lesson 1: Your business is not scaleable • Internet companies can scale • Your business cannot • So your time is very valu...
Lesson 1b: You need a budget •       How much money do you want to make? •       What’s your cost of doing business? •    ...
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 ________,                      I’d be more successful. ...
Create a marketing planList your marketing activities•     Approximate cost for each initiative (time & money)•     Best g...
Lesson 2: Marketing drives salesDetermine your “costs” to objectively determinewhether your marketing initiatives are wort...
Lesson 3: Stop re-inventing the wheelUse tried and true marketing techniques           to achieve success P H O T O S H E ...
Lesson 3a: Your website is a marketing tool •       Not an online portfolio •       Does it meet the needs of:       •    ...
Lesson 3b: Your website is a marketing tool Getting people to your website is hard work.  Convert them while you have them...
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...
Lesson 5: Word of mouth is potent                  Engage your audience                  where they congregate.           ...
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 foreca...
Social experiment • Create a blog entry, tweet or wall post • megmckinneyphotos.com   Birmingham editorial photographer • ...
Get more info                                            photoshelter.com/mkt/research P H O T O S H E LT E R | P U T M O ...
Connect with PhotoShelter        blog.photoshelter.com        facebook.com/photoshelter        @photoshelter        vimeo....
NPPA Discount on PhotoShelter • photoshelter.com/signup • Enter coupon code: NPPABIZ611 • Discounts off Standard & Pro Annu...
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Put More Business in Your Photo Business

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The closing keynote at the NPPA Business Blitz in Reston, VA in

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Put More Business in Your Photo Business

  1. 1. JUNE 2011PUT MORE BUSINESS INYOUR PHOTO BUSINESSLessons from an internet entrepreneur
  2. 2. 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 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. 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 stuff • 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. 4. 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 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. 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. 6. 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 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. 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. 8. Lesson 2: Marketing drives sales If only I had ________, I’d 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. 9. Create a marketing planList your marketing activities• Approximate cost for each initiative (time & money)• Best guess for return on investmentFor 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. 10. Lesson 2: Marketing drives salesDetermine your “costs” to objectively determinewhether 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. 11. Lesson 3: Stop re-inventing the wheelUse 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. 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. 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. 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. 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. 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. 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. 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. 19. Lesson 5: Word of mouth is potent Engage your audience where they congregate. Make an effort 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. 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. 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. 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. 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. 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. 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. 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. 27. 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. 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
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