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San diego

  1. 1. Marketing Small Business<br />Understanding the Art of Profit & Marketing in a Social Media World<br />
  2. 2. A Common View …<br />I don’t know what I want to do with my life.<br />I like taking pictures.<br />My friend said my picture was nice.<br />I’ll be a photographer.<br />That will be fun, easy, rewarding.<br />I will be happy.<br />
  3. 3. Reality<br />Taking pictures is fun. Making clients happy with them is hard.<br />Just finding clients is hard.<br />I spend most of my time doing everything but taking pictures.<br />There are four other photographers on my block.<br />Every customer who actually talks to me wants a deal.<br />Maybe working at Starbucks WAS more fun.<br />
  4. 4. Whether We Like It Or Not!<br />Professional Photography is a Business.<br />To be successful you have to treat it like a business.<br />If you don’t, you will fail.<br />It takes time <br />An average of five years before you are actually making money<br />It takes money <br />An average photographer spends $20K to $40K in startup costs<br />And there are no guarantees ….<br />But a fundamental understanding of the way a business works will help you a lot!<br />
  5. 5. The Profit Question. <br />Do you have a great business?<br />How Do You Know?<br />
  6. 6. Revenue<br />“Revenue is income, cash inflows, that a company receives from its normal business activities, usually from the sales of goods and services to customers.”<br />
  7. 7. Profit<br />“Revenue minus all expenses.”<br />Profit is how much you keep at the end of the day – what you live on.<br />Do you understand all of your costs?<br />Are you making enough? Do you know the levers you can adjust to make more?<br />
  8. 8. Your Revenue Is Increasing…<br />Revenue<br /><ul><li>Why is your revenue increasing?
  9. 9. You’re shooting bigger, more expensive events
  10. 10. You’re shooting for wealthier clients
  11. 11. You’re selling more stuff</li></li></ul><li>The Common Problem Is…<br />Revenue<br />Margin<br />Cost<br /><ul><li>Although your revenue is increasing (bring in more money), your costs are increasing at the same rate!
  12. 12. Result is you ARE NOT making ANY more money!</li></li></ul><li>A Strong, Sustainable Business!<br />Revenue<br />Margin<br />Cost<br /><ul><li>Continue to increase revenue (cash coming in), but NOT costs
  13. 13. Result is you ARE MAKING MORE MONEY!</li></li></ul><li>The Primary Function of Marketing is …<br />To increase the profit from your business.<br />
  14. 14. Four Immutable Laws<br />You Must Define and Understand Your Target Customer.<br />You Must have a Compelling Product/Feature Mix<br />You Must Reach Potential Clients with a Resonant Message<br />You Must Make a Profit<br />
  15. 15. Everything Starts with the Customer<br />The answer to every question you have about your business begins with, “what would my customers want?”<br />
  16. 16. Who is Tommy Bahama?<br />Who is your model customer?<br />Can you write down ten traits that are common to the customers you love?<br />“female, 25-35, mom, college educated, works, shops at Nordstrom, listens to country music, has simple style, pretty, confident”<br />Are there enough people like this near you to make a living serving them?<br />If not, who else can you serve?<br />
  17. 17. Products that Work<br />The root of your business is making something you love and something people will buy come as close together as possible.<br />They will very rarely be exactly the same thing<br />A good product is three things:<br />Repeatable <br />you can provide it to more than one client<br />Saleable<br />People in your marketplace will want to buy it.<br />And they’ll be willing to pay enough to make it worth your while<br />Differentiable<br />There is something about your product that is different from the person down the street who’s doing the same thing.<br />
  18. 18. Change is the Only Option<br />Today’s standout, differentiated, everyone’s in love with it product is tomorrow’s yesterday’s news.<br />But a Small Business must be Disciplined about introducing new products.<br />
  19. 19. The BCG Matrix<br />Using this simple, powerful model will make decisions much easier!<br />
  20. 20. Getting the Word Out<br />“Branding” The most overused and least understood term in the marketing vocabulary.<br />“Branding” is the science of communicating who you are and what makes you special toyour target customer.<br />Your Brand encompasses everything your business wants to be.<br />
  21. 21. Don’t Sweat Your Logo<br />It doesn’t matter.<br />Ok. It does. Just a little. But on a list of 1000 things, this is number 975.<br />Same with colors, fonts, etc.<br />In the business of photography what does matter is:<br />Compelling understandable targeted image collections.<br />Differentiated products that make you stand out<br />Pricing that makes sense to you target customer<br />And a GREAT referral Base<br />
  22. 22. Reaching Customers<br />Any money you are spending advertising online is wasted.<br />In small business, the vast majority of customers come through referrals.<br />Build relationships with every customer, every vendor, every location and every friend.<br />Continually remind your ‘community’ of your presence, products and services.<br />Remember that “If You Build It They Will Come” is a lie.<br />
  23. 23. The Biz-Social Media Conundrum<br />Facebook – Friend or Foe?<br />It isn’t going away and people aren’t going to use it less. So turn it into a friend.<br />Encourage use of your images for profile pictures, etc.<br />Just ask your clients to say “I love this picture from my great photographer!”<br />To Tweet or not to Tweet?<br />Every interaction on social media is an interaction with your clients.<br />You have no private SM life.<br />The internet always wins!<br />
  24. 24. And Once All of that is Done<br />Are you making a profit?<br />Are you hitting your goals?<br />Do you have goals?<br />Do you have more money in your savings account this year than last year?<br />If not. Start at the top and work your way through.<br />
  25. 25. Frankly Speaking…<br />Actually doing it is the real key to success …<br />
  26. 26. A Parting Thought<br /> Time for a story...<br /> One evening, an old Cherokee told his grandson about a battle that goes on inside people. He said the battle is between two wolves inside us all. <br /> One is Evil. It is anger, jealousy, sorrow, regret, greed, arrogance, self-pity, resentment, inferiority, lies, false pride and ego.<br /> One is Good. It is joy, peace, love, hope, serenity, humility, kindness, generosity, truth, compassion, benevolence and faith. <br /> The boy thought about it for a moment and asked his grandfather, "Which wolf wins the battle?" The wise old Cherokee simply replied, "The one you feed."<br />