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Top 5 Ways to Increase Your Studio's Profit in a Lower Economy
By Kathleen Hawkins
Images by Jeff Hawkins
In this changing economy it is evident the photography industry is transforming and your
client's photographic needs are constantly changing. What makes one studio suffer and another
successful? Photography studios that hone their marketing methods continue to thrive while
the studios that fail do this, see their business flounder. Consider the following top five
ways to increase your studio's bottom line during troubled times:
#1 Target Your Market
Many photographers take pride in their ability to diversify their photography by shooting
weddings, seniors, families, commercial and special events. However, stretching yourself
and your advertising dollars too much can create a marketing identity crisis. Identify which
market you want to make a priority and go after it. Once your market has been successfully
captured, consider moving on to your next forte. Nevertheless be cautious and try not to
spread yourself too thin.
#2 Push Your Perceived Value Towards Profits
Take a closer look at your client's perceived value of your packages and products. Identifying
and maximizing the perceived value is important for you to sell a product. Perceived value
of a product equals cost, which equals purchase. For example, do you feel digital proofs
are more or less valuable then paper proofs? If you believe the value of convenience of
digital proofing is greater then the hassle of shuffling proof books across the country,
you will be able to pass that belief onto your clients.
#3 Create an Incentive Pricing Structure
Most large successful companies have analyzed and researched proven marketing strategies. If
they have spent the time and money creating these methods, consider following the top leaders.
Use their example and implement a gift-with-purchase program or bundle your products together
to create an incentive pricing structure. For instance, you can use this model of "With the
purchase of [product], earn [gift]," or "Buy three, get one free!"
#4 Package Your Products
Avoid selling loose prints as often as possible. Most of your clients have access to scanners,
photocopiers, computers and printers. An image purchased in a frame with a sealed back is less
likely to be torn apart and scanned. Likewise, an image presented in an album is also less
likely to be scanned for fear of damaging the album.
#5 Price Your Products
Design price tags for your products and merchandise your way to profit. After consulting
with numerous studios, several photographers mentioned experiencing trouble selling framed
images. However, we commonly noticed it was difficult to tell what was available for sale
and what was simply showcasing the photographer's work. Often a consumer may be intrigued
by what you have available, but may be too intimidated to find out if it is in their budget.
Pricing your products will put your clients in a shopping mode and take the intimidation
out of the process.
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