You’ve heard your industry colleagues say it. You have read articles and listened to business experts. The economy is in recession and your photography business is struggling.
That’s true, but that doesn’t mean you can’t find the right customers and grow your business. This video offers six very effective tips that will help your business thrive during a downturn. I know, because all the tactics have helped my business grow.
1. Adjust your photography payment schedule
Money is everyone’s top concern during a recession. What can you do to alleviate your photography client’s concerns?
Focus on making the payment structure easier for them. I personally charge 50% off, 25% on the day of the shoot and 25% on delivery. Sometimes a simple triple versus double pay system can help a customer sign a contract.
People still want family photos or need things for their business. If you make it easier for them to buy, they’ll support your business. By the way, my business structure is the one I listed above (50/25/25), and it seems to work fine!
2. Customers want solutions during a recession
It’s 2009 and social media is booming, but many record labels don’t have a plan yet. They need help getting on social media with great videos and photography. I saw the need and suggested to Usher that we do a YouTube channel showing BTS’s life on tour. It has never been done on a platform like YouTube before for an artist of his caliber on social media. We called them webcode at the time; I think that was before the term vlog was even coined. And if it has been done, it is rare.
The Solution is a YouTube channel to help promote an upcoming album and world tour. It offers me a job not yet in hand. I was Usher’s personal photographer, and now, am also his videographer for this suggestion. You can also gain a lot of work just by suggesting ideas to your clients. That requires you to maintain a relationship with them. As you see growing pains, start suggesting and see how the doors open up for you.
3. Friends of Friends
If you haven’t heard the saying “birds share the same feathers,” it basically means that people tend to hang out with the same types of people. The idea behind this concept is very simple. If your client hanging out with other clients is also a perfect fit for you, chances are, you’ll be able to get them to hire your services.
And if you’re offering a stacked discount offer, then you certainly won’t want to miss out on arranging those photo sessions. As long as the logistics work and everyone can agree on a date and time, this type of campaign can save your business quite a bit of money while providing you with some sizable exposure.
However, there’s a trick: Instead of offering them a lower rate, try to offer additional items that won’t cut your margins. For example, instead of 20% off, you could try an extra hour of shooting or three additional photos.
Watch the rest of the video for other great points. The recession is coming, and whether you lose or win is completely up to you. Small pivots can save your business and help you grow beyond your dreams.
