The Most Valuable Asset In Your Photography Studio
by Robert Provencher
What is the most valuable asset in your photography business? Is it your studio? Your studio name? Your cameras, gear and lenses? Is it your skills and talents? Is it your location? How about your super cool mix of products and packages that you offer to your clients and prospects? Is it your marketing savvy? Your personality?
What is the most valuable thing that you can rely on to bring you a constant flow of sales and profits?
The answer may surprise you.
You can’t really take this to the bank and use it as collateral. It’s hard to quantify, but it is so valuable and important, take everything away but leave me this one thing and I will be able to start up a business and start cash flow in 30 days. What am I talking about? It’s your list of satisfied and happy clients past and present. Your database. The ‘herd’.
This alone, and the relationship that you have with these people, is so important, and so valuable, that it is the ‘diamonds of acres’, the life-blood and heart and soul of your business.
Funny thing, however, most of us take this for granted. We don’t even have a systematic and organized method for gathering this valuable resource. It’s the second thing I look at when consulting with studio owners.
The first thing is the creation of five year and one year vision and goals, broken down to monthly and steps to take. Then the gathering of a ‘herd’. That is the very first strategy, per se.
Let’s assume you wanted to sell your studio. Let’s also assume you have some history, people know you. You’re been ‘branded’ in your community. The first thing I would want to look at is “The List”.
That’s where the true value of the business is. Sure, you can appraise value into the bricks and mortar. The equipment may have some ‘market value’ all sold perhaps as a ‘one price takes it all’ deal. But the thing that will continue the profits and sales is the list of current and past satisfied clients. Bring that to the table and you’ve got negotiating power.
Everything else is just market value. Of course, if I were to buy your studio and you were a large part of the success of the studio, I would need to convince the list, the herd, that things will be the same or better with the new owner. BUT, I can’t communicate that message without a list, can I? See how important it is, even in that example.
More importantly is the use of your database in the month to month operations of your studio.
In our studio we would send out newsletters, using old fashioned spit glued stamps, and, whenever possible, each envelope hand written, so the letter looks and feels like something their grandma would send. That way it gets opened.
Will it get opened? I think it will, for the most part. Will it get read? If it’s interesting it will. There needs to be news, feel good stuff, a conversational tone to the newsletter, fun stuff, loads of personality (not your typical sterile and cold corporate ‘look’- many folks, for some bizarre reason try hard to look ‘big time corporate America’- for some reason or other. Big mistake) and offers, all stuff that only the recipients of the newsletter receive.
It’s easy to work this concept even more. I know some photographers who “A” list, “B” list their names of clients. The “A” list are the most important clients, the most dedicated buyers. We send a Christmas card and small gift to this group every year. The “B” list are the regular buyers. The best times to send to your list are fall and Christmas, for obvious reasons.
Robin Spencer mails a fall postcard to his “A” list for a special offering that he calls “Portrait in the Park”, which is available for a few select days and exclusive to his best clients. He sells out every year. You could mail so many offers, the list of ideas is endless.
The same goes for the offers you make available. Some ideas include the usual family sessions and bonus gift items (maybe 12 free greeting/Christmas cards). Selling gift certificates to your list is another great offer, maybe a two-for-one gift certificate deal.
You could send out any event, specials, offers, anything at all- Halloween, Thanksgiving, Valentines, Christmas, New Years, Engagements, New Babies, Kids Klubs, Family Plans, St. Pattys Day, Mother’s/Fathers Day, spring, summer, fall & winter, whatever! Make something up; how about “‘It’s my birthday and here’s a great deal for you’ offer.
The main point that is key to understand is that when you have a satisfied client, you don’t have to go through the marketing process and same expense it took to acquire that client.
If you had to get new clients over and over you would go broke. Your present and past clients know you, trust you, and more importantly, are willing to do business with you again. Take that client and multiply that times how many more you have, and you have the most important asset in your photography business- your list. Work it!
