Volume Photography Business: Should you Diversify?
Growing your client base
Every now and then, an opportunity to do something different for your photography business might knock on your door. Or, you’ll have another bright idea.
This could be your chance to diversify and grow your client base a little more.
We are often asked what sort of photography we do, and it is a relatively short list. We diversify within a niche.
In this article, we explore the benefits of diversification versus maintaining a singular focus.
Addressing:
- Target markets
- Product offerings
- Customer feedback
- Seasonal mini shoots
Niche Specialisation vs. Diversification
In favour of Specialisation:
Specialising in a particular niche, such as sports or weddings, allows a photographer to develop expertise, garner recognition, and build a reputation in that specific field. Your skills will naturally increase – as you have likely already experienced.
And, targeting a specific audience simplifies marketing efforts. The clarity of your message and offering is infinitely easier to maintain if your potential audience is limited to 2-3 types of clients. You should aim to reach potential clients most likely to be interested in the specialised photography services that you offer.
In favour of Diversification:
Diversifying services like expanding from sports to schools or adding weddings to your established school photography business, opens up opportunities to tap into a broader client base.
Play to your strengths – if you do schools, add sports portraits and team groups, or if you do weddings, could you add events?
Relying on a single niche can make a business vulnerable to market fluctuations. Diversification acts as a risk mitigation strategy, ensuring a more stable income stream.
So, what do we do, in our photography business?
We started with school photography in 1964. We have since added sport and dance photography and team/club composites. Another diversification has been in product ranges and how packages are set up. Let’s address that now.
Listening to Customer Feedback and Balancing Costs
Successful businesses actively listen to customer feedback and adapt their services accordingly. This responsiveness builds trust and enhances customer satisfaction.
If every season you hear the same complaints, you can boost your average purchase by accommodating this request for everyone. For example, many customers may wish to add sibling groups to a digital download or want the option to change the background.
It is crucial to strike a balance between meeting customer demands and your profit margins. Some suggestions might not be deliverable for a profit… digital groups anyone?
Seasonal ‘Mini’ Shoots: Pricing and Considerations
Offering seasonal mini shoots, such as for Spring or Christmas, can boost revenue. You will need to find the time during your ‘usual’ peak seasons. (This is possible with an efficient workflow).
You can offer this at your studio if you operate from one or hire an external venue. Many photographers approach their local schools and offer pre-booked slots only.
Making this a success will depend on your systems. How much can you automate? How much will you depend on after-sales? How you can boost bookings, and how much can you charge for a booking?
We can sort the after-sales for you. Ask us how.
Choosing the right path for your photography business
The decision to diversify your volume photography rests on a careful consideration of the business’s goals, target market, and risk tolerance.
While niche specialisation offers focus and expertise, diversification can lead to a more resilient and adaptable business model.
Listening to customer feedback is essential. It should be balanced with the financial realities of implementing changes. Seasonal mini-shoots can be a lucrative avenue. These should be well-planned and priced strategically.
Would you like to add player portraits to your school portfolio? Or perhaps start offering seasonal minis for maximum profits? Get in touch.
