Competition Quicksand

Yesterday, the New York Times published an article on the rise of competition among wedding photographers and how many are diversifying into other areas (boudoir, casual day after, and other life events for their couples).  The underlying statement was that technology has created unsustainable competition.  Digital photography eliminates barriers to entry and the Internet places competitors, experienced and not, on an almost equal footing.

Can't say that I disagree with the NYT article -- wedding photography as a stand-alone business will not survive.  Those of you with established reputations may continue on in the short, and even medium term, but the foundation is crumbling -- just too many of you chasing after the same dollar in the same way.

The answer?  Diversification, brand integration and shifting the focus to capturing smaller annuity payments over a life cycle (as opposed to a single payment at a moment in time).  The layers of this income over time will compound and, in itself, become sustainable.  For instance, if you start to shoot a life-event each year for a wedding client and you add a new wedding client each year, in the first year you have only the wedding, but by the fifth year, you have a wedding and four life-events.  

The key will be integrating your different offerings so that you use each to capture the other. Take turning your wedding clients into family clients.  Why not include first year anniversary pictures in the cost of photographing the wedding?  Throw a dinner party for the couple that you can shoot?  Give your clients a good digital camera and offer to spend an hour teaching them how to use it well?

The stronger your brand identity and client retention practices, the longer the life-cycle and the more valuable the annuity.  In the face of competition quicksand, you need to shift your focus to owning tomorrow's business today.

Comments

[Jodi Bos {In Any Event}]

Great post, Sean. I'm going to send this to all of my photographer friends. I'm amazed at the growing number of wedding photographers in my area. Every time I turn around, there is another batch cropping up. I've wondered aloud how they're all gonna make it. Diversification is definitely the key!

[Garrett]

Very well said, Sean. You hit the nail on the head. There is no more "business as usual." Today it's about being smart and ready.

[Sean Azul]

You've hit the nail on the head, Sean.

This business is about building long term relationships and all of your suggestions can lead to that.

Wedding client should be coming to us for their life-stage photography needs and while a few photographers may be able to survive as "wedding only", they will be in the minority in the coming years.

Sean Azul

[Michelle Loretta]

WOW! Thank you so much for this! This is so important to photographers... "quicksand" offers perfect imagery.

[Jeremy Carter - A Bryan Photo]

Good food for thought. I'm not yet convinced that there isn't a way to break the traditional wedding photography model to diversify within that niche. Other shoots have been nice to have for extra cash, but we have found that staying true to our core competency has paid dividends and resulted in creating products that have generated raving fans, and consequently, continual business. Time will tell, though.