25A – What’s Next?
Existing Market:
Step 1: What's next for my photography business? I just want to carry on with the plan that I have for the business which is to offer regular photo services such as weddings and family portraits, and special service such as 20 min mini photo shoots for $50.
Step 2:
Interviewee 1- she recommended having a system set up to have a more impersonal way to book a session. And maybe give customers a confirmation call or email several days before the shoot. She said people, especially millennials these days don't want direct interaction, especially by phone, with the business. They like an impersonal way to book anything online.
Interviewee 2 - she wishes the business offers a free retouch request for customers who do the full session. Before the editing begins, if a customer has a small preference such as sliming down their body figures, or erase imperfections in their face, he/she can request for additional editing for free.
Interviewee 3 - he recommended me to hold various promotions regularly. He said customers in my segment look for ways to save. If I have promotions such as birthday discount or student discount, customers will be more attracted to it.
I've gained some valuable feedback from my interviewees and I will take all of their suggestions into consideration. They all made me think of my business plan from a different perspective and I realized that I have many blind spots in my plan. I completely agree with the interviewee No1. about setting up an online booking system on my website. Many potential customers are university students and they want fast yet reliable booking that doesn't necessarily requires calling in unless they have inquiries about the service.
Also, I want to appeal to my general targeted customers and they may be university students or have a budget, and they would very much appreciate some discount opportunity such as student discount, holiday specials, spring break specials and such. I personally feel the same way as a customer, if I looking to pay for a product or services, I always look around to see if there is a discount or special going on.
New Market:
Step 1: My radically new market is to aim for customers from an affluent part of society which means these customers are median to higher income families.
Step 2: In order to appeal to this new customer segment, I definitely need to have a quality studio where customers can come in and do the pre-photo shoot consultation. Also, I need to have my portfolio ready to present. I will also need an on-site photo shoot assistant who can assist with the postings of the customer and off-camera lightings and such. A second photographer presence would also be nice.
Step 3:
Interviewee 1- Customers in this segment not only want quality photography but also want exceptional customer service that gives them a reason to use the service and become a repeat customer. These customers want to be identified, treated specially, and they want the company to provide customized service unique to them.
Interviewee 2: - In order to appeal to high-end customers, your equipment needs to be high-end as well. Also, offer these customers the best quality albums and photo canvases. Pay attention to little details, have quality refreshments and snacks options in the studio when they make a visit. Also, have assistant help to touch up the customers during the shooting, and make follow-up calls to ensure full satisfactory service.
Step 4:
I never thought of providing services for high-end customers. What these customers look for in photography service was different than my targeted customers with a budget. For the new market customers, receiving exceptional customer service was an important decision making factor when it comes to choosing a company. And as I expected, if I were to serve high-end customers, I needed to have higher quality equipment and a team such as an on-site assistant and a second photographer that can support the whole operation.
The new market may be attractive in terms of profit I can make for providing extra services, however, as I mentioned above, in order to appeal these types of customers, I also need to make more investment in my business. I better just focus on one customer segmentation that I have more knowledge. I don't have experience in providing services, high-end customers, I don't even have experience in running any photography business. There is even a saying "Person who chases two rabbits catches neither."
Step 1: What's next for my photography business? I just want to carry on with the plan that I have for the business which is to offer regular photo services such as weddings and family portraits, and special service such as 20 min mini photo shoots for $50.
Step 2:
Interviewee 1- she recommended having a system set up to have a more impersonal way to book a session. And maybe give customers a confirmation call or email several days before the shoot. She said people, especially millennials these days don't want direct interaction, especially by phone, with the business. They like an impersonal way to book anything online.
Interviewee 2 - she wishes the business offers a free retouch request for customers who do the full session. Before the editing begins, if a customer has a small preference such as sliming down their body figures, or erase imperfections in their face, he/she can request for additional editing for free.
Interviewee 3 - he recommended me to hold various promotions regularly. He said customers in my segment look for ways to save. If I have promotions such as birthday discount or student discount, customers will be more attracted to it.
I've gained some valuable feedback from my interviewees and I will take all of their suggestions into consideration. They all made me think of my business plan from a different perspective and I realized that I have many blind spots in my plan. I completely agree with the interviewee No1. about setting up an online booking system on my website. Many potential customers are university students and they want fast yet reliable booking that doesn't necessarily requires calling in unless they have inquiries about the service.
Also, I want to appeal to my general targeted customers and they may be university students or have a budget, and they would very much appreciate some discount opportunity such as student discount, holiday specials, spring break specials and such. I personally feel the same way as a customer, if I looking to pay for a product or services, I always look around to see if there is a discount or special going on.
New Market:
Step 1: My radically new market is to aim for customers from an affluent part of society which means these customers are median to higher income families.
Step 2: In order to appeal to this new customer segment, I definitely need to have a quality studio where customers can come in and do the pre-photo shoot consultation. Also, I need to have my portfolio ready to present. I will also need an on-site photo shoot assistant who can assist with the postings of the customer and off-camera lightings and such. A second photographer presence would also be nice.
Step 3:
Interviewee 1- Customers in this segment not only want quality photography but also want exceptional customer service that gives them a reason to use the service and become a repeat customer. These customers want to be identified, treated specially, and they want the company to provide customized service unique to them.
Interviewee 2: - In order to appeal to high-end customers, your equipment needs to be high-end as well. Also, offer these customers the best quality albums and photo canvases. Pay attention to little details, have quality refreshments and snacks options in the studio when they make a visit. Also, have assistant help to touch up the customers during the shooting, and make follow-up calls to ensure full satisfactory service.
Step 4:
I never thought of providing services for high-end customers. What these customers look for in photography service was different than my targeted customers with a budget. For the new market customers, receiving exceptional customer service was an important decision making factor when it comes to choosing a company. And as I expected, if I were to serve high-end customers, I needed to have higher quality equipment and a team such as an on-site assistant and a second photographer that can support the whole operation.
The new market may be attractive in terms of profit I can make for providing extra services, however, as I mentioned above, in order to appeal these types of customers, I also need to make more investment in my business. I better just focus on one customer segmentation that I have more knowledge. I don't have experience in providing services, high-end customers, I don't even have experience in running any photography business. There is even a saying "Person who chases two rabbits catches neither."
Hey Byung,
ReplyDeleteGreat post! I think moving onto your new market after a while is the most logical move. The money you make from servicing you current market could be invested to improve your gear to be able to service your new market. I think your profits would exponentially increase this way.
Byung,
ReplyDeleteI enjoyed reading your post! I really like how detail-oriented your opportunity is and how you took into consideration of your target audience to fulfill their needs. Your idea for the new market is remarkable as well and I agree that more time and money will be invested when working with your target audience. Knowing you will have specific additions for your new target audience, the price you charge will be higher.
Byung,
ReplyDeleteI also agree with interviewee one that an online booking option would be nice and convenient, especially for people that don't like to talk over the phone. However, I would recommend still offering a direct interaction method for booking appointments for those who are less tech-savvy. In addition, there is also a number of people who do not want to enter their personal information online. I know I will only book something if I can speak to someone to help avoid me getting scammed. Something to think about because while some people prefer it, others don't.
Hey Byung, I really enjoyed your post this week. I am not sure I know all the information about your product but I can tell this is important to you. From what I can notice you may need some more interviews to truly see if your product can be a service to the general public or if you need to move into a new market. Your product is awesome and I'm you are going to do great things with it.
ReplyDelete