The Paradox of Price

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Okay, a little Monday afternoon math and no calculators are required.

Consumers want the most value for their money. Value can be defined by the benefits provided by a product or service, divided by the cost of that product or service:

Value = Benefits / Cost

This over-simplified equation shows that for a given set of benefits, as the cost decreases, the value to the customer increases. It might seem that maximum value would be reached if the cost is zero. But if you remember your grade school math, you cannot divide by zero.

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Door Number Three

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While viewing a news web site tonight, there was a survey asking readers a question and the possible answers were: Yes, No, Undecided.

Why would anyone take the time to respond to a survey and then answer “Undecided”? It’s like a student raising their hand in class to answer a question posed by the teacher and then, saying, “I don’t know.”

Why did the survey even offer the third option? If everyone chose “Undecided”, the survey would be meaningless.

What does this have to do with running a photography business?

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All that glitters is not gold

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Should you peruse some of the job “opportunities” for Toronto photographers on LinkedIn, you may see these glittery gems:

1. The job: Go to a few dozen used car lots each week and photograph cars for a publisher’s used car web site and print magazine.

Required: an “awareness of fumes, odor, gases, compounds or dusts related to the automotive industry.”

Not required: any photo experience.

Benefits: may get free parking at one of the publisher’s offices.

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Publicity photography minus the publicity

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A few nights ago, I was assigned to photograph celebrities arriving for a fundraiser at an exclusive home in Toronto. The event had set up an arrivals area in a small parking lot off the front driveway of the home, (did I mention it was a large house?). The red carpet was nice and wide, and the area was covered, lit and heated. Perfect, considering it was a cold, dark November night.

Canadian composer and producer David Foster arrives to host a fundraiser for his charity foundation in Toronto, Canada, 19 November 2010.

The three largest wire services in the world were there specifically to photograph the two main celebrities attending. The headlining entertainer for the event would also make for a usable news photo. Other photo agencies and TV were there as well.
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Restaurants and photographers

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What do restaurants and photographers have in common?

When it comes to choosing a restaurant, or a photographer, a consumer in a larger city usually has many hundreds of choices. In the eyes of the customer, most restaurants, and most photographers, are more or less the same.

Why choose one restaurant, or photographer, over another? Convenient location? A positive previous experience? Price? Good word-of-mouth? Maybe the web site looked nice?

Restaurants rely on their menu to entice customers. They usually post menus online and near their front entrance. But compare how restaurants present their menu.
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Why you should avoid cheap pictures

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In case you missed the memo: it’s a waste of your time and money for your business to use cheap stock photos. A company that chooses cheap pictures is fooling no one but themselves. Cheap photography can harm both your business image and your bottom line, (which means “cheap” actually costs too much).

Here’s some proof pudding:

A study using eye-tracking technology was released yesterday by Jakob Nielsen, titled “Photos as Web Content”. Important points to note:

• Bland stock images on web sites are completely ignored by users.

• Feel-good images that are purely decorative are mostly ignored.

• Stock photos of generic people are intentionally disregarded.

• Photos of real people, (as opposed to stock pictures of models), are viewed as important information.

• Pictures of key people at a business are very important. Business portraits are always a win for the company.

Conclusion of the study: “Invest in good photo shoots: a great photographer can add a fortune to your Web site’s business value.”

Do your business a favour and call your local corporate or commercial photographer today. A professional photographer is worth much more than what they cost.

 

Cost Of Progress

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Between 2001 and 2010, I bought six Nikon SLR digital cameras: two D1X’s, two D2X’s, one D3 and one D700. Total cost for these cameras was about $30,300 plus about $3,000 for memory cards, $480 for card readers and many thousands more ($21,000 to $26,000) for computers and software.

For comparison, from 1991 to 2000, I bought six Nikon SLR film cameras: two F4E’s, one F90X, two F5’s and one F100. Total cost for these was about $14,000 and no memory cards, no card readers, no computers and no software.

Yes, digital cameras are fantastic and the technical quality of digital photography is far better than that of film.

Although the equipment cost of running a photo business is at least triple that from ten years ago, (not to mention all the other expenses), fees paid by editorial publications have gone down and the rights-grabbing has gone up.

Interesting blog article by Paul Melcher on this topic.

 

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