Instead of "more clients" why not focus on "more profits"?

I think we've all been tempted to click on links or read social media posts about having "More Business" - but is that what we really want?  Do we really just want more and more enquiries, more work demanding all our attention and leaving us frazzled at the end of the week?

If we are really honest, we actually want better business.  Something more rewarding, and, of course, proper profits.  We don't need to be millionaires, but we need to cover our operating costs and make a profit on top that gives us a nice lifestyle and is a reward for our hard work.

So, just having more business is not really an option.  It's not inherently wrong to want more business, but focusing solely on increasing the number of clients can have drawbacks. Here's why pursuing "better and more profitable" business is often more advantageous than just chasing volume

Quality Over Quantity

Quality over QuantityQuality over Quantity Would we really like to go to a restaurant and have a massive amount of okay-ish food on our plate, or would we prefer a smaller amount of something magical?  As photographers do we want an endless stream of clients trundling through the studio every hour, on the hour, and offering every client 300 images?  I have seen wedding photographers offering in excess of 2,000 from a wedding!  A shot every few seconds?  No time or trouble taken in paying attention to detail and setting up the perfect shot?  Try shooting on film and having to pay for it.  That's an instant lesson in self-restraint!  Your best clients will be prepared to pay more for an image which you have taken the time and trouble to capture just right.  When done properly, you won't have to edit for ages afterwards - that's a double bonus.

 More clients don't always lead to more profit, especially if they bring in low-margin work or require disproportionate resources (time, energy, personnel).  Having fewer, higher-quality clients who pay well and respect your services often leads to better profitability.  At Barnett Photo Studio we love it when a client comes to us wanting a good job done well and are prepared to pay for it.  Sometimes a client will come to you because of your great reputation, and through seeing your gorgeous work, or through a delighted referral.  Your satisfied clients are the best advertising you can get.  The client that comes to you because they have heard you are cheap wants you only because they don't want to spend money - but they are usually the ones who will want a bit more, a bit more still, then a bit more discount, and then take what they get without a second thought or "thank you".

Although we need to make a profit for ourselves, we have received many great "thank yous" of flowers, bottles of wine, chocolates, food hampers even!  All this goes to show we are appreciated for what we do - and our clients know we are a long way from being the cheapest photographers, but they pay and also reward us as well. They see our services as value for money.

If I buy something cheap and am disappointed, then I know it will be budget value, and probably won't go back again - and then kick myself for wasting money.  When I pay a bit more for something really worth while then I feel it is money well spent.  Somehow it is more satisfying to spend a bit more, but be really pleased.  That's the kind of feeling you should aim to instil in your clients.  Generate the feeling that their hard-earned money will be well spent - not that they have got something cheap.

Less Busy - What Now?

More Business?More Business? So, now you have "Less Business" - what's the point?  The real benefit is Customer Retention and Loyalty:   Building deep relationships with fewer, high-value clients leads to better retention and loyalty.  Satisfied clients may spend more and refer you to others, driving long-term growth.  I never tell other people about cheap and low quality products or services.  If anything, I am more likely to recommend avoiding purchases which I think might disappoint.  We've actually had people who have used other photographers, been disappointed, and then come to us.  They've also been telling their friends and connections about the other person who only provided the services of a "tog".  That can't be good for their business! They also never talk about the photos which are okay and up to photographic standards but the ones they don’t like.

My late father had a regular client who was once lured away by the promise by a cut-price competitor.  They were let down badly, and they came back to my Dad, deeply apologetic.  He said he would return as their regular photographer but would have to charge more in the future (just so that they appreciated him).  They completely understood and agreed to his slightly higher prices.  They remained loyal to him after that.  It was a price worth paying, and there's a value in that.  There's a great lesson in business to be learned there!

But MORE BUSINESS is always good, right?

Not at all!  In business we often talk about revenues and turnovers and profits - but they rarely boast about simply being busier because that somehow sounds desperate.  In  fact, "turnover" is somewhat misleading.  If a company turns over £1M then it sounds impressive.  However if their operating costs with premises, staff etc are nearly £1M also, then their PROFITS may only be a few hundreds of pounds / dollars.

Every business has limits in terms of time, staff, and operational capacity.  Taking on too many clients can stretch resources thin, impacting service quality and possibly resulting in unhappy clients and your own burnout.  As a photographer do you really want to be rushing from client to client, or ushering them through your studio like a conveyor belt?

Handling a large volume of clients can lead to a lack of focus on your core competencies.  Trying to be everything to everyone can cause your service quality to drop and your brand to lose its niche appeal.

Brand Reputation

Essential Elements of a Niche BusinessEssential Elements of a Niche Business It might sound good to say you are busy, but when people tell me they are really busy it doesn't always mean that I am impressed.  Expanding too quickly or taking on too many clients can dilute your ability to deliver high-quality service, leading to negative reviews or damage to your reputation.  When photographers have told me how busy they are, I wonder if they are actually earning money, or rushing around being "busy fools".  Sometimes I suggest they raise their prices and take on less work in order to earn the same amount.  Often, this strategy leads to more profits, growth and a sustainable business!

Perceived Value: A business that is selective and caters to a specific niche often commands a higher perceived value.  When you focus on quality and expertise, it enhances your brand's reputation, allowing you to charge more for your services and build a stronger market position.

Luxury sports cars or Swiss watches are not mass-produced, and neither are they sold cheaply.  There is a certain kudos in owning an expensive Rolex that is a limited edition.  Or special Nike trainers.  Or even paying a premium for Oasis tickets that are in short supply!

Less business can make you in short-supply, and therefore in demand.  BUT, only if your offering is good enough and worth paying for.  If you are offering something similar that can be found elsewhere then you won't be doing yourself any favours.  Sitting in a niche where others can't do what you do, or offer what you offer, can always command a premium.  And premium niche business have known this ever since people first started trading.

Now - go and do it for yourself!

Next time we'll talk about some practical and realistic ways you can achieve this in your business.  Sharing some of the simple steps that created a premium business.

If you can't wait for the next blog want to find out NOW about how creating a business with less work and more profits could be just the thing for you, then please get in contact for a free chat.

www.barnettphotostudio.co.uk/contact