Rebekah Jean Studio Market Description
• At what point in history did your industry begin?
Portrait studios have been around since the early 1850’s. Samual F.B. Morse opened up one of the first portrait studios in New York. It was not until the 1920’s that portrait studios took off, due to the development of technology, and to the increased need from the advertising industries. According to the Phot Marketing Ascociation the photographic portrait studio industry was profitable in the mid1990’s, with more than one-half of all portrait services reporting an increase in sales. The survey indicated that in 1995, by portrait type, K-11 schools had the best sales performance, followed by wedding, sports/team, high school prom, high school seniors, and reunion photos. According to the PMA 1996 U.S. Consumer Photo Buying Report, 40 percent of all U.S. households had a professional portrait photo taken in 1995. The study also showed that about 20 percent of all portraits were taken at a school, 12 percent at a department store, 5 percent at a chain portrait studio, 7 percent at a church, 6.1 percent at a professional studio, 5.2 percent in an outdoor setting, 2.4 percent in a day care center, and 1 percent at an individual’s home.
• How large is your industry today?
The rise of readily available digital photography has been somewhat of a detriment to the portrait studio industry, however to combat the growing number of consumers taking portraits with digital equipment at home, many photographic studios offered digital portraits, which allowed consumers to immediately view photographs. Many portrait studios also offered web-based technologies, including e-cards and online keepsake items. Of studios in the high school senior business, 66 percent were 100 percent digital by 2005, with only 16 percent film-only users. In the wedding photography segment, 49 percent were all-digital, while 76 percent of sports photographers were completely digital. There were 15,186 portrait studio establishments in operation in 2007, according to the latest figures from the U.S. Census Bureau. This figure represented an increase from 14,587 establishments in 2002 and 13,245 in 1997. Together these firms employed about 76,578 people and generated $5.0 billion in revenues.
How large is your industry projected to be?
According to the Bureau of Labor Statistics, the employment of self-employed photographers is projected to grow 4 percent from 2012 to 2022. Demand for portrait photographers will continue as people continue to need new portraits. In addition, corporations will continue to require the services of commercial photographers to develop compelling advertisements to sell products.
• What is the lifecycle of your industry? (Elaborate on how you came to this conclusion.)
According to Tony Luna a professor at Art Center College of Design in Pasadena, CA the lifecycle of a photographer is: client contact-self promotion-estimating-coordination-execution-expense accountability-billing-payment-presentation.
Determine your target market by answering the following questions:
• Needs and wants (and how they will be met by your product)?
The ideal client of Rebekah Jean Studio is one who wants a unique photographic experience. Rebekah Jean Studio offers their clients a theatrical approach to portraiture. Each shoot would be catered specifically to the client to their likes and desires. An over the top approach provides an both an end product and experience. RJS specializes in the specific needs and wants of the clients by creating a private consultation for every photo shoot along with detailed planning with a hair and makeup artist, stylist, and specified venue. This red carpet approach caters to high end clientele who desire something other than the cookie cutter studios.
• Demographic (age, ethnicity, income, etc.)?
The age of the client differs from shoot to shoot. Age could be of a person getting married, a high school senior, or a newborn baby. Rebekah Jean Studio main focus is highly stylized shoots for any life occasion. Ethnicity can be of any race and is not relevant to the photographic process. Income is the major factor. Since the photo session requires numerous of sub contractors and venue’s the price will be geared to persons with income’s of $75,000+.
• Psychographics (attitudes, aspirations, etc.)?
The mind set of a typical Rebekah Jean Studio client will be they want the best, and money is not an object. The client wants to feel like a star, and be treated like royalty.
• Geography (region, features, climate, etc.)?
Rebekah Jean Studio needs to be located in a high traffic location with easy access and operate under a brick and mortar business. Rebekah Jean Studio will offer services to the greater metropolitan area and to clients within surrounding cities.
• Seasonal / cyclical trends?
Rebekah Jean Studio will market to seasonal trends such as high wedding season, up coming high school seniors, and holidays.
• Secondary target market information?
Rebekah Jean Studio will offer a wide range of services to corporate business. Product photography for advertising firms, fashion photography for local retail stores, head shot photography for executives, food photography for local restaurants, jewelry product photography services for local artist, and album photography for local musicians.
Research and answer the following questions to determine your business’s market penetration: • What is the proportion of your share vs. your competitors’ share of your target market?
There are 1.383 million people living in San Antonio, TX. According to Google maps there are 654 portrait studios in San Antonio, TX. City Data has the medium household income is $42,613.00 • What is your anticipated total revenue?
8 portrait shoots a month at $500 a piece is $4,000 plus 12 weddings a year at $5,500 is $66,000. 3 advertising shoots a year at $1,500 is $4,500. 12 corporate head shots a year at $250 is $3,000. All together this equals a total of 123 shoots a year totaling $73,500 in revenue. To make these numbers work Rebekah Jean Studio needs to seek photographic services from 123 clients out of a population of 1.383 million consumers.
• What is your geographic coverage?
The greater San Antonio, TX area
• How did you come to the above conclusions? What assumptions did you make?
These assumptions were made based off of workload capability, supply and demand, and population.
Brainstorm your “marketing mix” by answering the following questions: • Product o What is your company name?
Rebekah Jean Studio o What does your company logo look like (design it)?
Logo is placed in header of worksheet. o What are the distinguishing features of your product/service?
o How will your products be packaged?
Rebekah Jean Studio artistically places prints ordered in boutique style packaging. The prints arrive in a elegant box lined with tissue paper and tied with a bow. The color scheme are congruent with the logo’s color scheme.
o What variations of your product will be available?
• Place o Where is your location? Rebekah Jean Studio will be located in a shopping mall with easy access. o Will you sell to a distributor or from your location? N/A o How will your customers obtain your goods? Clients will come to the studio to discuss their portrait session, order prints, and will return to pick up prints when ready.
o How will you advertise? (Consider mediums and messages)
Advertising will include parent magazines, kiosks at shopping malls, newspapers, mail outs, social media, and online marketing.
o How will you generate publicity for your business and products?
Word of mouth is the best publicity for Rebekah Jean Studio. An incentive will be given to clients who recommend RJS. Social Media will also have a strong influence in publicity.
o What promotions will you use and when?
Promotions will be used for seasonal specials.
o What method will you use to calculate pricing?
Pricing is calculated by time involved with shoot, price of printed material, costs of specific venues, cost of sub contractors, cost to operate a business (rent, equipment ext), and salary desired.
o Will you offer discounts?
No o What are your credit terms and return policies?
Credit will not be given. Every effort will be made to keep client happy. If client is not happy with the services rendered than Rebekah Jean Studio will offer to do the shoot again, when situations warrant it.
o What are your warranties or guarantees?
Rebekah Jean Studio offers consultations before shoot to clarify any perceived mis-understandings. If client is not happy with end product every effort will be made to render the dis-satisfaction.
o Will you offer rebates?
Compose a mission statement for your company :
To give quality service and quality work to each and every customer. To truly fulfill the needs of my customers until they are both happy and satisfied. To artistically create an image that my customer will cherish for a lifetime.
Create a comprehensive marketing plan by filling out the information below: • What are your company’s various: o Strengths?
Rebekah Jean Studio forges a tremendous effort to enter the photography scene with a reputable mission to mind and to also satisfy your photography needs. From angles, shots to field selection, orthochromatic treatment and gobos, it has been taking San Antonio, TX by storm for its quality services offered.
Rebekah Jean Studio specializes in producing high quality engagement / wedding, maternity, newborn and lifestyle portraits. RJS photograph’s extraordinary and unique moments of the clients life based on RJS mastery of fine art photography and portraiture. RJS has photographed important events and also individuals who are wishing to document special moments in clients lives that will last a lifetime. Being friendly and open to customers’ ideas and suggestions evoke a light and interactive environment to make their portrait sessions at Rebekah Jean Studio truly meaningful and worth a shot at beauty, style and elegance.
The exquisite results of the images produced RJS professional work create an inspiration to provide customers with quality photography services specializing on various occasions such as engagement / wedding photography, maternity photography, newborn photography, studio photography and lifestyle photography. RJS services entail customer satisfaction, quality photos and a strong commitment to the craft to maximize high end results tailored to the clients photography needs.
• What are you company’s objectives? o Long term?
To operate a full time running portrait studio. Netting $50,000 annually. o Short term?
To establish a presence and generate interest of services rendered by Rebekah Jean Studio by building up clientele. • What strategies will you utilize to break into your industry?
Blast advertising will play a key role in introducing Rebekah Jean Studio in the market.