In our recent post we investigated the idea of starting with a niche as a smart strategy for marketing your photos. So, what’s the next step if you want to expand on a successful niche?
As with all businesses, there are basically only two ways to expand:
- Grow your market (i.e. increase the number of clients you serve).
- Grow the amount of business you do with your current client base.
In some cases, you may want to do both of the above. For example, a good strategy for the underwater photographer in our previous post would be to expand their market somewhat and then grow the volume of business within that market.
Let’s assume that the photographer in this example successfully followed the steps to develop a meaningful niche in the area of underwater photography in La Jolla, California. While this is a success in itself, it’s likely not going to create a revenue stream large enough satisfy all the needs of your business.
In this example, our photographer would be smart to follow many of the same steps mentioned in our previous post to expand the geographic boundaries of the market niche to include underwater photos taken throughout Southern California. There’s definitely work involved, but by following these same steps the photographer would over time be able to develop relationships with agencies, chambers of commerce, tourism boards and strategic retail partners throughout the geographic area (see Marketing Your Photos – Start with a Niche for more details).
Depending on the specific niche, after efforts spanning a year or two, you might well have the basis of a thriving photography business throughout Southern California. Let’s assume in the case of our underwater photographer, however, that the amount of business within this niche in this region does not generate enough revenue to satisfy their needs.
At this point, our photographer could expand the underwater photography niche beyond Southern California, but this would likely have its limits unless they were prepared for a rigorous travel schedule and the challenges of making new relationships far outside their locale.
A more efficient option may be to add a related niche or two. Closely related niches might include:
- Wildlife
- Beach shots
- Families interacting with nature
By capitalizing on existing relationships with art directors, agencies and businesses, adding one or more of these niches will be very easy compared to getting established in the first niche. With a receptive group of clients in place, this is a truly rewarding way to leverage all your work to date.
One critical point to remember, however, is not to try to plunge into too many areas at once. By doing so you would risk diluting the credibility and respect you took so long to build. As tempting as it is to try to do “everything,” keep in mind that it’s way more satisfying and ultimately way more lucrative to limit yourself to a number of niches in which you can truly excel.
Happy Shooting!
Watch for upcoming posts as we describe how to use LicenseStream to power your niche stock business.
