Like the people who run them, businesses are subject to “life cycles”—growth stages that require management strategies appropriate for each period of its development. When you understand the nature of each life-cycle stage, as well as the appropriate operational strategies to apply to it, you are far more likely to become a successful business manager. Following is a brief description of the business life cycle characteristics and appropriate operational strategies for each:
Infancy
Characteristics: A time for learning about a brand new environment.
Appropriate Operational Strategies: A business does not actually exist yet. The aspiring business person gains experience working part time for himself or as an employee. Risk should be avoided at this early stage of development.
Childhood
Characteristics: Aspiring business person begins to operate in an unfamiliar environment that is filled with potential dangers. Many new skills must be learned all at once, and frustration is often the result; however natural enthusiasm for the "new toy" usually overcomes this frustration. Initiative begins to form, but the process is messy. Emphasis is on "what's fun," rather than "what's smart," which often leads to investment being made without thought of eventual profit. Community knowledge of the business exists only through word-of-mouth.
Appropriate Operational Strategies: A support network is essential. This includes: income support / professional association networking / industry vendor networking / local business networking / education in all areas of business management. Emphasis must be on access to "practice" subjects.
Adolescence
Characteristics: Some community awareness of the fledgling business now exists. The business owner now begins to recognize industry success paths, but much remains to be learned, so work load seems never-ending. Growth comes in spurts that often are hard to manage, and many starts and stops are experienced. Awareness of need to do "what's right for the business" is now formed, but still conflicts with desire to do "what's fun." Business investment now accelerates, but profitability is still in question.
Appropriate Operational Strategies: Goal-setting becomes critical to success. Emphasis must be placed on developing a fully formed business concept. Education and networking remain vital, and businessperson is likely to require the assistance of at least a part-time employee. Efforts to identify and reach potential target market must be redoubled. Establishing sound business management principles becomes critical. Financial controls are essential. Identifying and working with knowledgeable industry mentors becomes vital. How business stresses are handled in this period is the most important indicator of future success.
Adulthood
Characteristics: Having successfully negotiated the ups and downs of adolescence, the business is now on track. The business owner knows what works and what doesn't; resources are available to exploit opportunities. The business is now at the strongest point of its development; it is known and well regarded in the community. Others who aspire to work in the same industry point to it as a model and begin to copy its methods.
Appropriate Operational Strategies: No longer growing at the rate of adolescence, profitability must be monitored carefully to understand financial opportunities, pitfalls, and trends. Resources must be managed to prevent over-investment, but also to maintain long-term viability. Business concept must be constantly refined, and business planning must look to the future and not to the past. Business owner and employees must embrace creative challenges to keep their business enthusiasm fresh. Threats from eager competitors must be overcome. Financial considerations must be made for future retirement and/or business succession.
Old Age And Decline
Characteristics: All aspects of business—from financial performance to levels of creative enthusiasm—begin to wane. Facility, props, photography style, and products appear dated. Business viability is threatened by this inertia and from the aggressive efforts of competitors.
Appropriate Operational Strategies: "Reinvent" the business or implement a business succession plan before it is too late.
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Package Websites
Package Sites are the perfect solution for photographers whose goal is to create an impressive web presence with only a small investment of time and money. Package Sites feature a variety of Flash and HTML designs created with the professional photographer in mind. Simply choose your favorite template, then provide Marathon with your images and text, and your website will be up and running in about two weeks! All development is managed by Marathon’s team of professional web designers, so you can be assured of a great-looking, well-functioning, attention-getting website. Learn more about Marathon's Package Websites or Contact a Marathon Websites & Services Representative today at 800/228.0629
Thanks to Derrick Pierce Photography for providing the images seen in the sample site. The song "Don't You See" is provided courtesy of BruceTunz. Thank you!
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Targeting An Appropriate Market
No matter where a business is located, it will succeed only if it has access to suitable clients. Prospective clients of an appropriate market population must have the following characteristics:
- Possess a need or want that you can satisfy efficiently.
- Be willing to consider your products or service.
- Have the financial means to purchase what you sell.
When considering a target market, you should ask these key questions about it:
- Is it large enough for you to do a satisfactory volume of business?
- Is it reachable, and how?
- Is the market segment measurable in terms of the sales results achieved?
If the answer is yes to these questions, then it is a reasonable market to consider.
Defining “Ideal Client” Characteristics
Once you have decided what type of clients are likely to benefit from your business concept, learn all you can about the characteristics of so-called “ideal clients” within each market you wish to attract. For example, if you are targeting upscale parents of young children for a family and children’s portraiture business, the mother is likely to be your ideal client so you’ll want to know the answer to these questions about her behavior:
- Where does she live?
- Does she work outside the home?
- What are her favorite personal activities?
- Where does she shop?
- What professionals, such as obstetricians and pediatricians, does she use?
- What does her husband do?
- Where do her children go to school?
- What are her favorite family activities?
- Does she belong to community organizations?
- Is she active in her church, synagogue or other religious institution?
- How would you describe her personal style?
- What does she value in terms of emotional, physical, social, and material needs and wants?
The more of these characteristics you can identify, the more clues you will have to begin structuring marketing strategies to attract her to your business. The more you know about your ideal client, the easier it will be to put yourself in her position. That way you can recognize what type of products and services she expects and what types of marketing strategies are likely to connect with her. The more you can see through her eyes, the easier it is to assure that your business concept is relevant to her life and that your marketing strategies and materials will succeed.
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Featuring:
- Video Entry Page
- Customizable Background image and website colors
- Thumbnail Galleries with Automatic Slideshow
- Stylish Header Fonts
- Dropdown menu
- HTML Package Website is $495 and comes with 6 Gallery pages and 2 Information pages
Package Websites
Package Sites are the perfect solution for photographers whose goal is to create an impressive web presence with only a small investment of time and money. Package Sites feature a variety of Flash and HTML designs created with the professional photographer in mind. Simply choose your favorite template, then provide Marathon with your images and text, and your website will be up and running in about two weeks! All development is managed by Marathon’s team of professional web designers, so you can be assured of a great-looking, well-functioning, attention-getting website. Learn more about Marathon's Package Websites or contact a Marathon Websites & Services Representative today at 800/228.0629
Thanks to Weisheit Photography for providing the images seen in the sample site. The song "Gotcha By The Soul" is provided courtesy of BruceTunz. Thank you!
Video is created using Animoto. Read more about our special offer.
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Selecting and Understanding Your Target Market Different
Different types of photography attract vastly different types of consumers. The interests of a bridal couple looking for a wedding photographer are poles apart from what is appealing to parents who wish to have their new baby photographed. Marketing experts group consumers into “market segments” according to specific personal, behavioral and purchasing characteristics. Market segmentation allows businesses to target ideal consumers by varying their approach to the Marketing Mix (Product, Promotion, Place and Price) to more nearly address the needs and desires of these specific consumer segments.
Marketing to Women
Market research suggests that businesses get a higher return per customer when they invest their marketing dollars in promotions directed specifically to women. Even though women make up 51 percent of the population, financial experts suppose that they represent roughly 80 percent of the country’s purchasing power because they strongly influence decisions that affect household spending.
A 2006 survey conducted by Professional Photographers of America echoed what most savvy portrait/wedding studio owners have always maintained: Women represent at least 80% of the market for portrait and wedding photography. They are, at the very least, the initiator of the decision to purchase photography. More often than not, they also are involved in the final purchase. Since women represent the largest segment of consumer–driven photography purchasers, it is important to understand that women react to marketing messages differently from their male counterparts. In her 2001 landmark book, You Don’t Understand, Dr. Deborah Tannen brought gender differences in communication style to the forefront of public awareness. Two of Dr. Tanner’s key findings are that “Seventy percent of women learned about a product from someone who owns one,” and “Women consumers speak and hear a language of connection and intimacy, rather than a competitive language of status and independence.” Obviously, this understanding must play an important role in how you market to women. Your first task, however, is to identify important characteristics of your ideal consumer—male or female—within the market segment(s) with which you wish to do business.
Defining Market Segments
The practical implication of identifying and understanding specific market segments ultimately is expressed through the marketing strategies a business adopts and the style of marketing materials it uses to execute those strategies. In the marketing materials shown, created by Jeff and Julia Woods of Washington, Illinois, you can see clearly the stylistic difference between the mailer they use to attract prospective wedding clients and the one they direct to high school seniors.
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Featuring:
- Unique 5 panel homepage slideshow
- Distinctive menu and header fonts
- Thumbnail AND Slideshow functioning galleries
- Plenty of little design touches you’ll just have to see
- Customizable Background image and website colors
- HTML Package Website is $495 and comes with 6 Gallery pages and 2 Information pages
Package Websites
Package Sites are the perfect solution for photographers whose goal is to create an impressive web presence with only a small investment of time and money. Package Sites feature a variety of Flash and HTML designs created with the professional photographer in mind. Simply choose your favorite template, then provide Marathon with your images and text, and your website will be up and running in about two weeks! All development is managed by Marathon’s team of professional web designers, so you can be assured of a great-looking, well-functioning, attention-getting website. Learn more about Marathon's Package Websites or Contact a Marathon Websites & Services Representative today at 800/228.0629
Thanks to Victoria's Portraits for providing the images seen in the sample site. The song "Each and Everyday" is provided courtesy of BruceTunz. Thank you!
Video is created using Animoto. Read more about our special offer.
Categorized In:
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Tiia commented on February 10th, 2010
This is such useful information and helps me to understand that it's normal to feel the way I do in the 'adolescent' stage and to not give up- it's so helpful for this to be defined as part of the natural growth of a business.