In the first quarter of 2016 we saw the fastest growth we’ve ever experienced. In a time when many of our competitor’s sales are declining our sales are growing at a record pace.
Stock photography and video is an extremely competitive industry. We saw the potential after months of all consuming research back in 2008. Things have changed a lot since then but there is one thing that hasn’t changed, in our opinion. The potential to do well licensing stock imagery is still huge. Even with the market super saturated with billions of licensable photos and videos we think the potential now is just as big or bitter than it used to be.
To tap into these potentials takes a solid business plan and good strategies. We write a new business plan from scratch almost every year to help determine the direction we want to take our business. This year one of the main strategies we are working on is increasing our profit over time ratio (P/T ratio) by bringing 75% of our shoots right onto our own property. Another strategy that is making a huge difference is search engine optimization (SEO). What good is having thousands of pictures available for licensing on the internet if nobody can find them?
There are three other strategies we are focusing on in 2016 as well. Because they are, what we feel, the keys to unlocking our record high sales growth we aren’t sharing them yet. Because we find it important to help others in our industry improve we are open about how we do things. So check back for future posts and one day soon we’ll share more of what we are doing that has been working so well for us.
For now just keep this in mind, as technology improves exponentially so must your strategy if you want to get ahead.