EP 7 of 40 - Business Mastery Series | By Sandeep Maheshwari | Hindi

Business Mastery Series

20 Oct 202314:50

Summary

TLDRThe transcript discusses challenges faced by a wedding photography business owner who has recently started and is struggling with digital marketing and low sales conversions. The speaker provides insights on the importance of expertise in photography and marketing, the potential for high earnings in the industry, and the need for a compelling portfolio. Strategies such as establishing a virtual office, networking with photographers in Mumbai, and understanding customer needs are suggested to elevate the business. The summary emphasizes the importance of presentation, packaging, and leveraging psychological understanding to connect with clients and secure high-value assignments.

Takeaways

📸 The speaker is running a wedding photography business that has been started recently, about six months ago.
💻 They have been trying digital marketing to attract leads but sales conversion is not improving significantly.
💰 The speaker discusses the financial aspect of the business, mentioning an investment of 500 which brought in 15 leads, but with some being fake and not converting to sales.
🤔 The speaker is seeking advice on how to crack the business model and improve conversion rates.
📈 The importance of showcasing high-quality work is emphasized, as potential clients will compare the photographer's portfolio with others.
🔍 The speaker mentions the competitive nature of the wedding photography industry, with many options available to clients within their social and familial circles.
🌟 The need to stand out and offer something unique or extraordinary is highlighted to attract clients.
💼 The concept of a 'virtual office' is introduced as a cost-effective solution for operating without a physical office space.
📝 The speaker suggests creating a compelling visiting card and a strong online presence on platforms like Instagram to attract business.
🤝 Networking with photographers in Mumbai who work with celebrities and influencers is recommended to gain access to higher-paying clients.
🎯 The speaker advises understanding the client's exact needs and desires, such as capturing the best moments of their wedding, to tailor services effectively.

Q & A

What is the primary concern of the person running the wedding photography business?
-The primary concern is the low conversion rate of leads generated through digital marketing, despite investing money in it.
What was the outcome of the investment of 500 in digital marketing?
-The investment resulted in 15 leads, but some were fake and did not convert into sales.
What is the person's understanding of the potential in the wedding photography industry?
-The person understands that there is a lot of potential in the industry, with the possibility of earning an unlimited amount of money.
What is the issue with the quality of work being showcased by the person?
-The issue is that the quality of work being showcased is not of high quality, which may not impress potential clients.
What is the difference between photography and marketing skills mentioned in the script?
-Photography skills are necessary for taking good wedding photos, while marketing skills are required to promote the business effectively.
What is the significance of having a virtual office in Mumbai as suggested in the script?
-A virtual office in Mumbai provides a professional address, potentially increasing credibility and accessibility for clients in a major city, without the need for a physical presence.
What is the advice given for dealing with photographers who work with celebrities?
-The advice is to approach photographers who work with television celebrities and influencers, as they might be interested in additional business opportunities.
What is the importance of packaging and presentation in the context of the business?
-Packaging and presentation are crucial as they can significantly impact the perception of the quality of services offered and can help in attracting higher-paying clients.
What is the strategy suggested for dealing with clients who have a budget of 10-15 lakhs?
-The strategy is to understand the client's needs and expectations and to present a range of offers that match their budget and aspirations.
What is the concept of 'smart working' mentioned in the script?
-Smart working refers to the idea of being efficient and effective with one's work, even if it means taking longer to reach a certain level of success.
What is the potential challenge of clients visiting the office for meetings?
-The potential challenge is that clients may not be able to visit the office due to time constraints or distance, especially if they are from another city.

Outlines

00:00

📸 Challenges in Wedding Photography Business

The speaker discusses the struggles of starting a wedding photography business, including difficulties in increasing sales conversions despite investing in digital marketing. They mention investing a significant amount of money, such as 500, which only resulted in 15 leads with some being fake. The conversation emphasizes the need for high-quality work to impress potential clients and the importance of differentiating oneself in a competitive market. The speaker also touches on the potential earnings in the industry, mentioning that there is no limit to how much one can earn, and the importance of understanding the market and client expectations.

05:02

🏢 Establishing a Virtual Office and Expanding Network

The speaker outlines the concept of a virtual office, which provides a business address without the need for physical space. They suggest using this service to create a professional image and to handle mail and calls, which can be forwarded to a mobile number. The speaker then discusses the idea of visiting Mumbai to network with photographers and celebrities, aiming to establish connections that could lead to collaborations. They mention the importance of having a good portfolio and the potential to negotiate with photographers for referrals and commissions, thus expanding the business reach.

10:03

🚀 Strategies for Business Growth and Client Acquisition

The speaker provides insights into how to elevate one's profile in the wedding photography industry. They discuss the importance of presentation and packaging, suggesting that understanding the client's budget and preferences is crucial. The speaker emphasizes the need to match the level of the photographer's work with the client's expectations and budget. They also talk about the psychology of sales, the importance of building rapport with potential clients, and how to subtly influence their perception to secure business. The speaker concludes by highlighting the importance of continuous learning and adapting to succeed in the competitive market.

Mindmap

Keywords

💡Wedding Photography Business

This term refers to the professional service of capturing wedding events through photography. In the video, the speaker discusses starting a wedding photography business and the challenges faced in the initial stages, including low sales conversion from digital marketing efforts.

💡Digital Marketing

Digital marketing is the use of digital channels to promote products or services. The script mentions the speaker's efforts in digital marketing to attract leads for their wedding photography business, but expresses dissatisfaction with the conversion rates achieved.

💡Leads

In marketing, a lead is a potential customer who has shown interest in a product or service. The video script discusses the issue of generating leads through digital marketing, with the speaker investing money to acquire 15 leads but facing challenges with conversion.

💡Sales Conversion

Sales conversion refers to the process of turning potential customers (leads) into actual customers. The script highlights the low conversion rate as a problem for the speaker's wedding photography business, indicating a need for better strategies to convert interested parties into clients.

💡Portfolio

A portfolio is a collection of an artist's or photographer's work, showcasing their skills and style. The video mentions the importance of having a good portfolio to attract clients in the wedding photography business, emphasizing that it should reflect high-quality work.

💡Expertise

Expertise refers to a high level of skill or knowledge in a specific area. The script discusses the need for expertise in wedding photography as a skill that sets professionals apart and contributes to the quality of their work.

💡Pricing Strategy

Pricing strategy involves setting the price at which products or services are sold. The video script touches on the topic of how much wedding photographers charge, indicating a wide range of prices from thousands to millions of rupees, and the importance of understanding the market and client expectations when setting prices.

💡Market Potential

Market potential refers to the estimated size of the market for a product or service. The speaker in the video acknowledges the high market potential in the wedding photography industry, suggesting that there is significant room for growth and profit.

💡Customer Expectations

Customer expectations are the beliefs or anticipations customers have about a product or service. The script discusses the importance of understanding what customers want from a wedding photography service, such as capturing the best moments of their wedding day.

💡Competition

Competition refers to the rivalry among similar businesses striving for the same target market. The video mentions the abundance of options available to clients in the wedding photography market, indicating the need for a business to stand out from the competition.

💡Virtual Office

A virtual office is a service that provides a business with a professional address, phone number, and other office services without the need for a physical office space. The script suggests setting up a virtual office in Mumbai as a strategy to establish a professional presence and handle business operations remotely.

Highlights

Started a wedding photography business about six months ago.

Facing challenges with digital marketing and lead generation.

Invested 500 and received 15 leads, but conversion is not happening quickly.

Discusses the importance of showcasing high-quality work to attract customers.

Mentions the potential of the wedding photography industry and its profitability.

Talks about the difference between photography skills and marketing skills.

Suggests the need to find experts in the field to improve the business.

Explains the high charges in the wedding photography industry, reaching up to millions.

Discusses the margins in the business and the potential for high earnings.

Emphasizes understanding customer needs and providing exceptional service.

Suggests creating a virtual office in Mumbai to enhance business presence.

Describes the concept of a virtual office and its benefits.

Talks about the importance of packaging and presentation in business.

Mentions the strategy of meeting photographers in Mumbai for collaborations.

Discusses the idea of targeting a specific league of customers who charge higher fees.

Suggests creating a compelling portfolio to attract high-paying clients.

Highlights the importance of understanding customer psychology and preferences.

Concludes with the idea of smart working and strategic planning for business growth.