StickyAlbums has been used by thousands of photographers to book more clients. But what does that mean for you? How can you use StickyAlbums more effectively in your business? And how can you use it to make an impact where it counts — at the bottom line, with profitability?
It is helpful first to remind ourselves how profit is calculated. A little math is in order… but don’t worry, I’ll keep it basic.
Profit = Revenue – Costs
Revenue = Price X Quantity
Costs = Variable Costs X Quantity + Fixed Costs
Profit = [ Price X Quantity ] – [ (Variable Costs X Quantity ) + Fixed Costs
In this case, price is the amount of money you charge for a session. Quantity is the number of sessions you have – either with new customers, or repeat customers. Variable costs are costs that increase as you bring in more customers… for instance, the cost of printing proofs for your clients. And fixed costs are costs that don’t increase as you bring in more customers… for instance, the rent for your studio, or cost of your camera gear.
So now, the really cool thing to realize is that StickyAlbums can actually be used to positively affect profitability across the board — every variable that influences profitability can be improved by smartly using StickyAlbums in your business.
Here are the 5 ways StickyAlbums can be used to boost your profitability.
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Price – Increase Average Sale Per Client
From our conversations with customers we know that StickyAlbums is best used as a pull-through product. However, that doesn’t mean you can’t charge for it. Some of our customers are able to sell StickyAlbums for $200 or more. Other customers use StickyAlbums as an up-sell product to move clients into a higher pricing tier. These tactics work best when you put StickyAlbums on your pricing list, to establish value in your customer’s mind.
Quantity – Increase Existing Client Visits
Gifting a StickyAlbum to a client you haven’t seen in a year is a great way to surprise and delight them, and remind them to book another session. If you’ve already given a StickyAlbum to your client, did you know you can update albums after the fact and those changes will be automatically updated on your client’s phones? That means that during the holiday season you can add coupons to your client albums. Next time your client opens the app, the coupons will be added to their phone, encouraging them to book another session.
Quantity – Increase New Client Visits
This is what we mean when we say “book more clients.” By including your logo on your albums, and getting your albums into as many of your client’s hands as possible, you can get awesome word-of-mouth marketing through your clients sharing your photos with friends and family. Look at album views in the Builder to figure out which albums are being shared the most – and talk to those clients to understand why. If albums aren’t being shared, ask those clients why. The answers can help you figure out how to best make sure your albums are shared within your unique customer base.
Costs – Decrease Variable Costs
Many of our customers use StickyAlbums to boost revenue, but not all have figured out how to use it to reduce costs. Yet, StickyAlbums is perfectly suited to do just that. Take a look at your packages, and what you have included in your different pricing tiers. StickyAlbums can be used to substitute for higher cost products. For instance, swap out a printed album with a StickyAlbum in your package, and you’ll see a jump in your margins as your variable costs drop.
Costs – Decrease Fixed Costs
I’ve saved the most powerful profitability driver for last. What is your most important fixed cost? I would value it is the cost of your time. You have a limited amount of time to spend on your business everyday. So you should be looking at tools, tactics, and techniques to get the greatest return on the time you put into your business. StickyAlbums does just that – it boosts productivity and efficiency. They are quick to make, yet clients love them! That means you can use them to increase your pricing and bring more clients through the door.
Like many things in life, StickyAlbums by itself is not a magic bullet. You will get out of StickyAlbums what you put into it. We have customers who are making thousands and thousands of dollars every year as a result of using StickyAlbums – but they took the time to invest in learning the tool, understanding best practices, and figuring out how to best use StickyAlbums in their business.
Invest in learning how to use StickyAlbums in your business, and you can boost your profitability. You can book more clients.
And then, while you’re taking a vacation in Mexico this summer from all the extra profits you’ve brought in from using StickyAlbums, drop us a postcard and let us know. We’d love to hear from you!
How have you used StickyAlbums to boost profits in your business? What other approaches have worked for you?