Step Two: Basic Market Research

If you’ve narrowed down your focus, you’ve also narrowed down your list of competitors. So now it’s time to find out who your competitors are and discover what they do similarly and differently than you. It all starts with keyword searching your genre (e.g. wedding photography). Then, ask yourself and answer the following question:

  1. Is there a market demand for your product?
    1. Existence of customers (good)
    2. Success of competitors (ideal)
    3. Industry statistics (tough to rely on)
    4. Remember that large companies can create demand or change behavior, but small companies more often follow demand and existing behavior. Disruptors are exceptions to the rule. Capturing photos, however, is not a disruptor.

You also need to determine whether your competitors pose direct or indirect competition. While other photographers may compete as photographers, they may or may not offer the same products or styles of products (such as light and airy wedding images vs. dramatic lighting images). To do this, search for the following:

  1. (Area) Genre/sub niche | Los Angeles Wedding Photographer

Then, do the following:

  1. Document the results in your workbook
  2. Expand keywords
  3. Repeat until you’ve added 10-20 competitors in your workbook (02_Competition)

For each competitor, attempt to answer the following questions:

  1. Consistency/quality (objective)
  2. Starting price (minimum)
  3. Average price (low + high / 2)
  4. Yearly # of commissions (blog)
  5. Estimated annual revenues
  6. Unique offerings/details

Try not to spend more than 15-30 minutes max researching each competitor for no more than one day (8 hours).

Finally, continue to the S.W.O.T. analysis.

CHAPTER ONE

CHAPTER TWO

CHAPTER THREE

CHAPTER FOUR

Total Course Run Time: 7H 50M 44S

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