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Maximising Earning Potential in a Mature
Microstock Marketplace
Bob Davies
Who am I?Microstock Illustrator & (Occasional) Photographer
Who am I?o Blogger & software engineero Microstock sites/toolso 5 browser add-onso 2 wordpress plug-ins
My Philosophy
PragmaticRational
Responsible
Goals
o View microstock industry as raw datao Find your place in the industryo Develop your portfolio
o ContentoWorkflowo Reach
Maturing Microstock
Eng: Maturing Microstock
Maturing Microstock
o 2002-2005: Microstock emerged Few agencies Dollar-prices The long-tail emerged
o 2005-2009: Microstock developed More newcomers Upward and downward price pressures The long-tail was easily recognised
Maturing Microstock
o 2009-????: Microstock matures LOTS of competitors Buyouts, mergers and partnerships Premium micro-content earns promoted pricing
• Up-selling takes centre-seat ‘Reach’ opens niche markets The long-tail is now VERY head-heavy
Is the long-tail everywhere?
The long-tail is everywhere...
The long-tail rules
o This is the 80/20 rule visualised
o Your position in the head/tail matters...
o There is no ‘real’ average The head is better for any ‘one’ The tail is good for any ‘many’
Where are you?
Developing your portfolio
Fundamentals
o Research and preparation are criticalo Objectivity goes a long wayo Quality is greater than quantityo Conversion rates earn statuso Monitor, revise and renew
The Thought-Model was:
sell
MOREphotos
The Thought-Model is now:
sell
MOREPHOTOS
Future Thought-Model:
SELLmore
PHOTOS
SELL more PHOTOS
o Analytics & Self-awarenesso Targeted Production
Shoot for your market Accurate and relevant metadata Agencies/photographers markets must ‘align’
o Marketingo Up-sell your marketo Change your workflow
Typical Workflow was:
Shoot
Prepare
Upload
Earn
Workflow MUST become:
Research
Shoot
Prepare
DistributePromote
Analyse
Review
Aspects of the image (then)
o Early microstock Images were rough Lots of opportunity for everyone Few barriers-to-entry
o Recent developments Higher quality is necessary Less space in the market Production costs are increasing
Aspects of the image (near future)
o Lifestyle & ‘rich media’ contento Broader internationalised contento Content quality will improve ever moreo Expansion into footage is wiseo Room for niche collections is growingo New technology makes brings new imagery
o Your style needs to be original, and definitively your own
What to actually shoot?
o What is a picNiche rating? Conversion against competition Oversupplied topics rate low Undersupplied topics rate high Not a perfect measure, but a good indicator
• Search volume data is an issue
o What I’ve learned from picNiche data...
Downward Trends: Animals
Downward Trends: Business
Downward Trends: Female
Downward Trends: Male
Downward Trends: Family
Downward Trends: Seniors
Downward Trends: Seasons
Downward Trends: Positive Emotions
Downward Trends: Objects
Downward Trends
o Downward trends are ALL due to Increased competition
o Don’t waste your time...o If you plan to produce any of these topics:
you must be GREAT already ...and improve to become AMAZING!
Upward Trends: Places
Upward Trends: More Places
Upward Trends: Music
Upward Trends: Energy
Upward Trends: Gay Lifestyle
Upward Trends: Negative Emotion
Upward Trends: Random Selection
Extra Opportunities:These are moving down, but still have room for sales:
Financial planning
Lost puppyWater sports
Under construction
Medical imagery
Social media
Server hardware
Tech. infrastructure
Rare animals
Boxing
Bonsai
Hacking & Security
Life insurance
Hockey
Lacrosse
Drugs & Alcohol
Ninja
Juggling
Dolphins
Cheerleading
Children’s pastimes
‘Real’ dancing
Mortgages & Loans
Sports coaching
Horse racingMaps
Traditional Asian culture
Fossils
Scientific principles Active workers
Magic
Angels
Upward Trends
o Upward trends exist mainly because of: Image-buyers in emerging markets Higher expectations from existing buyers New fashions in imagery
o Few topics currently upward trending
o More generally...
General Topics to Shoot
o Alternative lifestyleo ‘Luxurious’ life imageso Exotic locationso People at work and play (active, not staged)o Highly-styled and culturalo Footage with the same focus as successful imageryo 3D-imagery
o These topics won’t stay the same for long...
Stay Ahead of the Curve...o Research and review are critical
Plan each production Assess your market’s needs
• Read what they blog/write about• Follow their news• Use Google image-search / TinEye / PicScout
Maximise your reach Check the return-on-investment and most importantly...
InnovateCollaborate
Communicate
The Future for Microstock
Tough for Photographers...
o More competition from new photographerso Aggressive positioning from lead photographerso More discerning buyerso Changing styles in demando Slimmer marginso More involved worko Higher quality requirements
Not Much Better for Agencies...
o More competition from new agencieso Aggressive market positioning from top agencieso More discerning buyers o Changing styles in demando Slimmer marginso More marketing worko Higher quality requirementso More complicated third-party relationshipso More upset photographers
It’s not all negative
o Countless image buyers remain to be up-sold
o More people online in non-western nations
o Some Agencies becoming more forward-thinking
o Photographers and agencies doing well now have little chance of failure
Questions?
Bob Daviesbob@picNiche.combob@picWorkflow.comTwitter: @bobbigmac
Blog:http://blog.picNiche.com
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