We chose photography because Julian is a professional photographer, but this could be the product of any creative business.
Think custom icons or fonts if you are a graphic designer, audio tracks if you are a musician, recipes if you are a cook.
As we mentioned in the episode, your objective will be to find a model that funds an ongoing revenue stream. Most common, we see is giving away, for free, aspect, size or number of your product, which would lead to a possible upsell to a higher priced product.
Keeping with the example of photography, you could offer for free the smaller sized images of your work while charging a premium for larger, or high-resolution versions.
Another example is the model utilized by Viktor Hanacek of PicJumbo (no, not the one in stilettos, the business model!), where all images (in any size, even HUGE) are able to be downloaded for free, but for higher price points he offers:
- a 1000+ download (directly to Dropbox, all files labeled—talk about a time saver!)
- a premium membership that gets you all images from photo shoots, including hundreds not on PicJumbo.
Yes, Viktor is an incredibly skilled 22-year old photographer who has created a life for himself where he gets to travel the world and make a living doing what he loves to do. No, we don’t know Viktor, but yes we love to hate (oops, we mean admire) him!
Julian gave an example of his own where he will upsell existing clients on custom stock photography. Meaning, instead of paying (often) high-priced licensing fees for photographs that everyone else is using, Julian will spend a 1/2 day or full day on your premises, visiting your office, warehouse, factory, reception, etc., and provide you with a complete library of custom stock photography that you can use in perpetuity with no concern for licensing or copyright. As you might imagine these images can be used for marketing, website, brochures, career fairs, annual reports—the list is endless.
If you are not a photographer, but a graphic designer, musician or artist, can you think of a creative way that you can create a business model that provides for a smaller, no-cost version of your product but leads to your higher priced products or services?
- Tools of your trade