When I first started out in photography, or in any business for that matter, I always thought that more is more and less is less. And I’m not talking about in terms of photos per blog post – less is more type of deal. I really mean it.
A fellow photographer Brian Adams emailed me an article about a donut store in Chicago called, “Doughnut Vault.”
Being a foodie, I clicked. It was really interesting…
I’ve been following their Twitter account and they sell about 400 donuts a day. And when they’re out by 10AM, they’re out.
Doughnut Vault / Photo: Jeremy Bolen
Logically speaking, if your donuts taste so good, why not fry more dough? Equally speaking, if you’re free in December, why not book another photo session?
1. Scarcity Lends Value
So, the obvious strategy is scarcity, yet there are so many businesses that do not apply it. Perplexing isn’t it?
Scarcity isn’t only about limiting the number of items you sell or sessions you book. The strategy could be repurposed to a whole slew of ways to create value.
For example, limit the number of hours you offer for photography. However, over deliver by staying longer. Clients will appreciate it a lot. It’s the same thing if you offered the extra hours to begin with, but the feeling is different.
Fun stuff, eh?
2. Scarcity Lends Freedom
In addition to value, scarcity lends time – a luxury that we take for granted.
I was at a mall buying a new watch when a friend brought up an interesting revelation. “When we were younger, we had lots of time, but no money. Now that we have money, we don’t have time.”
When you have free time [to reflect], you’ll actually gain more clarity in decision making. Ergo, you’ll actually be more successful in business with better executions. And luckily, photography lends that luxury that many seek.
Freedom to live.
3. Scarcity Lends Happiness
With the spare time gained, share your craft.
“Everyone’s given an art. Use it to make the world better. And as an unintentional result, you’ll feel happier.”
-A local middle school orchestra teacher
We’re all photographers. Share your craft – even if for free. Whenever I travel, I’d gladly take photos for others with my camera and send the high resolution when I get to my hotel. They’re always thrilled.
I’m not supporting Liberty Mutual in any way, but their commercial epitomized how paying it forward makes everyone happier.
- How do you use this luxury? Comment below.
- If you’ve enjoyed this post, please share it with your friends via Twitter, Facebook and +1!
Sincerely,
Lawrence Chan
P.S. My buddy, Kenny Kim, just published his second book. I wrote a review here.
P.P.S. Some nice reviews of my pricing and packaging e-book!
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[...] P.P.P.S. New article just posted – 3 Reasons Why Selling is is Making More! [...]
With my spare time, I eat, read and travel.
Great advice and so true! I travel. I have a challenge to see how many countries I can visit before my time is up.
OOhhh, this post has got my idea wheel spinning! Thank you!
True stuff. Great read too :)!!
You have yet posted a word that I haven’t been impressed with! You are a great person to offer your information so openly! Your e-book is one of the most useful I’ve yet to purchase and not only that you offer it at an affordable price. I thank you immensely for sharing your brilliance!
Thanks for this great article Lawrence! You always give me so much to think about and so many ways to improve the business side of my business. I will definitely take this article to heart; particularly as I plan my schedule for the fall.
I especially love #3 and what you said about sharing your skills for free. My clients are always surprised when I give them tips on how to improve their own photography. Rather than being worried that an improvement in their photography might make me obsolete, I have confidence that such helpfulness creates loyalty from my clients. I have a lot of repeat business, year after year, so I guess my strategy is working.
Anyway, thanks for all of your wonderful and helpful insights – and sorry for not reposting on Facebook, but I don’t want all my clients who follow me to know what I’m plotting when I tell them I have limited availability for the fall.
I appreciate the love, Carolyn! And I totally understand and agree – know your audience. Can’t mix the two :)
Hi Carolyn! I totally agree with helping out your clients or other guests at weddings or other photo sessions (like newborns or family portraits) with improving their photography. When other photographers ask me for advice, I am more than happy to help them too! I believe that helping others improve their craft is not a threat to my business, instead I think it actually helps the industry. The higher the quality of photography, the higher the prices can climb – win win for everyone.
Thanks Lawrence for sharing this!
Makes sense to me. Creating demand for yourself is genius. If I’m only available at certain times, people will be booking me way in advance to be sure they are one of the lucky few… hopefully ;)
Great stuff Lawrence! Except don’t use the scarcity thing on your blog post, like only the first 100 people get to read it and then you delete it
:)
Brilliant points. Thanks for sharing.
Great thoughts~ Being from Chicago- I’ve heard of the doughnut vault- but have never had them yet…I’ll get them for you and ship them out! hmm on second thought I don’t think they’d last. I’ll just eat them for you. =)
Thanks for sharing!
Thanks for the offer! I’d gladly go out there and have some with you. Maybe soon!
Hope all is well for you!
Always intriguing sir…brings me back to the discussion from your WPPI MC – I know I have those notes somewhere…if only I had the luxury of time to develop and grow my business! Implementing boundaries now. Thanks for another great post!
I truly understand! The Liberty Mutual Commercial really bring it home for me. A friend just informed me of this blog and she is right great information. Thanks for sharing!
Great article Lawrence!!
Lawrence, I always look forward to your posts.. Thank you!
Hi Lawrence, I always love your blog and couldn’t agree more with post. I have always limited my availability. First for the sake of my sanity but eventually for the perception and the value of scarcity as you mentioned. I have found that it is the key for me as far as life and business go. On a side note, I’ve been meaning to ask you this marketing question which maybe you’ve answered somewhere previously and if so just point me in the right direction… I got this email recently from a friend saying “Free advertising couldn’t hurt, the more the better…” with a link to a new wedding site in my area looking to get people signed up for their free listings and of course for the upgraded listings. I am sure the free listings do not include hyper link, just fyi . So I wonder, is it really all good or should I be more careful about which sites I decide to be associated with, the other vendors associated, the brand, the audience, etc.? What do you think?
Hi Angel,
Thank you for your continual support!
I’ll answer your question with a question. Would you want your site to be listed on a racial, bigot, spam-like, nude, etc. related websites?
Brand association and listing is to a certain extent an endorsement of said site, service, company. Therefore, you decide. Does it enhance or damage your image?
Hope that helps,
Lawrence Chan
hmmm, yes good question. I feel like the problem I have time and again is these wedding planning websites that want me to list and it feels like a grey area -especially if they are new and still building vendors… I realize the seo benefits and of course the listing itself but I have a hard time figuring out if they are targeting the same brides I am or if they have a target or if it matters. These sites are really not where my clients usually come from anyway so it’s not something I’m losing sleep over just a question I figured was perfect to ask you! I guess it will just require a closer look. Thanks!
OK, so, I will apparently be the first one to question you (at least on THIS post). ;)
But… I suppose this post is aimed at the more established businesses out there? Because I, for example, could NEVER (at this point) turn people down, or only shoot on Thursdays, or only take one shoot a week and call it a day. I’m only several months in and battling the “does-anybody-even-know-I-exist” blues.
Good point. Read Sarah’s story in this article –
http://tofurious.com/2010/11/secrets-on-how-to-handle-discounters/
Thanks for sharing this story…it really does make sense I like the tactic of offering more at your convenience and making the client feel like a million bucks! Your blog has been really helpful and amazing!
Lawrence, I just wanted to say thanks so much for a great article! I happened across it earlier this year through a link someone had posted on LinkedIn.
The idea of less is more is something that I’ve been pondering for many months and your article was another source of further inspiration. I very much agree that scarcity lends value and I loved your example of the Doughnut Vault.
If you’re interested, I recently wrote up my thoughts in my own blog and featured your article:
http://www.mattstocker.com/blog/choosing-toothpaste-shouldnt-be-this-complicated/