Videography and Photography Business Plan: “JoLens”

Videography and Photography Business Plan: “JoLens”

Business Proposal

JoLens is a new upcoming business that focuses on media of videography and photography. The company will bring a collection of creative people who need portfolios for their crafts such as acting, modelling, fashion, and music, among others. Technological developments have provided the artist with an opportunity to reach followers from different parts of the world. However, the lack of a platform where they can store their work poses a significant problem. JoLens will allow artists to access quality storage for best footage of their essential activities, a portfolio, media products, and high-quality photos. Consumers will access customization services, which will enable them to customize the work.

Business Plan

Artists and photographers require a platform where they can store their content. The demand for high-quality photos, videos, and songs remains high in the twenty-first century (Rekha & Kumar, 2017, p. 761). Even though people have a camera for snapshots and recording videos, JoLens will ensure that consumers receive professional quality media products. The business will ensure that artists deliver media that meets the needs of their consumers. Thus, the business plan for JoLens is to assist upcoming and experienced artists in meeting the professional needs their consumers.

JoLens’ mission is to help artists store their collections and improve the quality of the media they release to their consumer’s. JoLens will thrive on repeat business by developing strong relationships with clients. The management will make timely communication with customers to remind them about new products. Besides, JoLens will help the artists to improve the quality of their media and make them available in digital form. Being a sole proprietorship, JoLense will focus on customer satisfaction as the primary differentiating factor.

JoLens’ core objectives are:

• To generate justifiable and stable profits by the third second year of operation
• To develop systems of production for different media categories that can meet the needs of the users
• To establish a client relationship plan that will increase their level of satisfaction

The critical successes at JoLens include penetration in the target market and the development of healthy customer relations. The business will focus on preaching all artists by providing them with competitive solutions for storing and customizing their products. Besides, the firm will focus on ways of establishing long-term relationships with customers. Therefore, JoLens plans to attract and retain customers for the longest possible period.

Costing

The total startup cost for JoLens is:

Upfront deposit – £25

Photography – £20

Photo editing – £10

Videography – £50

Video editing – £10

New camera – £500-£800

A camera lens (24-105 and 50mm) – £200-£800

The upfront deposit will ensure the JoLens remains in operation when some clients delay to process payment. Having enough money for upfront deposit shields a firm from unseen financial risks (Eddie, 2019, p. 51). The central assumption is that £25 will be enough for JoLens to continue delivering services to the target consumers. Since the business is a new venture, the proprietor will cater to the money required for operations. The business owner will bear the responsibility of the debts and other financial obligations.

Market Research

The demand for professional-quality photos and videos remains high in the twenty-first century. A recent study reveals that most young people and adults with adequate digital literacy have a unique taste and preference to quality media products (Brunt, King, & King, 2019, p. 2). People prefer customized media content, which fulfils their social and psychological needs. This case implies that teenagers and young adults form the primary market target for the product. The exponential growth of big multimedia data results in high demand for high-performance video technology (Zhao et al., 2019, p. 4833). Artists have to ensure that their content meets the right quality to gain a competitive advantage. Customization tools for enhancing the quality of media products remain high in the global market and will continue to grow concerning technological developments. Therefore, the demand for quality photos and videos remains high in the current market.

The emergence of smartphones with quality cameras increases the market base for media of videography and photography. A rent study reveals that most people record videos and take photographs during vacations and other important life events (Dinhopl & Gretzel, 2015, p. 395). The trend makes videography and photography a viable venture in the twenty-first century. Such services allow people to store an extensive collection of media files and customize the quality. The competition in videography and photography market remains relatively low due to a high number of consumers (Satia & Wahab, 2019, p. 32). The situation favours startup firms who require little capital to make a reasonable venture. The ease of accessing consumers enhances the chances of growth and development. Therefore, the low competition level in the videography and photography market increases the ability of a new firm to grow.

Marketing Strategy

JoLens’ primary market target is educated people and artists who prefer professional photos and videos. Internet marketing is a suitable method to reach target consumers since they are digital natives (Belk et al., 2017, p. 432). Most of the elite people use social media platforms for communication. Marketing JoLens through the internet will help to reach most of the people. Thus, Internet marketing is a suitable method to reach the target customers.

Effective Internet marketing requires Jolens to leverage influencers. Successful firms focus on attracting a large number of social media followers (Wibisono & Hongdiyanto, 2017, p. 5). In this case, JoLens will find suitable influencers who can inform their followers about the new business. The approach will help the firm to reach millions of potential consumers at a relatively low cost.

Website and Social Media Platforms

JoLens will rely on social media platforms to interact with consumers. Facebook, Twitter and Instagram are popular social media site among teenagers and young adults (Shane-Simpson, Manago, Gaggi, & Gillespie-Lynch, 2018, p. 276). Instagram will allow JoLens to establish a personal relationship with customers and build a better mouth-to-mouth interaction. The visual aspects and simplicity of Instagram may appeal to many people. Facebook is a suitable communication channel that increases exposure to potential customers (Shane-Simpson, Manago, Gaggi, & Gillespie-Lynch, 2018, p. 276). Effective use of Facebook will enhance the ability of the business to build a community of consumers. Besides, Facebook will allow JoLens to benefit from the increased social capital. Twitter is an effective method of receiving instant feedback about services and products (Phua, Jin, & Kim, 2017, p. 412). Using Twitter for interacting with current customers can help to improve brand awareness. JoLens will manage to connect with people having a common interest. Therefore, Facebook, Instagram and Twitter are the most suitable social media platforms for the JoLens.

Business Card

Business cards are useful marketing tools for small and medium-sized entrepreneurs. JoLense will rely on attractive business cards as a way of presenting the brand to the consumers. Issuing business cards to customers will create a professional image and approach. The strategy will improve the competitive advantage of the business as more customers may wish to establish a close association. Including the slogan of the company on the cards will summarize the belief and values of the company. In this case, the management will use creative cards that appeal to the target consumers, who are young people. The last aspect that JoLens must consider is differentiation. This statement implies that the business card designed will be unique. Active research of the cards used in other institutions will lead to a suitable design. Therefore, JoLens will use a business card as a useful marketing tool.

Reference List

Belk, R. W., Caldwell, M., Devinney, T. M., Eckhardt, G. M., Henry, P., Kozinets, R., & Plakoyiannaki, E. (2017). Envisioning consumers: How videography can contribute to marketing knowledge. Journal of Marketing Management, 34(5–6), 432–458. https://doi.org/10.1080/0267257x.2017.1377754

Brunt, C. S., King, A. S., & King, J. T. (2019). The influence of user-generated content on video game demand. Journal of Cultural Economics, 44. https://doi.org/10.1007/s10824-019-09349-0

Dinhopl, A., & Gretzel, U. (2015). Conceptualizing tourist videography. Information Technology & Tourism, 15(4), 395–410. https://doi.org/10.1007/s40558-015-0039-7

Eddie, H. (2019). Losing your deposit. Property Journal, 50–52. Retrieved from https://search.proquest.com/openview/fb67715e2ff788eca2301ea35fa09888/1?pq-origsite=gscholar&cbl=2028821

Phua, J., Jin, S. V., & Kim, J. (Jay). (2017). Gratifications of using Facebook, Twitter, Instagram, or Snapchat to follow brands: The moderating effect of social comparison, trust, tie strength, and network homophily on brand identification, brand engagement, brand commitment, and membership intention. Telematics and Informatics, 34(1), 412–424. https://doi.org/10.1016/j.tele.2016.06.004

Rekha, B., & Kumar, R. (2017). High quality video assessment using salient features. Indonesian Journal of Electrical Engineering and Computer Science, 7(3), 761–765. https://doi.org/10.11591/ijeecs.v7.i3.pp761-772

Satia, F. B., & Wahab, D. A. (2019). Marketing services in the field of photography and videography using information technology. IOP Conference Series: Materials Science and Engineering, 662, 32–62. https://doi.org/10.1088/1757-899x/662/3/032062

Shane-Simpson, C., Manago, A., Gaggi, N., & Gillespie-Lynch, K. (2018). Why do college students prefer Facebook, Twitter, or Instagram? Site affordances, tensions between privacy and self-expression, and implications for social capital. Computers in Human Behavior, 86, 276–288. https://doi.org/10.1016/j.chb.2018.04.041

Wibisono, R. F., & Hongdiyanto, C. (2017). The marketing strategy for the growth of Beu photography and videography using 7P. DSpace.Uc.Ac.Id. Retrieved from https://dspace.uc.ac.id/handle/123456789/1183

Zhao, L., Wang, S., Zhang, X., Wang, S., Ma, S., & Gao, W. (2019). Enhanced motion-compensated video coding with deep virtual reference frame generation. IEEE Transactions on Image Processing, 28(10), 4832–4844. https://doi.org/10.1109/tip.2019.2913545

‌