The state of the economy ALWAYS affects ANYBODY doing business - to a greater or lesser degree with products over service, independent businesspeople VS corporate level and any of the variables between.
That being said, IMHO business for the Independent Professional Video Services Provider who focuses exclusively on one product (wedding video production, for example) and said chosen service focus being heavily saturated (primarily the wedding video production market, with a few close runners up) is facing more overall difficulty in balancing income levels with the current state of the economy. More so than with independents and even small INC or LLC operations with additional overhead and employees to support who offer a diversity of services and product.
For the longer-established video business people who have had sufficient time to develop a larger client base and experience great return business, renewable business and customer loyalty due to quality services and products, the need for review of their current business plans and operations may not be as strong. But all of us in business, especially in a weaker economy, depending on our field of operations, face the need for flexibility, establishing higher marketing and advertising budgets (when we have the least funds for doing so) and finding ways to not only reduce our costs of doing business, cutting corners where we can, with the exception of quality of services and products, reducing staff, even (gasp) letting go of that business office or storefront lease and bringing the operation back to the small office, home office environment and either expanding or reducing the scope of our reach and operations and services and products.
We have to constantly be aware of the shifts from consumer product focus to consumer focus on services and back again to product; what the market will bear; what is in demand; what is not; as in Kenny Rogers "The Gambler" know when to hold 'em, know when to fold 'em.
While a significant portion of my annual video production income is derived from funeral and memorial services (a HUGELY under-served and under-saturated video market community) SEE "They Shoot Funerals, Don't They?" I've had to flex the plans and levels of services offered in order to keep growth or even sustain my bottom line. Of course I do more, being a diversified video services and production operation, but my primary business income producer has required vigilance (not from the competition, but simply from economic needs and standpoint) to keep up with what those in the funeral services industry are willing to pay, charge or accept as a base line product.
I've had to offer lower-priced products and services with the thought that while many will continue to go with the ultimate production package, others who actually want, need and desire video services and products of some kind in regards to their funeral program plans, will go with a more palatably priced option. I've had to adjust what I will do for how much, and how much less I will do for how much less I'll make.
In the above AS WELL AS other areas of video production services and products I've had to make ongoing adjustments, and not only depend on people discovering these new, revised, more affordable options, but adjust my marketing and advertising strategy to make sure "economics minded" persons are aware that they have new, affordable and equally valuable options to consider.
I STILL have to make people who have computers with basic editing and photo working software, and all matter of handycams, videocams, camcorders, cameras, digital still camera and DSLRs or whatever, that I as a professional can do a better job quicker and more affordable than they can as hobbyists - usually and especially when they have to factor in time, frustration and other costs involved with the process of which they have no concept. I STILL have to make the consumer aware of, and acceptable to, the fact that in the long run I can save them money AND deliver a better product usually in half the time and none of the headaches.
These are a few, but there's more, and those of us who survive economic downturns or even blaze ahead profitably during them, nearly always have to keep our fingers on the pulse, the very heartbeat of our business, the business community we serve and know what to do almost, it seems, before the world-at-large knows they need to consider.
Such is the nature of business - good times or bad. I try to help and address many marketing, production and other skills for ALL videographers, beginning, amateur, hobbyist or professional, in my video marketing and production blog, since 2004, E.C. Come, E.C. Go
