Sustaining Success in a Weak Economy

August 26th, 2010 by Elizabeth Beskin | Share Blog

5th Avenue Digital recently hit its two-year anniversary.  There were no celebrations – we’re too busy working!  But the occasion gave us a reason to pause and think about how far we’ve come in the two years we’ve been operating as our own entity.  I thought our blog readers might be interested in what’s happened since separating 5th Avenue Digital from Sarah Merians Photography, and what we’ve done to keep our business viable in this weak economy.

Over 10 years ago, while still a part of SMP, 5th Avenue Digital started by doing corporate photography, and we continued to focus on this segment after the split.  However, we soon realized we’d need to expand beyond this rather narrow market.  The companies officially separated shortly before the start of the economic meltdown.  Subsequently, the corporate work (particularly with our larger clients, Lehman Brothers and AIG) dwindled drastically.  We knew then that we’d need to regroup, find ways to reach new market segments and develop new offerings, if we were going to survive.

While the market has yet to truly rebound, we’ve been able to stay in business because we looked beyond our initial scope.  We now provide top-notch photographers for weddings, mitzvahs and other social events, offering a flexible range of talent, rates and services.  By offering these services at hourly rates, we differentiate ourselves from our competitors, and we’re meeting the demands of today’s consumers, who want tailored services to match their specific needs.  check out our  website for our social photography business.

We’ve also developed new products for our corporate and social clients, most notably YouBooth, our streamlined, modern version of the photo booth.  Most of our clients (especially event planners) prefer to keep things simple, working with as few vendors as possible.  By providing another service they may previously have sourced elsewhere, we’re able to be more of a one-stop-shop for all our clients’ photographic needs.

As any shrewd business person knows, thriving in this sluggish economy takes more than talent and drive.  Being a successful business owner also requires the ability to analyze and respond to the ever-changing dynamics of today’s marketplace.  And we don’t do it alone.  With help from my industry colleagues, family and friends, we plan to push forward and make the next two years even better than the first two.

Thank you, Howard Givner for the ispiration for this post on your thought provoking blog,  and thank you to all the industry professionals that have supported our growth and trusted us with your clients!  Lastly to my incredible team in the office and the photographers that work with us:  Thank you for working as hard as you do to see this business thrive!

What steps have you taken to survive in today’s economy?  I’d love to hear your stories so we can all share in each other’s successes, and we can all help each other thrive.