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Author Topic: Choose the right Exclusive+ and Photo+ files for iStockphoto  (Read 5819 times)

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« on: May 01, 2012, 06:28 »
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Thanks Tyler (leaf) for opening up a board for Stock Performer! We like the idea of using MSG as a place to share ideas and discuss thoughts on analytics issues and microstock sales in general.

Our latest blog article looks at when to put files in E+ or P+. We contributed our ideas here: https://www.stockperformer.com/blog/how-to-best-select-your-exclusive-and-photo-files/

So let me kick off the first discussion: Do you agree with our premise that files with high revenue per sale can cope with a price increase where as files with smaller revenue per sales would probably suffer from it?

Looking forward to your thoughts!

Luis


ShadySue

« Reply #1 on: May 01, 2012, 07:05 »
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I think the main consideration would be how unusual an image is / how difficult it would be to shoot similars, therefore being able to undercut it on the same site.

Also note that prices rose sometime between yesterday and today (at least exclusives did).
http://www.istockphoto.com/forum_messages.php?threadid=343279&page=1#post6661715
« Last Edit: May 01, 2012, 08:29 by ShadySue »

« Reply #2 on: May 01, 2012, 11:07 »
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When I left exclusivity (I had not participated in Exclusive+) I made the decision on what to go into P+ on the basis of sales rate - not revenue per sale. A big boost is getting 2 credits for the XS (given the volume of those, doubling the price is very good). I think anything that's a dime a dozen - a lucky best seller - is the most likely candidate to have sales drop off and thus not a good candidate.

I also think that E+ is much riskier than P+ - because the price differential is so huge, whereas P+ is just indie files at exclusive prices (it was, now they're actually cheaper than exclusive which is even better).

I did have a few files that were shot at the HQ 'lypse (and which couldn't be on other sites) so I put those into P+ too.

« Reply #3 on: May 02, 2012, 06:37 »
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@ShadySue: that's a good point. Offering a more niche product will allow you to push higher prices through.

But since it is not always possible to objectively identify whether an image has or has no competition, or whether it is niche or not, the suggestion is to base the decision on an easier to measure metric: revenue per sale. That's whether a file usually sells in large size or in small size. If it usually sells large, then you know that the file targets bigger budget customers which could cope with a price increase.

By using that method, you can focus on the numbers you have, which are measurable, and ignore all other aspects which are difficult to measure. Obviously, there is no 100% certain strategy, but I believe revenue per sale is quite a close and objective metric for this decision.

@jsnover: you are right that E+ is riskier than P+, since the price increase is very steep. But that should not put anyone off putting the files with best chances in those collections :-)

ShadySue

« Reply #4 on: May 02, 2012, 06:48 »
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But since it is not always possible to objectively identify whether an image has or has no competition, or whether it is niche or not, the suggestion is to base the decision on an easier to measure metric: revenue per sale. That's whether a file usually sells in large size or in small size. If it usually sells large, then you know that the file targets bigger budget customers which could cope with a price increase.


If a file sells large, that's a hint that it's being used in print rather than online, not necessarily that it's bigger budget customers who would be prepared to cope with a - what is now for exclusives, especially compared to indie prices - huge price hike.

As the price differential increases, there will be more and more buyers 'satisficing' with less expensive files. The question is how much they will be compensated for by those who will pay more for E+ and even E.

P+ as Joanne said, is a different matter - for now. The trouble is iStock requiring contributors to commit to a six month lock in period without revealing their plans/price hike/best match shifts for that period. With all the changes they can make, six months is a very long gamble in the fastmoving microstock world.

« Reply #5 on: May 02, 2012, 08:07 »
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All very good points :-) A lot has been said on whether people should participate in those collections and the impact it can have on their sales, on customers and on the industry. There are lots of opinions on whether to participate or not.

However, a few people have asked us at Stock Performer what we recommend them, to best add their files to E+/P+. So assuming you want to add files to E+/P+, what is the best strategy? Our blog post aims to shed some light on that issue and that is how we arrived to our premise.

To answer your first paragraph: If a file regularly sells large, then as you say it is being used for print. One cannot assume the customer will tolerate a price hike, but one can assume that the file does attract more revenue than others. So if I would recommend a price hike, than I would do so on those files, and not on the other ones.

wut

« Reply #6 on: May 02, 2012, 09:51 »
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But % wise, the biggest difference is with smaller sizes. They also sell the most. I feel pretty good knowing my XS files sell aat double prices, even though moneywise it makes a smaller difference than at any other file size

ShadySue

« Reply #7 on: May 02, 2012, 14:05 »
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But % wise, the biggest difference is with smaller sizes. They also sell the most. I feel pretty good knowing my XS files sell aat double prices, even though moneywise it makes a smaller difference than at any other file size
Especially given that today's printed photo might be wrapping tomorrow's chips, but photos on websites can be there for years.

« Reply #8 on: May 02, 2012, 14:44 »
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Luis and Oliver, what else?

great job guys!

ShadySue

« Reply #9 on: May 02, 2012, 15:55 »
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To answer your first paragraph: If a file regularly sells large, then as you say it is being used for print. One cannot assume the customer will tolerate a price hike, but one can assume that the file does attract more revenue than others. So if I would recommend a price hike, than I would do so on those files, and not on the other ones.
Fair enough, it's one way of deciding.
Alternatively, you might choose a file that's being sold many times, no matter at what size, as it's clearly a popular file, probably without any near rival/s. Someone who buys small sizes might have a good budget, but use images primarily online.

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