Author Topic: iStockPhoto has hired the Boston Consulting Group (Read 22033 times)

Pinocchio · « **on:** March 12, 2013, 17:50 »

An outraged buyer started this thread http://www.istockphoto.com/forum_messages.php?threadid=352131&page=1 and after a couple of posts Lobo confirmed that iStock/Getty has hired one of the top strategy consulting firms. Firms like this are usually hired by senior management; they are not hired to conduct "surveys" - they will do a lot with the input gathered in the course of the survey.

Having worked for other consultancies who operate at this level of seniority in client companies, it seems to me this effort may be getting off to a troubled start. But it does indicate that someone very senior is asking questions and hoping BCG can deliver answers, so it's a significant development. It is very probable that BCG was hired by Getty, or, at the very least, with Getty's approval.

Regards

cthoman · « **Reply #1 on:** March 12, 2013, 17:57 »

Kind of a weird delivery method. I would have just deleted an email with a random survey from some company I've never heard of. I would think that is what most people would do.

Mantis · « **Reply #2 on:** March 12, 2013, 17:58 »

I think it's obvious why they leveraged BCG, but the bigger question for me anyhow is are they doing it because they don't understand the market after all? It would be my hope that the education they get is related not just to buyers but how they treat contributors can affect buying decisions. Anyone have any fairy dust I can borrow?

Sean Locke Photography · « **Reply #3 on:** March 12, 2013, 18:05 »

I got the mail, and there was no indication who it was initiated by, outside of BCG. Plus, they said they are giving away 100 iPad minis, which at first said 'scam!' to me. That's $33,000 just to elicit responses!

Pinocchio · « **Reply #4 on:** March 12, 2013, 18:08 »

Quote from: sjlocke on March 12, 2013, 18:05

I got the mail, and there was no indication who it was initiated by, outside of BCG. Plus, they said they are giving away 100 iPad minis, which at first said 'scam!' to me. That's $33,000 just to elicit responses!

I guess we live in the land of irony.... You should frame the e-mail - seriously.

Regards

picture5469 · « **Reply #5 on:** March 12, 2013, 18:11 »

They need to spend that kind of money to work out their problems - why, they could just read some of the forum posts here, the're free!

I wonder if the consultancy firm are working on 15%?

gostwyck · « **Reply #6 on:** March 12, 2013, 18:17 »

They could have hired me (or any of m'learned friends on MSG) to tell them what they were doing wrong ... in about 15 minutes ... and for free. In fact we have all spent our precious time doing so, innumerous times, on their own forum but they chose to take no notice. Then they wonder why sales are falling off a cliff. You really couldn't make this stuff up.

cobalt · « **Reply #7 on:** March 12, 2013, 18:20 »

If their admins were active in all commercial social media boards including their own forums, msg and designer resources they would have a much better pulse on the market.

Instead of just getting involved they choose the most indirect methods available. They must have a lot of money to waste for information the internet communities/blogs all provide for free.

ShadySue · « **Reply #8 on:** March 12, 2013, 18:30 »

They sent out extensive surveys last year, and not much seemed to improve, except for a bit of token 'communication' on the forums occasionally.

I guess this one is for buyers only? Fair enough, so long as the buyers don't take this apparently random email as the OP did.

EmberMike · « **Reply #9 on:** March 12, 2013, 18:36 »

Quote from: Mantis on March 12, 2013, 17:58

I think it's obvious why they leveraged BCG, but the bigger question for me anyhow is are they doing it because they don't understand the market after all?

I think it is abundantly clear from this and the various other surveys they've conducted that they don't understand the market. I guess they're just hoping for a different result if the survey is conducted by a 3rd party.

Good ol' istock. Still doing the same thing over and over again, hoping for a different outcome.

gostwyck · « **Reply #10 on:** March 12, 2013, 19:18 »

Quote from: EmberMike on March 12, 2013, 18:36

I think it is abundantly clear from this and the various other surveys they've conducted that they don't understand the market. I guess they're just hoping for a different result if the survey is conducted by a 3rd party.

Good ol' istock. Still doing the same thing over and over again, hoping for a different outcome.

It's ok __ if sales have fallen then they can just increase prices again or fanny about with the exchange rates for non-US customers. Easy really when you think about it.

Oh wait __ you mean they already tried that? Hmmm. They need to get some decent consultants in then. This issue is obviously way over the heads of the existing management.

oxman · « **Reply #11 on:** March 12, 2013, 19:30 »

I got that survey and participated. Really felt like they were trying to determine market share and top of mind awareness plus price thresholds of buyers. Then there were questions about ease of use and content quality.

i think this is a good thing. the survey was indeed created by professionals after alot of discussions which tells ya they are really digging to find answers in order to improve iStockphoto. I agree that GETTY really does not know what to do with IS. But at least they are throwing some research and time to make it better.

OX
...so where is my iPad?

EmberMike · « **Reply #12 on:** March 12, 2013, 19:44 »

Quote from: oxman on March 12, 2013, 19:30

...But at least they are throwing some research and time to make it better.

They've already done this, many times. There have been surveys done already that addressed the same issues and questions. How many times do they need to hear the same answers before they do something with the data?

Sadstock · « **Reply #13 on:** March 12, 2013, 19:53 »

They are just pissing this money away. BCG will give them a bunch of BCG boxes http://en.wikipedia.org/wiki/Growth-share_matrix, tell them that they had a star that they turned into a cash cow, that is on its way into becoming a dog, and send them a bill for $5,000,000.

gillian vann · « **Reply #14 on:** March 12, 2013, 20:08 »

oh can we all do the survey? I'd like to win an iPad mini (funded by, um, us?) I'll be sure to thank you all if I win

cthoman · « **Reply #15 on:** March 12, 2013, 20:10 »

Quote from: gostwyck on March 12, 2013, 18:17

They could have hired me (or any of m'learned friends on MSG) to tell them what they were doing wrong ... in about 15 minutes ... and for free. In fact we have all spent our precious time doing so, innumerous times, on their own forum but they chose to take no notice. Then they wonder why sales are falling off a cliff. You really couldn't make this stuff up.

Yeah, duh... Everybody knows they need to charge buyers twice as much and pay contributors half as much. That's the winning formula.

gostwyck · « **Reply #16 on:** March 12, 2013, 20:15 »

Quote from: vannphoto on March 12, 2013, 20:08

oh can we all do the survey? I'd like to win an iPad mini (funded by, um, us?) I'll be sure to thank you all if I win

I think we all deserve an iPad mini (funded by, um, us?) just to compensate us, in a very small part, for the losses we've endured as a result of the RC system alone.

Personally I could have bought at least 10 iPad minis from the loss of royalties since the RC stsyem was introduced.

nicku · « **Reply #17 on:** March 13, 2013, 05:49 »

Quote from: gostwyck on March 12, 2013, 18:17

They could have hired me (or any of m'learned friends on MSG) to tell them what they were doing wrong ... in about 15 minutes ... and for free. In fact we have all spent our precious time doing so, innumerous times, on their own forum but they chose to take no notice. Then they wonder why sales are falling off a cliff. You really couldn't make this stuff up.

+1 , +1 , +1 ..... i believe 10 seconds are enough: Stop being so greedy with contributors and clients.

gillian vann · « **Reply #18 on:** March 13, 2013, 06:14 »

Quote from: gostwyck on March 12, 2013, 18:17

You really couldn't make this stuff up.

this should be quote of the year, because week after week more stuff just keeps happening.

dingles · « **Reply #19 on:** March 13, 2013, 11:00 »

Companies do these surveys all the time...you can participate or not. Not a big deal, markets change. The bigger issue is the email screams SPAM...they should of made it more clear why it was being sent or a preemptive email from iStock explaining the survey was coming fro a 3rd party would probably of garnered more participation than the iPad giveaway, which just makes it seem more like SPAM.

lisafx · « **Reply #20 on:** March 13, 2013, 11:53 »

Quote from: Sadstock on March 12, 2013, 19:53

They are just pissing this money away. BCG will give them a bunch of BCG boxes http://en.wikipedia.org/wiki/Growth-share_matrix, tell them that they had a star that they turned into a cash cow, that is on its way into becoming a dog, and send them a bill for $5,000,000.

Exactly.

The one thing they absolutely won't spend their money on is creating good will with their contributors, and that is the ONLY thing that could turn things around for them at this point.

stockastic · « **Reply #21 on:** March 13, 2013, 12:06 »

When a company starts handing money to high 'consultants' to tell them why their business isn't working, the end is near. Or if not actually near, definitely closer.

Poncke · « **Reply #22 on:** March 13, 2013, 12:15 »

A company I worked for hired an external advice bureau and they went bust eventually. Even sending their supplier's parts to China to be copied and sell under their own brand didnt save them from going tits up.

dingles · « **Reply #23 on:** March 13, 2013, 12:57 »

Quote from: lisafx on March 13, 2013, 11:53

Quote from: Sadstock on March 12, 2013, 19:53
They are just pissing this money away. BCG will give them a bunch of BCG boxes http://en.wikipedia.org/wiki/Growth-share_matrix, tell them that they had a star that they turned into a cash cow, that is on its way into becoming a dog, and send them a bill for $5,000,000.

Exactly.

The one thing they absolutely won't spend their money on is creating good will with their contributors, and that is the ONLY thing that could turn things around for them at this point.

I agree hiring consultants can be throwing money away, but it is common and I doubt they are the only stock agency who has done so. Also, can't fault them for wanting to know their market...can fault them on their approach though.

The only thing that could turn them around is for them to fix the many issues with the site. The site is broken and dated...they know it, we know it, the buyers know it. I am just surprised how little has been done over such a long period of time in that regard.

wds · « **Reply #24 on:** March 13, 2013, 13:14 »

It would be interesting to see BCG's report.

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Author Topic: iStockPhoto has hired the Boston Consulting Group (Read 22033 times)

Pinocchio

cthoman

Mantis

Sean Locke Photography

Pinocchio

picture5469

gostwyck

cobalt

ShadySue

EmberMike

gostwyck

oxman

EmberMike

Sadstock

gillian vann

cthoman

gostwyck

nicku

gillian vann

dingles

lisafx

stockastic

Poncke

dingles

wds

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