One of the most useful byproducts of the 2011 Benchmark Survey is the evidence of how the benchmarks could guide studios through a difficult economic period. From 2006 to 2010, the combination of a nationwide recession and a massive influx of new photography studios into the marketplace caused a significant drop in sales for most existing studios. However, the studios that followed the benchmarks performed much better than those that missed the targets. Some even managed to increase their bottom-line profits despite an overall decrease in sales. In our ensuing coverage of the Benchmark Survey's latest results, we'll detail how these studios kept profits high even when sales were low.
In the coming weeks, PPA will roll out a series of member-exclusive articles and financial tools to help members take advantage of the 2011 Benchmark Survey:
- We'll boil down the exhaustive analysis into easy-to-understand summaries and follow up with clear action items for your studio.
- We're working on some interactive resources and handy guides so that you can keep your critical numbers in mind without losing your mind.
- We'll explain why SMS opted to adjust several of the key benchmarks.
- We'll discuss what you can do to enact positive change at your studio.
Now those are some results that we can all applaud.
Want to learn more? PPA members can peek at the key findings and new benchmarks here.
Remember that PPA's Benchmark Survey details are only available for PPA members, so see how to join here: www.ppa.com/joinppa/