Getty Images' strategic approach to retaining photographers and improving competitiveness

Getty Images: Future

The first most important strategic point for Getty Images to consider would be retaining its pool of professional photographers. Getty needs to understand that it is nothing without its talented photographers and if they choose to leave stock photography, they will be replaced by less experienced ones whose work may not have the same quality. Getty Images has been ignoring this aspect of their work as more and more photographers express dissatisfaction over the way things work at Getty's. So many images are stored in Getty's system that it is very hard for any photographer to consistently sell his work. Secondly they have to keep producing images very often to stay visible which comes with added pressure of knowing that not all images would sell. Getty needs to work out a better professional relationship with its photographers so they would know that their work will sell and that they are considered an asset by the firm.

The second important factor is to bring in a fresh approach to work. Stock photography relies heavily on abundance of images, it is important for Getty to produce as many diverse and completely original images as possible. But this must be done by allowing only certain groups of photographers to work with Getty. Getty can seriously lose a lot of its business if its photographers get a raw deal. Thus in order for Getty to get the best work out of its pool of photographers, it needs to shrink the pool, concentrate on the ones who are good with producing fresh images and then promote their work as if they were their valued workers. The number of photographers, how satisfied they are with Getty and how Getty promotes their work are some of the factors that will ultimately influence the kind of images that Getty receives.

Learning and Growth Objectives

Getty Images is a great risk of losing a large part of its business to newer technologies available online. Many photographers have now found a better way to market their work and are earning much more than they did with Getty. While they were once getting hardly 40% of the sales, they are now able to get 80% or more. This is clearly a problem for Getty Images. And hence GI needs to rethink its learning and growth approach.

Objectives:

To develop better relationship with photographers and not solely focus on expanding business.

To allow photographers to earn more for their work and to promote their work.