Video: Commodity or Investment?

We’ve posted a blog recently about the facts and stats of how video can work for your business. By this point, there should be no question that video will indeed help you and is something you should definitely have, but there’s still a great difference between having video on your website and stalking the immediate view count of it versus investing in video as a long term venture.

It depends on the type of video you go for, but generally, investing in video is like embarking on a diet – it can take a little while to see results. Not all videos will go viral and have people flooding through your doors the weekend after they’ve gone live on your website. Video is a calling card, a brand builder, and now – industry standard. It all depends on how you see it working for you.

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Video as a commodity…

The term commodity lends itself well to goods or products. Something to trade, a possession perhaps. That’s precisely what this kind of video is. It’s a product, an end result, and often comes down to the bottom line – price.

It’s like when you’re looking online for printer ink. It’s fair to say that it’s a sensible decision to try and find the ink that you need at the cheapest price. If it’s £5 cheaper on Amazon than it is at Curries, then it’s a no brainer. However, when we’re talking about something creative and subjective, going with the cheapest quote won’t always serve you well.

We’ve seen it plenty of times: There’s nothing that screams “cheap” quite so much as being able to hear the creak of the tripod as the camera pans up and down during a video. The cheapest price will often get you something that actually lessens the quality of your brand instead of heightening it. And that’s exactly what you’re trying to avoid. Putting a poorly made video on your website can be as harmful as not having one on there at all.

Let’s bring back the diet theme and discuss this in plain terms. You could:

a) stop off on the way from home work and pick up a microwavable curry. It’s satiates your immediate appetite, and it’s quick and most importantly, CHEAP.

or…

b) pick up a fillet of salmon and some veg. It’s lovely and filling, takes a little longer to prepare (but not by much), and costs a little bit more money.

Now…which of those options is better for you and will serve your health better in the long run?

It’s the same idea for the health of a business. Anything you put into your business has to serve it well in the long term for the business to be prosperous.

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Video as an investment…

Those who really understand the true potential of video see it as a marketing tool. It’s a means to an end, not an end result in itself. It shouldn’t be “We’ve had a good quarter, so we invested in this fancy video as a celebration to make us look good on the website”….but then what? It should be considered as part of your marketing strategy, instead of sitting on the front page of your website gathering dust.

If you look at video as an investment, you’ll understand that the cheapest quote will not necessarily mean the best for your business. Somewhere in the mid ground is often a good indicator, not too low and not too high. There’s a lot that goes into pricing a job, such as:

Pre production time: If the video isn’t properly produced, filming won’t go brilliantly, and you could be in trouble from as early as the initial briefing stage.

Filming: Here you’ve got to consider crew and equipment costs.

Editing time: Depending on the brief, this could take anywhere from a few days to a few weeks (if it’s full of motion graphics and visual effects)

Each department must be given time and love for the video to be the best it can be. However, the video will more than pay for it’s cost in ROI if it’s done correctly – and it’s more likely to be done correctly if a good budget is put into it.

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At the end of the day…

If you want video for your business, it’s going to cost money. The amount of money is up to you – we’d recommend doing your research, thinking hard about the type of video that would most suit you, and then gathering a wide spectrum of quotes. It’s best to think of anything you put into your business as an investment – the same as you’d do for staff and equipment. A really good marketing strategy that includes video is as important as any other piece of the puzzle.

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