Post by Sparkhouse
Let's begin by stating the obvious: marketing your business, whether it's small, medium-sized or large, isn't easy. As a marketer, you not only need to create highly effective campaigns that measurably move your business forward but also to stay on top of a continually shifting marketing landscape. And that, of course, means separating heft from hype—distinguishing in other words between those marketing trends that are little more than passing fads and those that are potential game-changers for your company.
VIDEO MARKETING: MORE IMPORTANT THAN EVER
You know of course that video marketing, when effectively leveraged, is one of the strategies that can take your business to the next level. It's one of the reasons more than half of marketers across the globe name video as the content with the highest return on investment (ROI). Consider for example these video marketing metrics from WordStream:
- Marketers who incorporate video into their campaigns grow revenues almost 50% faster than those who don't
- Video on social media sites generates on average 12 times more shares than text and images
- Almost 65% of consumers buy products or services after viewing branded videos
- Video increases site traffic from SERPS by almost 160%
- Videos on customized landing pages on average increase conversions by 80%
So, video is arguably among the most critically important and effective weapon in your marketing arsenal—but that begs several important questions. How much video is enough to move the needle on your marketing efforts? What are the best video marketing channels for your business? Should you post videos strategically on your website, on social media, in emails, or in all of the above?
WHICH IS BETTER FOR YOUR BUSINESS: DIY OR OUTSOURCING VIDEO PRODUCTION?
And, then, of course, you need to decide based on the answers to those questions whether it makes sense to produce needed videos in-house or to partner with an experienced video production company. To begin, every business is different, with different customers, different goals, different in-house resources and different marketing challenges.
But, whatever your video marketing requirements, you can better determine if outsourcing your video production needs is right for your business by answering the following xxx questions:
1. IS YOUR VIDEO A ONE-OFF PROJECT?
As noted above, video has a relatively strong ROI over the long haul, but the cost to enter the video arena can be prohibitively high if you need a single video, say for a specific product launch or to promote a single event. In that circumstance, you need to carefully measure the total cost of your video project production against your return on investment.
In most cases, businesses discover that it's less expensive to outsource one-off projects than to handle them in house. They also typically find that professionally produced videos, because they're created by experts, are more effective in helping them achieve the goal of their marketing campaign.
2. IS YOUR BUSINESS PIVOTING TO AN "ALL-IN" VIDEO STRATEGY?
The impressive video marketing metrics above reflect average campaign performance—in other words, some businesses do much better, while others don't do nearly as well. The businesses that succeed with video are the ones that carefully consider the ways video fits into and advances their integrated marketing strategy—and thoughtfully assess their in-house production talent and capabilities.
That said, if you're planning to make video an integral component of future marketing campaigns, and you have the capabilities to effectively leverage your video marketing, it probably makes sense to do video production in house. Before you commit to a DIY approach, make sure you won't be overwhelmed by too many projects in the production pipeline as this could require special needs (like VFX, 3D and animations) that might be cost-prohibitive.
3. WILL YOU BE ABLE TO SELL VIDEO PRODUCTION SERVICES TO OTHER BUSINESSES?
Some businesses can offset the initial costs of creating professional video production capability by selling video services to other companies. This is especially true for marketing and advertising agencies who, in addition to selling video services can offer marketing guidance and advice to their clients. Again, before moving in this direction, you need to ensure your in-house team can handle increased production volume—and that the videos you produce for others are top-notch (inferior products, in other words, will hurt your brand and reputation).
4. HOW SOON DO YOU NEED YOUR VIDEO(S)?
Even the best video production agencies need time to create the kinds of videos that help clients achieve their top marketing goals and boost their profitability. In other words, if you outsource video production, you'll necessarily be in a queue behind clients who made requests before you did.
If you need something right away, it's sometimes better to create your video with an in-house team who will be fully dedicated to your project. In most cases, that will mean lower production value—you need to decide in other words if timing is more important than quality to meet your marketing needs.
5. WHAT ARE THE MAIN BENEFITS OF OUTSOURCING VIDEO PRODUCTION?
Before you decide whether outsourcing makes sense for your business, you need to understand what top video production companies can do that most other businesses can't. Among the chief benefits of outsourcing video production are the following:
- You'll be working with top talent: doing video in-house usually means either hiring new employees or working with freelancers, both of whom need to be carefully vetted for their experience and talent. When you work with a proven video production team, you have the assurance of partnering with veteran experts.
- Your video will benefit from the latest technology and trends: video production isn't static—new technologies and design trends are continually redefining video production that's effectively aligned with consumer needs and expectations. Outsourcing production means your video is more likely to hit the "sweet spot" with your target audience, in other words.
- You'll lower costs and minimize risk: high-end video equipment isn't cheap and at some point will require servicing or become obsolete. That can be both expensive and risky for your business. Outsourcing typically lowers costs and transfers risks to your production partner.
- Your production capabilities will scale up with your changing needs: if your business is like most, video marketing will work, and that means you'll likely want to do more of it. Outsourcing will enable your business to quickly and effectively scale up to meet your company's increasing need for high-quality video.
No one knows your business better than you, and that means you're in the best position to decide whether video marketing makes sense for your company and, if it does, how best to achieve your video marketing goals. To make the best decision, take the time to think about your specific marketing goals, how video could help you achieve them and the ways outsourcing video production can take your business to the next level.