Is Video Production Worth The Money For Your Business?
What are the benefits of investing in a Video Marketing Strategy that includes Video Production and Video SEO? Think about whether the investment will break even and how fast you will get there.
Now, how many customers will it take for you to break-even?If a new customer relationship to you is worth making a net amount of $1,000, $5000, or 10,000 and you’re going to invest $1,000 to 10,000 or less in: – video marketing – video production or a video seo program.
You’ll only have to acquire One New or a Current Customer to get a Great R.O.I.
Do you think making this investment will result in you getting at least that many new customers?
If the answer is “yes” than you can feel good about spending the money! See any sales related to this video marketing strategy (after breaking even) results in higher profits for your business. It’s an positive return at that point. If the answer is “no” than avoid the investment or work with your production company to tweak the strategy until you are more comfortable with it.
Many people in the video industry will blog or promise that this type of Video Marketing Strategywill result in “a 100% return on your investment” or will help you sell “5 times more by this time next year!” Even though these results are certainly attainable, we’ve never been comfortable using “best case scenarios” when pitching a video marketing or video production strategy to our clients.
In today’s digital society, no one can argue that companies will have to start investing more in marketing online via YouTube, Facebook and other social media platforms if they want to remain competitive. However, what many are still trying to figure out is how much to invest in video marketing and how long it will take for that investment to start showing measurable results?
Even though I’ve been lucky enough to work with some of the largest companies in the world, I’m still a small business owner with limited resources which means I have to be very careful about investing in anything that doesn’t involve paying employees and making sure we have the tools necessary to deliver a great product for our clients. I’m sure at some level you can relate.
If I risk a large sum of money on a new marketing strategy that I’m not 100% sure will work to generate more sales, I’m risking the livelihood of not only my family but also the families of those who work for me. I’ve also learned in my years as a business owner that nothing you try in marketing has a 100% chance of success. Some efforts win and some efforts lose so it’s important that you choose where to spend your hard earned profits wisely.
So, how can you do that?
Instead of focusing on what you “think” the potential return on investment will be on a particular marketing effort, I’ve found it to be smarter (and a lot less stressful) to figure out how long it will take to simply break even on that investment.
In my case, if I want to purchase a marketing tool or piece of software that I hope will generate more leads for 6 STRONG MEDIA, I calculate what the minimum result needs to be in order to make the investment pay for itself. Then, once it’s reached the break-even point, I’ll have an asset that continues to work for me in the future without using any more of my financial resources. This is the coolest part because that also means I can use the same strategy to invest in other marketing solutions while continuing to keep the risk of losing money as low as possible.
Redefining how I view a successful marketing campaign has helped us accomplish more as a video production company and has greatly reduced the amount of money risked and lost each year in the effort to promote our video production services.
If you’d like to explore creating a low-risk video marketing strategy, contact me today and we’ll set up a time to talk. I’d appreciate the opportunity to learn more about your business and to discuss how we might be able to help better promote your products and services.
We Are In The Creative Video Public Relations Business
Peace Entertainment, Inc specializes in developing content branding videos that support marketing, sales, networking groups & events, and internal communication strategies. We offer our small businesses, professionals, corporate clients and creative agency partners flexible pricing, quality work and good turnarounds all while making the production process easy and stress-free.
Produce creative and engaging videos for your website, trade show exhibit or social media channels!