You’ve Got a Video Problem
In the pre-digital days there really wasn’t a need for brands to produce more than the ads that went on traditional media. Now they need to produce an almost constant stream of fresh content to keep up with digital channels and social media. For most companies it’s a pretty tall order because making content is a completely different business from what they know. And it gets even harder when so much of the content that they now need is video.
Since cheap bandwidth has made high-quality video so easy to get, people want more and more of it. Projections have video representing over 85% of all Internet traffic in a couple of years. So brands need to make lots of videos. The problem, of course, is not just the quantity, but how does a brand make videos that are good enough to stand out? While cameras and equipment are cheap and easy to get, creativity and know-how are still in short supply. Of course, what makes a video good is in the eye of the beholder, but most of us know bad video when we see it, and the last thing any brand needs is to be spreading bad videos.
So the challenge is for companies to put in place the capability to produce lots of “good” videos, consistently over time. The problem is that because the budgets are much smaller, it’s not like producing TV commercials, which brands have a lot of experience with. According to the 4A’s, the average cost to make a TV spot is over $300,000 — but for video content, that may be your entire budget for the year.
The big question is — do you try and do it in-house or hire pros? While you may need a lot of videos, you may not need enough to justify the large expense of hiring a full-time team. So another approach is to hire an in-house video producer whose job it is to put together freelance teams for each production. This is not a creative person, but a video project manager, and you still need to be doing enough work to justify a full-time person.
For most brands the answer is to hire pros. The advantage, of course, is the wide range of talent and capabilities you can access. The problem is how to keep the costs down. Most agencies focus on developing the creative, and then hire a production company for the execution. As a result, the costs mount quickly. Some TV production companies do creative, but their focus is really on the production and they are rarely able to develop the creative or the strategy for the video, which is critical. So that leaves companies and agencies that specialize in video content for digital channels.
The ideal is to have digital content strategy, plus creative, plus production under one roof. A company that can do all of that — and that is set up to produce a lot of video content over time, cost-effectively — has found the perfect solution. Of course, the videos still have to be good in the eye of the beholder, which to start with would be you.