The 6 fastest ways to lose money with marketing video

When the anticipated ROI on your new marketing video doesn’t happen, then you really know you’ve lost money.

There are 3 ways you’ll notice if this has happened to you:

1 – Too few additional enquires happen as a result of posting a new video.

2 – Sales reps report the video isn’t taking face-to-face presentations by storm, in the way you anticipated.

3 – Too few plays, or too many abandonments for your new marketing video.

So what’s gone wrong?

The video “doesn’t look bad” and “seems to do the job”, yet the returns aren’t coming in as expected.

In all likelihood there’s a fundamental weakness in the video.

At Studio Rossiter we’ve found over the years of working with marketing managers that the probable root cause of poor ROI comes from one of the 6 following mistakes that lose money.

 

The 6 fastest ways to lose money with marketing video

1 – Buying too cheap

2 – Unrealistic vision

3 – Poor content

4 – Audience irrelevance

5 – Deadline issues

6 – Poor advice

Let’s take a look at each of these in turn.

 

1 – Buying too cheap

In the creative marketing world, cheaper rarely equals better.

Cheap mostly means a lesser production – as less money means less resources and less time spent on video production

– which usually leads to a lesser outcome or poor ROI.

In the early stages of selecting a video supplier, what may look like a £1000 – £3000 cost saving will in fact only lose you money in the long term because of lost sales you never achieved, missing your ROI goals.

On cost, go for what’s actually the best fit for your company, not the lowest bidder.

If you haven’t got the video budget you want – it’s better to rethink the whole video approach – and find a concept that’ll work with the smaller budget you’ve actually got.

 

Marketing Video Pricelist

 

2 – Unrealistic vision

The concept of the video is often related to its budget.

For example, you may have an earth shattering vision for your video that keeps you awake at night thinking about it.

But it’s no use if you can’t afford it.

It’s best to drop the “grand vision” immediately instead of trying to eke out your vision on a shoestring.

The best solution is collaborate with your video producer and work together to achieve a vision that is realistic for what you can afford.

This applies whether you’re producing a filmed video or a digital video.

As long as the script tells the story – and the graphics and footage are the best quality that your budget allows, then you’re still likely to be onto a winner.

 

2016 Guide to Digital Marketing

 

3 – Poor content

The fastest way to make a mistake is to go it alone with the script by writing it yourself

– without consulting colleagues

– and without involving a professional scriptwriter.

Nobody makes a great video without taking advice from colleagues or professionals.

This is how great content – with a correspondingly strong ROI – comes about.

 

4 – Audience irrelevance

The video is for the audience and so it should be about them.

Too many videos fall into the trap of “me me me”, ie, talking about the company from a company perspective

– on the mistaken assumption that this is what customers want to hear.

You need to talk directly to your audience, about what they want, their issues, their problems and show you can solve them.

Audience irrelevance is the fastest way to lose viewers.

By contrast, audience relevance is the easiest way to keep them glued to the screen.

 

5 – Deadline issues

When a video is completed late, then this can impact on ROI

For example, being late for a product launch, or the opening of a new sales season, or the launch of a new web page.

What commonly makes videos late is waiting for layers of client approval at the different stages in the marketing video production process.

For example, the manufacturing director needs to approve the script. And does the CEO. And so does the USA business development manager.

So any set deadlines have to take into account layers of approval, which can easily add 2-4 weeks to the timeline.

Failure to realistically factor in approval time can mean late delivery

– or a nightmare panic production.

Realistic advance planning is the solution.

 

6 – Poor advice

We’re now looking at the late stages of the video production, where the Video Editor is sitting there with raw footage, ready to compile the video together.

We already know that collaboration is key with a project of any size, especially if you’re new to making corporate video. 

And input from your colleagues is great – in fact essential – as they’ll have insightful points and ideas to add to your own.

Where it goes wrong is when too many ideas for the video:

> are too prescriptive

> aren’t very good ideas, perhaps impractical

> are too costly, too cheap, or somehow not workable in the way you think.

The net result is that the video editor is leaned on in too many different ways.

Being over prescriptive kills off video editors’ artistic intuition, as they’ll be secretly scared of using their own initiative and flair – and consequently making a mistake.

The message is not to try and micromanage the editor. 

This leads to videos with “no soul”, simply a collection of parts.

Audiences intuit this and get bored

– and this shows with a consequent drop in ROI.

 

Summary

The 6 fastest ways to lose money – ROI – aren’t taught in video school or marketing school.

But they can still cost you and your business all the same.

 

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