Hello everyone, Ryan Sheffer here, from The Brand Spaceship at Mile 80. Today, I'm excited to share with you an approach to video marketing I’ve learned over the past two decades in commercial production. It’s all about optimizing your budget and increasing versatility to ensure that every penny you spend on video generates the maximum return on investment.
Why It's Important to Diversify Your Video Content
One of the key points I want to emphasize is the need for diversity and adaptability in your video assets. Contrary to popular belief, a hefty budget should not be spent solely on production costs. Instead, think of your money as a versatile tool that can be utilized strategically to maximize your assets and reach a wider audience.
Let's imagine you have a budget of $100,000. Instead of burning it all on high-quality production of a single commercial asset, consider investing in a range of assets that can service a variety of platforms - from TikTok to YouTube pre-rolls, and all your social media pages. This approach not only enhances your versatility but also enables you to create an extensive library of assets tailored to different platforms and audiences.
Make Every Shot Count
The key to success lies in producing as many scenarios as possible from a single video shoot. This will ensure that every video created isn't just a standalone piece but is part of a larger campaign. A single shoot can produce enough footage for multiple videos, each servicing a unique aspect of your campaign.
Picture a product shoot with four scenarios: someone doing yoga with the product, someone having a picnic with it, a person delivering packages, and another picking up groceries. These four scenarios could potentially serve as individual ads or a group spot, or even be split into two separate spots based on their differences and commonalities.
Building an Asset Library
When you shift your focus from creating a single campaign to building an extensive asset library, you equip yourself with a collection of 'building blocks.' These blocks can be reassembled in different ways to create a multitude of marketing pieces. The more assets you have, the more versatile and dynamic your campaign can be, offering a higher probability of success.
Think of it as going on a series of first dates. The more dates you go on, the higher your chances of finding your ideal match. The same principle applies to marketing. By setting aside a portion of your budget for more assets (more first dates), you increase your chances of finding the 'right' marketing message in the ‘right’ asset that resonates with your audience.
The Power of Testing
Here's a suggestion: allocate your budget towards this philosophy and create a hundred assets. Then, test these assets. Based on the results, you can then confidently invest in a higher budget shoot around the message and creative that performed best.
In this era where we can target very specific audiences, it only makes sense to test different messages and ideas. Reserve large investments in the production aspect until you are no longer guessing - you KNOW that your creative will resonate, because you’ve already proved it.
Spending Wisely: Production vs. Activation
The goal of creating marketing assets is to capture attention. However, it's crucial to know whose attention you're trying to grab and for what purpose. If all your money is funneled into production, you could be left without budget for testing, activating campaigns, and making placements.
Leveraging More Assets for Greater Reach
By producing more assets, you open up avenues to reach different niches and gather responses. Perhaps your product might do well in a small market you hadn't considered. Having a variety of assets allows you to test different messaging and identify new target markets.
Despite the advances in technology and the shift towards digital media, many are still stuck in traditional production methods that cater to TV commercials. However, the power of the internet and the capability to customize ads for different regions and demographics call for a more versatile approach.
Ultimately, spending money on production should serve the purpose of creating a large library of assets to greater service your marketing calendar, and equip you with the tools to test, test, and test some more. By keeping production costs down and focusing on creating a variety of adaptable assets, you are setting yourself up to increase the potential reach and impact of your campaign. So, next time you're planning a brand campaign, remember that versatility and adaptability are your secret weapons for success.