When I was growing up, if ever I wanted to borrow money from my parents to buy something, I had to prove to them why I needed it and how I would pay them back the money. I’d try and tell them that the new pair of trainers would guarantee to make me a better athlete and the new cricket bat would not only make me a better player but they would also reach a level of joy from watching me play that money can’t buy. Of course they knew this wasn’t true – my sporting ‘career’ peaked incredibly early – but I still had to persuade them to part with the money if I was serious about wanting to borrow it.
Although I didn’t know (or really care) back then, I was learning how to build a business case for things I wanted to buy. With budgets becoming smaller and expenditure more controlled, it can be harder to convince the budget holders that spending money on video production is a good investment. Here are some tips on helping you get approval for your next project.
1) The rise of video is undeniable
By 2019 it’s predicted video will be responsible for 80% of global consumer internet traffic, and Australian consumption has grown by 25% year on year. We just can’t get enough of it. It helps consumers make purchasing decisions and helps them build a connection with a brand. One minute of video is equal to 1.8 million words (approx. one War and Peace).
It also has the power to engage and entertain internal audiences as well as external. In fact, video can be used as a tool to communicate just about anything you want to just about any audience.
It is becoming our go-to for information as we seek to make decisions. So if you are not presenting your information via this medium, chances are people are getting it elsewhere.
2) Set realistic benchmarks for success
If you start off by promising that you’ll be the next viral success or you’ll increase staff engagement by 150%, you are going to fail (unless your staff are really, really unengaged). Set yourself realistic targets and outline exactly what success will look like. It may simply be to sell more products, or attract a higher caliber of applicant to your company. Think about what your purpose is for creating something in the first place and sell the need for a video off the back of that. A new cricket bat was never going to guarantee me a better average than Bradman, but I was growing so the fact that my old bat was too small gave me a good chance of borrowing some money.
If your initial expectations are manageable, it gives you more chance of success for longer-term video production. It also makes you look good if and when those expectations are exceeded.
3) Start small if you need to
If you go to the keepers of the budget with an outline for a production that’s both bigger and more expensive than Ben Hur, you’re most likely not going to convince them to part with the dollars. If you are making the leap into video for the first time, start small and see how you enjoy the experience. No one wants to get married after their first dance at the disco; go for a meal or two first and see how you get on. It means you’re not overcommitting straight off the dance floor and you can also get a feel for how you work with the production company you chose to help bring your idea to life.
However, it’s worth considering that starting small doesn’t mean you have to scrimp on quality. The production is a reflection of your business, so if they recommend filming it on their smartphone to keep costs down, you may need to politely remind them of this.
4) Find some examples
It’s always so much easier for people to make decisions if they can visualize what the end product might look like. Spend some time looking for examples that have a similar feel for what you want to create. Or better yet, show them examples of what your competitors are doing. There is no shortage of examples out there!
I’m thankful for my parents for new cricket bats, sport shoes, Walkman music players and Global Hypercolor T-shirts, but I’m even more thankful for them always making me pay them back. If we can help you find budget for video production or you just need to borrow some money for new sports equipment, then drop by the office and we’ll come to an arrangement. Contact us here.
Like what you’ve read? Sign up to the Lush newsletter for fortnightly advice to help you market your business better, tips from our video production gurus, and a podcast or two from our favourite podcasting team, Brand Newsroom. In the meantime, you might enjoy these: