Where Are Video Production Budgets Wasted By Companies?
Know Your Goals
First and foremost, it's essential to know your goals before diving into any video production project. Whether you're focusing on brand awareness, sales conversion, or audience engagement, having a clear objective is crucial. It's the roadmap that will guide your spending decisions and help you measure success.
Costs and Impact: Are They Aligned?
A common misconception is that higher costs will automatically translate into a bigger impact. The reality is far different. The amount you spend on video production doesn't necessarily guarantee a corresponding increase in engagement or conversion.
The Alex Hormozi Lesson
Take the example of Alex Hormozi. When he began producing videos, he started with minimal settings—a room. Later on, he upgraded to a high-end studio and eventually a house. Interestingly, Hormozi realized that the lavish studio setup didn't significantly impact the content's quality or audience engagement. In his words, the studio was a waste of resources that could've been better utilized.
Focus on What Matters
So, where does Hormozi spend his $500,000 monthly content budget now? The focus has shifted towards creating more content, expanding its distribution, and enhancing editing quality. The result? A unique, highly recognizable form of video editing that stands out in the crowded digital space.
Start Small and Scale Smartly
If you're just starting with video production, remember that less can be more. A smartphone and a good-quality microphone can often be enough to produce engaging content. It's not about the glitz and glam but about the substance and how it resonates with your audience.
The Editing Equation
Another essential aspect is editing. Whether you choose to learn the ropes yourself or hire a professional, investing in good editing can make a world of difference. It's often the key to transforming a good video into a great one, offering a higher return on investment in the long run.
Final Thoughts
The bottom line is, don't get caught up in appearances and superficial gloss when it comes to video production. What truly matters is how your content engages, educates, and entertains your audience.
So the next time you sit down to allocate your video production budget, think carefully. Are you spending in the right places to get the maximum impact?
Subscribe to newsletter for weekly video marketing insights here:.