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6 Stupidest Ways to Blow Your Video Marketing Budget

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Although it pains me to say it – too often video marketing budgets are blown for seemingly understandable reasons. One thing leads to another, which leads to another… and before you know it, you’re sitting there bleakly asking, “how did it come to this?” At Phanta Media, our goal is to produce the highest quality, most effective videos possible. And to us, that means helping business people not only identify the pitfalls but also provide solutions to avoid them. So without further adieu, we present The 6 Stupidest Ways to Blow Your Video Marketing Budget (& how to prevent them).

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Page 1: 6 Stupidest Ways to Blow Your Video Marketing Budget

phantamedia.com we know video.

Does the reason, “this is a bad idea” seem obvious to you? You’d be surprised how often this

happens. Moving forward without ensuring buy-in or approval from the appropriate parties

more often than not causes redundancies, scope creep, delayed timelines and blown

budgets. In some cases, videos are scraped mid-production. Milestones must be set,

approval processes must be clearly defined, and once an approval is given, changes should

be few and far between. Moving forward without buy-in is the fastest way to have a video go

south.

Stupidity Scale

6. Proceeding Without Buy-In

Build business cases. Evaluate your options carefully. Run concepts, ideas and options by

trusted advisors. Leverage key subject matter experts and stakeholders. Have a deep

understanding of your needs. Discuss all aspects of the project with the video producer.

Never… ever… just assume something. This goes for planning, production, post production

and delivery. Don’t assume the audience will care about what you have to say. Don’t assume

that the production company will complete a certain task. Don’t assume anything.

Stupidity Scale

5. Assumptions

This is Part Two to “No Clear Vision” – once you have a clearly defined set of needs, you

should stick to them. There is nothing wrong with evaluating progress and

course-correcting for strategic reasons; outside influences, new developments, scope

changes… but indecision, being unable to (or not having the authority to) make judgment

calls as these issues arise will cause your video to die a slow, agonizing death. The way

around this? Understanding that challenges will arise and decisions will have to be made.

Evaluate your options by building a business case for each available option and then

prproceed.

Stupidity Scale

4. Indecision

If you don’t know what you need or want in clearly defined terms – you’re going to have a hell

of a time having a video produced. The way to avoid this is pretty simple: have a clearly

defined set of needs.

Stupidity Scale

3. No Clear Vision

Close your eyes and think about your next video. What do you see? It’s probably something

absolutely amazing. The trouble with our imagination is that we picture outcomes in

polished, best-case scenario, highest possible quality terms. The reality is that budgets,

timelines and available resources affect a video’s look and feel more than any other factor.

How do you work around this? Spend time evaluating needs and budget, then position those

against expectations – they’ll either line up or they won’t. If they don’t – adjust your needs,

budget or expectations until they do.

Stupidity Scale

2. Unrealistic Expectations

You don’t know what you don’t know – that’s something we all understand. And for the most

part nothing can be done about your inexperience (unless you have the ability to run out

and do test videos) in the short term. So what can you do? Partner with a trusted,

experienced, process driven producer who will help guide you through the process.

Inexperience can be the death of your project if you let it. Or you can recognize your

inexperience right off the bat and stack the odds in your favor.

Stupidity Scale

1. Inexperience

(& how to prevent them)

The 6 Stupidest Ways to BlowYour Video Marketing Budget