You’re a ‘video production company’.
How do you compete when everybody thinks they can film their own videos, for free? How do keep a business going when you’ve invested thousands in your studio, cameras, lighting, sound equipment and editing suite? Why do you even need to exist?
It’s just one example where a technology has undermined the existing norm. How do you compete?
Well, the answer is you need to develop a new value proposition for your business. You need to analyse and understand, at a really deep and profound level, what value you are really offering your customers. You might even need to find new customers with different needs or even embrace the new technology and then build on that
So let’s examine this further.
Firstly, there are many people who will just film their own videos because it’s free. You can’t buck the market! So don’t try to persuade them to choose you; look elsewhere.
Secondly, understand what customers value from you. What you’ll find is that the outcome is key. People, especially professional business people, don’t buy a video. They are not even buying video content. They’re not even buying the chance to promote their brand, support their image or simply communicate their key USPs to the market.
Ultimately, their goal is to ensure the viewer understands them, likes them and trusts them… so they buy more from them.
The outcome is the key. If you want an really great outcome, you have to look professional, you need to have a compelling story to tell, you have to understand that sound is a key component of telling a story, that lighting can bring your story to life, that clever editing can make your story full of impact for the viewer …oh, and you have a compelling call to action that encourages them to make contact.
What’s happened? You don’t just produce videos; you help people grow their business by helping them tell video stories that makes them look professional and that resonate with their target market.
You’ve, in fact, developed a new value proposition.
There are a whole lot of people who aren’t comfortable filming themselves and want a supportive environment. I’ve seen very senior managers run for the hills when asked to be in video! These are the people that want to work with professional story tellers. They want to feel relaxed, look professional and add another skill to their CV.
Taking this further, with people who do have smart phones, why not help them use their own phones more effectively. Train them to build better scripts, show them how to set up their camera and light themselves better! The end goal is the same. Videos that support sales!
Value propositions are powerful tools. They force you to think about the value you offer, not the products and services that you sell… in fact, it can transform your business even when your existing business model has failed. Always talk about value!