You are probably here because you either 1) want to start a video production business or 2) you want to improve your current video production business. I’m super pumped that you are here – I’ve got some content in store for you that I truly believe will help to take your business to the next level.
Here are my top five tips on how to start a video production business and truly succeed in this industry.
- Identify your niche. Where a lot of video production companies fail is focusing their time on every single job they can get, rather than honing in on one niche, understanding the specific pain points within that niche, and really succeeding there before expanding into other niches.
- Create a solid portfolio. This might involve significantly reducing your prices or even doing free work in the beginning. When doing this, shoot for some of your local dream clients. This will increase the brand perception of your work and could also potentially lead to referrals.
- Create your marketing plan. Most good things in business start with a good plan! It is important to clearly understand where to market based on your niche. Think about where people within your niche hang out and how you can reach them.
- Use a multi-channel marketing strategy. Focus not on only promoting your business online (website, FB groups, Instagram, email marketing), but also attend in-person networking events to build solid relationships. Also, don’t just try to sell everyone you know. Building relationships that are genuine is the first step. If people like you, they will recommend you.
- Find your unique differentiator. What makes you stand out from your competition? It is never a good idea to use price as a differentiator because when businesses constantly undercut each other, they lose money and drive prices too low for it to sustain a business. Think about what makes you different – do you also do marketing? Fast turnaround times? Unmet video expertise? Once you find that, market the hell out of it.
As you build your video business, keep an eye on other competitors in the market keep a pulse on trends by regularly doing research, and even consider interviewing video companies in other markets to learn more about their success strategies.