Mind Your Video Business

When you are spending all your creative time and energy working on video projects, it makes it almost impossible think creatively about how to improve your marketing so you can attract more clients and increase sales. This podcast focuses on the importance of building your video business in a way that allows you to spend less time in the trenches and more time improving your marketing and sales strategies. Read the rest of this entry »

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When it comes to marketing your video business, do you have more time than money? Are you looking for low-cost marketing strategies that will help you effectively promote your products and services? Of course you are….we all are!

Here’s part of an email I received recently from a MindYourVideoBusiness.com member with the same concern.

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“Right now one of our biggest challenges is determining the best marketing mix to use given a very limited marketing budget. I am sure there are a lot of other videographers in the same situation and I expect you may have faced the same situation previously. I know that the answer is very dependent on the market you are in etc., but some guidance of what worked for you in the beginning would be very interesting I believe. When you are on a tight budget it is scary when you are trying to pick the right prospects to market to and then choose which marketing tools have the highest probability of being successful.”

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In a sluggish economy, it’s difficult to justify spending even one dollar on marketing your video business. So, with that in mind, I’d like to introduce a few marketing tactics I’ve used over the years that will take time for you to implement but will be easy on the check book. An in-depth analysis for each of these tactics can be found inside the “members only” articles section of MindYourVideoBusiness.com. Read the rest of this entry »

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The last 12 weeks have been very interesting AND EXCITING for my video business. I’ve made a pretty dramatic change in my marketing strategy which has resulted in a huge spike in sales (over 30 big budget projects sold in 3 months) and have discovered a production process that makes it possible to produce 10 times the work in the same period of time while maintaining huge profit margins.

In the coming days/weeks/months, I will be sharing a lot of what I’ve learned in the form of articles and podcasts inside the members only section of my website MindYourVideoBusiness.com. I’ll also be working with the videographers in my coaching program to adjust their business models so they too can be in a position soon to experience similar results.

Since so much of my new marketing strategy is centered around using the web to generate qualified leads, I’d like to share a recent article I wrote and distributed to my corporate clients and prospects. Read the rest of this entry »

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There are many factors that go into how and why a client with a large budget chooses one video production company over another. In today’s article, I’m going to focus on one reason and give you a few suggestions on what you can do to overcome it.

How can you position yourself to win more of the large video contracts in your area? Read the rest of this entry »

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One of the fastest ways to grow your business is to perfect the art of the mid project up sell. This week’s success tip focuses on a simple, yet very effective strategy I use to double and even triple the amount of income generated from each video client. Enjoy!

Kris

Helping You Attract More Clients With Bigger Budgets

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Want a shortcut to video business success? Use this link to find out more about my coaching services >>>

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by John F. Riddell, Jr.

Last week we discussed the opportunity side of the recession equation for those willing to take the risk and invest in making their sales focus more effective. While many intuitively understood the need to do this, a number of questions arose concerning how to do it. You might want to consider the following recommendations.

First, take all of your advertising and marketing dollars and rank them in terms of quantity of qualified leads. Then lop off the bottom half and invest those dollars into the top two lead generators. At the same time, stack rank your salespeople in order of closure rate. Reduce your selling staff to the level so that only the top producers are receiving the quantity benefits of the focused advertising . Make sure that this quantity stretches them in terms of available time. The obvious goal here is to guarantee that the results driven by your precious sales and marketing dollars go into the hands of the people most likely to convert them to sales revenues. While these types of personnel decisions are never easy, please do keep in mind that you are making this difficult decision in the hopes of preserving the jobs of your remaining employees.

Running parallel to this focus is the development and implementation of a short term “spiff” program for the sales force. Recognizing that most personnel reductions do have impacts on the entire organization, it is critical that your front line salespeople have their minds and attitudes positively focused. One of the best ways to make this happen is to introduce a temporary program that rewards the results of this positive focus.

This incentive program can take on many appearances, but in general needs to include three vital ingredients. The first is something new and special to offer customers. I have often found that this is a great opportunity to really get the sales force behind the program. Simply ask them, “If you had the keys to the kingdom, what would you offer customers to really drive our sales?” Then listen. There is not a salesperson alive worth his or her shoe leather who cannot answer that question. Your response as the entrepreneurial leader, of course, is “OK, if we do this how much more are you going to sell?” and get this commitment in writing.

The second part is to step outside your normal compensation comfort zone and make it very clear that significantly improved selling results will generate significantly improved personal compensation. You want your selling stars to shoot higher than they have ever shot because you know that the survival of the company is riding on this program. I also suggest that the results/rewards cycle be significantly shortened so that the payments occur much more rapidly than the traditional program.

The final piece is the tracking/reporting/ and monitoring component. Do whatever you have to do to insure that you have a real-time reporting system in place that connects lead generation, sales calls, closes, and payments. For your own peace of mind you need to know and see the results of these temporary programs. A daily review and communication to the organization of the daily status insures that everyone in the company understands the urgency of the situation. You want to make sure that everyone in the company knows how important it is for their own job security that the salespeople achieve success. In the best of worlds, you want all of these very same people trying their best to help the salespeople deliver the numbers. When you can get everyone focused, motivated, and even a bit agitated, great things do happen.

Visit the MYVB blog to leave your comments about this article.

Check out John’s “The Business Tripod for Success” articles package in the MYVB store. It contains 52 articles that will help you drastically improve the way you run your video business.

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In this 3-part radio series entitled “Around and About,” I discuss the ups and downs of growing my video business over the past 7 years. Enjoy!

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In this 3-part radio series entitled “Around and About,” I discuss the ups and downs of growing my video business over the past 7 years. Enjoy!

If you enjoyed this post, make sure you subscribe to my RSS feed!

In this 3-part radio series entitled “Around and About,” I discuss the ups and downs of growing my video business over the past 7 years. Enjoy!

If you enjoyed this post, make sure you subscribe to my RSS feed!

Did you change anything about how you run your video business based on the insight provided in last week’s newsletter?

If not, perhaps Part II of John’s “Prepare now for the Recession” article series will prompt you to take a closer look. (See below.) Seriously, this guy knows his stuff. He has helped me succeed through two very tough economic downturns in the past 3 years so every time he speaks on this subject, I listen!

If you find these articles helpful, I suggest you check out John’s “The Business Tripod for Success” articles package in the MYVB store. It contains 52 articles that will help you drastically improve the way you run your business.

I’ll resume the “success tips” videos in 2 weeks. See below for the second part of the 3 week series on preparing for the recession.
Kris

“Helping You Attract More Clients With Bigger Budgets!”

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PREPARING FOR THE RECESSION - PART II

By John F. Riddell, Jr.

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As promised in last week’s article, this week will be a continuation of more specific examples to help weather the turbulence of the recessionary storm. As stated previously, there is no more exposed factor in our economy than the small business entrepreneurs and they are also the ones least likely to have the resources to successfully absorb any significant downturn.

Most small business entrepreneurs intuitively know this and their traditional response is to “hunker down” in the proverbial bunker of pessimism in the hope that sooner or later the storm will blow over. There are a few, however, who do clearly see the recession for what is and see a significant opportunity. These recession opportunists know that a recession is a normal component of the business cycle, nothing to panic about, yet something that puts a premium on good management. They know that effective leadership is the key to capitalizing on the opportunity and are focused on implementation of activities.

Last week we suggested freezing any hiring plans and looking at discretionary spending. This was only a first step recommendation. The next step is to think hard about where and how you can access new sources of revenue. Said differently, try to figure out how to increase your sales and marketing focus. Amateur sales managers and marketers experience a lot of heartburn with this suggestion but if you think about it for a moment, it is a very safe course of action. The majority of managers are amateurs and in dealing with recessionary uncertainties, they knee jerkingly slash their sales and marketing budgets. The net effect is that there are significantly fewer resources chasing customer opportunities. So if you increase your effective presence in the marketplace, you can capture significant market share just by being there. There is simply less competition! The operative words, of course, are “effective presence” and this requires a certain discipline of standards when deciding on personnel and promotional campaigns. But just remember, there is a reason professional salespeople love their jobs and succeed when everyone else is running scared.

Another idea you might wish to pursue deals with your cash situation. Everyone knows that recessions typically exert downward price pressures, with the subsequent margin squeezes and the small businessperson tends to experience having his or her accounts receivable being stretched a bit. But what is sometimes forgotten is that for most businesses, this cash issue is a two way street. There is nothing inappropriate about proactively contacting your suppliers and just telling them that you need some help. Your customers are stretching you out and you need them (the supplier) to give you some better terms to help you deal with this temporary situation. Recognizing that they will gain nothing if you cannot pay them, an overwhelming number of suppliers will work with you. Just make sure that whatever you agree to you stick with come hell or high water.

The third suggestion is to aggressively seek out complementary strategic partners. This can involve a lot of functional areas of the business but it can be as simple as pooling resources for trade shows or advertisements or even sales forces. The key is to come up with an idea for mutual sharing of some skills or resources. A kind of one plus one equals three approach.

Finally, just remember that recessions are not depressions. Recognizing and accepting that recessions are normal events and then proactively managing within the event can often establish a significant foundation for a company’s future growth and success. Reactively managing will also establish the foundation but it will not be one of growth and success.

Check out John’s “The Business Tripod for Success” articles package in the MYVB store. It contains 52 articles that will help you drastically improve the way you run your video business.

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Even though we aren’t technically in a recession yet, it’s possible that we will be faced with one soon. I’m not sure how your video business has been impacted over the last year but I have to admit that it has been a tougher year than most for me. Fortunately, I’ve been through my share of down times so I have a bit of experience when it comes to managing my way out of it.

A guy that has even more experience than me when it comes to managing a company in similar circumstances is John Riddell, my friend and long time business coach. John writes a weekly column on entrepreneurism for the Chattanooga Times Free Press, is a business professor at the University of Tennessee at Chattanooga and currently runs the Center of Entrepreneurial Growth for the Chattanooga Area Chamber of Commerce. And for those of you who may be wondering, John’s past life included running multi-million dollar companies as well as several small businesses so he knows his stuff.

The next three “success tips” newsletters will include a 3 part article series that deals with preparing and selling in a recession. (see below for part 1) If you like what you read in these articles, I suggest you check out his “The Business Tripod for Success” articles package in the MYVB store. It contains 52 articles that will help you drastically improve the way you run your business.

I’ll resume the “success tips” videos four weeks from now. See below for the first part of the 3 week series on preparing for the recession.
Kris

“Helping you attract more clients and increase profits in your video business”

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PREPARING FOR THE RECESSION - PART 1

By: John F. Riddell, Jr.

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After much tiptoeing through the proverbial tulips, many business leaders and financial experts are using the recession word in their prognostications. While many may attempt to connect the economic downturn to oil prices, the subprime debacle, the weakened US dollar, or whatever, the fact is that none of this Monday morning quarterbacking helps those with the most exposure-the small business entrepreneurs. Theirs is a world where the ability to absorb downturns is minimum and their need to pro act is maximum. Interestingly, this same economic environment can also spell success for those who move quick and decisively into areas of opportunity. The keys are to be realistic, decisive, and urgent.

If you believe that a recession is at hand, there are a number of actions that you can take to positively deal with this economic environment. The first is to do a quick budget projection and see what your financial projection might look like with a ten to fifteen percent decline in revenues. While no one likes negative growth, the purpose of this exercise is to force some new thinking on the current expense load. Usually this results in a “must have” listing and a “nice to have” listing. If you’ve done a good job of managing your business then this “must have” listing will be short and comprised almost exclusively of fixed costs. The “nice to have” are, by definition discretionary and you have the ability to make educated choices. It is important to note, however, that the earlier in the process that some of these decisions are taken the more significant their impact and savings. Please also note that this exercise is merely for planning purposes. It is just a tool to help you get your hands around a non-controllable macro economic situation in such a way that you can certainly micro impact it.

The second immediate suggestion has to do with personnel. Freeze hiring! No one should be bringing people on board knowing that there is a probability that they will have to let them go. While optimism for the future is a key ingredient for entrepreneurial success, a recession has a way of altering the timeline and prospective employees deserve this consideration. On the flip side, some innovative and creative thinking will be required just to protect and maintain the jobs of current employees.

The third suggestion is get busy with the creative thinking. Bring your employees into the discussion process, make sure they know the significance and urgency of the task at hand and then get busy generating new ideas. Certainly redefining jobs, examining and streamlining processes, and attacking waste should now be moving into that area known as heightened concern.

The entrepreneurial leadership challenge is a true understanding of the urgency of the situation supported by the decisive commitment to action. But if you can creatively respond to the urgency of this situation, not only will you survive, you’ll be positioned for greater prosperity when the economy turns around. Next week we’ll discuss some specific actions you can take to achieve this positioning.

Check out John’s “The Business Tripod for Success” articles package in the MYVB store. It contains 52 articles that will help you drastically improve the way you run your video business.

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Want to Make More Money With Your Duplication Services?

I enjoy the manual labor associated with duplication orders about as much as I love to hang curtains for my wife. (I abhor hanging curtains!) However, every videographer from time to time has relied on the extra income, albeit negligible in many cases, to pay a few bills until the bigger checks come in or the clients start calling with more profitable work. I also realize that there are many of you that generate at least as much, if not more income with your duplication racks than you do with your videography services. In this week’s “Success Tip” video podcast, I share with you an idea that I have used for several years to keep consistent duplication/replication income flowing into my video business. Enjoy!

Kris

Helping You Attract More Clients and Increase Profits For Your Video Business

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Want a shortcut to video business success? Use this link to find out more >>>

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SHOW NOTES:

Email Newsletters - 60 Day Free Trial

First off, let me say that if you aren’t sending a newsletter to your customers, prospects and referral partners, you are missing out on an extremely effective marketing opportunity. Communicating via newsletter is a great way to stay in touch with your current clients and to build credibility with those who have not yet decided to purchase your products and/or services. In this week’s “Success Tip,” I discuss the value of using an email newsletter in your marketing and give you ideas on how to build your list.

Kris

Helping You Attract More Clients and Increase Profits For Your Video Business

JOIN MY EMAIL LIST to receive updates regarding future “Success Tips” video podcasts.

Want a shortcut to video business success? Use this link to find out more >>>

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If you are like most video businesses, you struggle to get corporate clients to give you what is needed to hurry up and finish a project so you can get paid!  In this week’s “Success Tip,” I discuss the concept of setting deadlines for your clients and offer ideas for how to structure your production agreements so that they will have to pay you more money if they are responsible for project delays. Please keep in mind that I am not a legal expert so BE SURE to consult your attorney before making any revisions to your production agreements.

Kris

Helping You Attract More Clients and Increase Profits For Your Video Business

JOIN MY EMAIL LIST to receive updates regarding future “Success Tips” video podcasts.

Want a shortcut to video business success? Use this link to find out more >>>

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Want a shortcut to video business success? Click this link to learn more about a subscription to MindYourVideoBusiness.com. As a subscriber, you’ll get unlimited access to articles covering all facets of running, growing and sustaining a successful video production company.

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In this episode, I talk about my transition from a freelance service provider to a full-blown corporate video production company in the second year of running Fire Eye Productions, Inc.

Show Notes:

MindYourVideoBusiness.com Store - New Sample Scripts and Video Business Coaching Services

Fire Eye Productions, Inc. - My video production company.

U.S. Chamber Directory - Find the chamber of commerce in your area and get involved!

Chattanooga/Hamilton County Business Development Center - Check out the “BDC Tenant Awards” at the bottom right of the page!

Tennessee Small Business Resource Center - This is where I found my first business mentor. I recommend you look into similar services in your area.

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In this episode of the MYVB Podcast, I discuss the experiences I had in the first year of running my video business, Fire Eye Productions, Inc. Some of these experiences included working as a freelance camera operator for Georgia Tech, editing wedding videos for videographers all over the United States, producing/editing an Atlanta based local access television show and creating an online real-estate video tour product that I thought was going to be the greatest thing to ever hit the streaming video market. (Key word being “thought”)

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As I was cleaning out my iTunes library, I came across a podcast in which I was featured in back in April of 2007. The ClearCast podcast was titled “Innovative Conversations” and was sponsored by PointClear Solutions. Below is the summary they put together for the clip.

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This is a great Michael Dell story in the making. Maybe not as largesse as Dell but with more than a few similar characteristics. Kris Simmons graduated from college and decided to avoid corporate America to follow his passion. The result is a successful entrepreneur who is building an exciting and different type of media company. The backstory is that while he was strong on technical skills early on, in less than 10 years he has successfully become a savvy CEO. Every would-be entrepreneur should listen to Kris’ story.

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In this episode of the MYVB Podcast, I discuss how I first became interested in video and how the experiences I had in middle school, high school and college prepared me for success as a video business entrepreneur.

SHOW NOTES:

ChannelBlue - Health Care Web Channel

Fire Eye Productions, Inc.

Carson Newman College

Aardvark Interactive Studios

Rich Dad Poor Dad (Click Thumbnail)

Visit the Rich Dad Website

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In this episode, I discuss the importance of becoming a better entrepreneur in order to accelerate the success of your video business.

My Podcast Alley feed! {pca-1eeaf456d6a66bc6fca9d9c267d52648}

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