2x Your Income as a Videographer. EP #303 - Den Lennie

Are you tired of working hard in your video business but just scraping by a living? Well, today I want to show you how you can 2x your profits with some simple strategies that might surprise you. If you want to increase your income as a videographer, then it's time to take control of your business. Because there are things you are doing that are probably holding you back. And these strategies I'm going to share will allow you to double what you're currently achieving, whether you're an established videographer or earlier on in your journey. In this video, I'm going to show you how you can 2x your income as a videographer. You're going to learn practical tips, strategies and techniques that will enable you to make more money. You'll increase your earnings and provide more stability in your video business. Whether you're just starting out or you've been in business for a while, this video will provide the tools you need to reach your financial goals. If you're new here, my name is Den Lenny. I've been in the video industry for over 25 years and I've worked across a broad range of genres, from broadcast television to high end corporate production and everything in between. Some of the artists I've work with at the higher end have been people like Duran Duran, Cristiano Ronaldo and Robbie Williams. And I've worked with a broad range of productions from small startups to major companies like Sony. So make sure you like and subscribe and let's get on with helping you doubling your video business. So here are five ways that you can 2x your production company's revenues. First of all, it's be niche. If you are niche and work in a specialist area, you become a premium supplier by default. By specializing, you set yourself apart from the competition because you stand out as being an expert in your field. This will help you attract more appropriate clients who are looking for your specific skills and that enables you to then in turn charge a premium for your services. Now, a lot of video companies get really freaked out by the thought of niching. But you can have multiple niches running within your business. Think of it as the topics and subjects that you're known for. And if you look back at your financials for the last year and you dig into the specific companies and the specific projects you did, there will be a specific lean towards one area over another and that is your niche. Now, niching doesn't mean you have to exclude video from anything outside of your niche. It just means when you come to market your business, you have a Single voice and you're talking to a single market. And that is one of the key things that will separate you from everyone else in the marketplace. And the easiest way to double your business. Let's talk about pricing. The easiest and fastest way to double your business is to increase your pricing. And yet so few people actually do this because they don't know how and they're scared that if they do they'll lose clients. But the way in which you increase your pricing is important. Now there's a couple of things I'm going to share with you now. When you, which most people don't do, increase the pricing you offer for additional services that you perhaps don't currently include or line itemize in your quotes. Examples of these would be things like post production. Many people just charge post production as a flat editing fee. But if you break it down to offline editing, then online editing and sound dub and music mix and color grade and motion graphics, these are separate departments that can be charged independently of just one blanket edit charge. Things like animation, sound design, these are services that can be billed in addition to the original quote. This will increase the perceived value of your offerings because you'll look like you have a greater understanding of the process versus someone who just says, oh, the edit's going to cost X Production companies are specialist houses that offer different skill sets. And whether or not you're a one man ban operator or in fact a part of a team, you should always quote your services out as if you are a team, as if you are going to use these outside contractors so that you can maximize the profitability of each step of the production. The truth is most people throw these in and don't charge for them. So you're leaving money on the table. Tip three is to build your network deeper in that niche. If you build your network deeper in that niche, you become internally referred within that market. Let's take an example of a client of mine who works specifically with universities. What happened was he did work with one university department and then that university department introduced him to another department and another department. Over lunch one day they all happened to say, well, oh, actually we need some video as well. And it's great that you're a specialist in universities because you understand the work we're doing, you speak our language. And he walked away with three projects off the back of one niching and specializing and networking is a very important factor to doubling and tripling your business. But you can Also network using LinkedIn sitting at your desk. LinkedIn Sales Navigator has a Very powerful ability to connect you with decision makers and in your specific niche. And when you start to connect with more and more people in your niche, you start to have secondary connections that mean more new people are likely to connect with you because they can see you're connected to other people in their industry. And in any industry. People have studied together, they've worked together, they've met at conventions. Their network within that space is broad and wide. Back in the day, when I was doing corporates for the video production industry, I'd go to major events like nab, IBC and I'd meet manufacturers from the main camera manufacturers, the lens manufacturers. They would in turn introduce me to their suppliers. And I built a very lucrative video production business just serving that market. I became known by all the PR companies, all the publications, as a great speaker on all things tech. And so I'd often be asked to speak on stages, host television shows within these organizations. And that really elevated my position within the industry. And so I did an enormous amount of work for some quite obscure companies in the broadcast industry because I've made connections to Sony, to Zeiss and Tiffin and other brands such as o', Connor, Zacuto, Kessler, Crane. All of these manufacturers all knew each other at trade shows and the network expanded because of my going to these shows. But you can do this sitting at your desk using LinkedIn. The fourth way to double your business is to change your pricing model and price based on value, not time. If you price based on value, you're pricing based on the delivered product. That's going to have a positive impact on that client's business and not simply how many days did you shoot and how many days did you edit? This is the most significant way to increase your profits in a video business. Now, there is going to be a kind of market rate or an expectation for what a project is going to cost in a given niche. Do you think a company generating $100 million a year with a marketing division is going to have a greater amount of perceived spend than a company doing half a million dollars a year? Well, of course they are. Now, there are some complexities with working with larger companies, but if you've got someone who's got a large marketing budget of a few million a year, then 10 or $20,000 in a video project is really a drop in the ocean. Whereas a company generating half a million dollars dollars a year probably only has a marketing budget of 5,000 and therefore they're unlikely to spend a lot on a video. So choosing the companies you work with and being aware of their value is a significant part in being able to achieve more money and double your profits in the process. Do not be afraid to position yourself at the premium end of the market. And my fifth tip is to invest in yourself. Invest in in coaching. Invest in marketing. Invest in mentorship. It will accelerate the process. It will speed up the process. I've spent over $250,000 on mentoring and coaching programs over the years and every single time I do it, I get stretched, I get pushed and I end up making more than I've invested because I feel an accountability to that program or that coach. But also invest in your marketing. Invest in understanding how to market. Make sure you understand what it costs you to acquire a customer. And don't shy away from paid advertising either. If it's done correctly, it can yield extremely good results. But if you haven't got a lot of money, you can still utilize all the social media platforms and create content that resonates with your target market. And like I said, LinkedIn is an extremely powerful tool that can enable you to make some very, very strong connections with decision makers and become known to them. And so therefore you become a factor in their mind when they're looking for a supplier. If you'd like some help to build your business, we have a free community called Scale your Video Business where we have some training and some resources that will help you get onto that next step of the ladder. Becoming a successful video production company, one that doubles or triples their income, is a process that takes some time. It takes effort, it takes commitment, and it's not easy. It requires a combination of skills, hard work and the right strategies. By specializing a niche, offering additional services, charging at the premium end of the market, and utilizing systems and marketing, that combination together, and some accountability, you will achieve your goals. Remember, success takes time and dedication. But if you follow these tips and implement these strategies, you will get there faster and be well on your way to reaching your financial goals.

You've been listening to the Video Business Accelerator Podcast with your host Dan Lenny. If you are a video business owner who is tired of going it alone and would benefit from mentorship, support and weekly accountability, then mouse over to www.dotvideobusinessaccelerator.com to learn more about how the accelerator program can help you today. Don't forget to subscribe and rate the show over on itunes and we'd really appreciate you taking a few minutes to leave a review.