How to create value in videography (Entrepreneurial mindset). EP #307 - Den Lennie

In this video, I'm going to talk about how to create value from an entrepreneurial point of view in your video business. It's simply not enough to just be a videographer who offers videography services and hope that someone's going to call you. You have to think like an entrepreneur. You have to behave like an entrepreneur. And actually doing it this way will give you the best results and the greatest quality of life you can ever imagine. So today, I'm going to be sharing secrets, insider tips and examples from video businesses who are adopting this entrepreneurial mindset to help you grow and scale your business and create the life that you want, doing what you love. I'll be sharing the insider secrets that top video production companies use to create exceptional value for their clients and stand out in an extremely competitive market. Hey, I'm Den Lenny. And if you're new here, I have been working in the professional video industry for almost 30 years. I've been fortunate enough to to work with some pretty big celebrities, Duran Duran, Robbie Williams, Cristiano Ronaldo, and in that time have produced enormous amounts of content for Sony and a broad range of other clients. Now, I started my career as a television cameraman and evolved my business over the years. But Here, now in 2023, the market is tougher than ever and you have to think like an entrepreneur. So I want to start by sharing why I'm talking about this now. It's actually been on my mind for a while and I get to amazing businesses across my two programs inside the Video Business Accelerator on a daily basis. So I can see the clients who are succeeding, and I can see a lot of people on the outside who are not succeeding. And I think it's because a lot of people think that having a camera and a gimbal and a few skills and a few plugins makes them a videographer. But here's what's happening right now. The market is getting tighter. There's economic pressure across the planet, there's disruption, there are wars, there are interest rate rises and a lot of uncertainty. And what that does is it means that you have to think more like an entrepreneur in your video business because things are tighter, there's not as much work around, and the work that is around is in big demand from a lot of suppliers. And so during a time of economic crisis, the businesses that succeed are the ones that dig deeper into their sales and marketing, think more and more like an entrepreneur. And what I'm going to do today is share five ways in which you can think more like an Entrepreneur and apply those to your video business. And if you're interested in learning more, then stick around till the end, because I've got a special surprise for you. Value is perception. The value you think you're giving a client may not be the value that they receive. So the first step in understanding value is understanding your clients and what they need. To start, you have to identify a target market. It is not going to work trying to be a videographer for everyone, because that is what everybody else is doing. So you need to identify a target market or verticals within different target markets and have a separate voice and understanding of each market independent of each other. As a creative entrepreneur, it's essential you understand the nuances of individual target markets. You need to be clear on who your target audience is and what they're looking for. You need to understand their pain points. You need to understand their desires. You need to understand what. What's important to them in a video project. Because I guarantee it's not the same thing as you think is important in a video project. As videographers, we typically focus on the esthetics, the cinematic nature, the storytelling, the smooth use of gimbals and shots and grading and sound design to create a cinema experience, an immersive experience. But that's not exactly what your client necessarily wants or needs. And there's a danger if you push too hard down the creative route that you'll actually scare them off. Clients want certainty, and they want to know you'll deliver on time, on budget, and not get too creative. But once you understand the preferences of your market, you can cater specifically to them, give them exactly what they want. By providing solutions and services that resonate with your target audience. You'll establish a strong connection with them and create exceptional value. And at that point, they will see you as a trusted advisor. Once trust is in place, relationships grow and you can have a relationship with clients for decades. The next thing you have to do as a creative entrepreneur is cultivate your personal brand. People buy from people. Your personal brand is a powerful asset in the creative industry. Develop a unique and authentic identity, one that reflects your value, your style, and most importantly, your expertise. Be consistent in the way in which you project your brand across all social channels. Website, LinkedIn, Instagram, and any other marketing materials you might use. A strong personal brand will attract ideal clients into your world and set you apart from your competition. Now I get it. For a lot of videographers, there's introversion, but you know what? I'm an introvert, but I'm Quite happy to sit in front of a camera and talk to you here. Go into a big room of people. I'm okay standing up on stage. So there are ways in which you can communicate in a safe space that you feel comfortable with. But I can tell you this, people want to know the person behind the brand. And the best role for you as the leader of your video business is to be out front and center making those connections so that people feel like they can get to know you, trust you, and most importantly, like you. Then they're going to hire you. This next tip is critically important, so listen up. You have to innovate and adapt in your business on a monthly and quarterly basis. The market is constantly changing, market forces are constantly changing. We're seeing at the moment in the market a slowdown of people buying video services or delaying the decision to take video services on, or waiting longer before they commit, or taking longer through the entire creative process. So if you just rely on how things were last year, there's a good chance your business could fail this year. So you constantly have to adapt into the current market conditions and be looking ahead at what may be coming next. The creative and business landscape is constantly evolving and so staying ahead of the curve is crucial for your success. You want to be looking at embracing new technologies, trends, shifts in the market, shifts in the industry. What are other people experiencing? Do you know? You want to be constantly refining your workflow and the way in which you produce content, because there may be a more efficient way than you're currently doing. Be open to experimentation, trust your instincts, be willing to step into areas of discomfort and take risks as this can lead to breakthroughs and set you apart as a forward thinking entrepreneur. Now following on from adapting is diversification of your income streams. It's really important. You don't just do one thing in your video business. Your video business actually is a series of assets that you can sell. So there's yourself, there's your team, there's your intellectual property, maybe there's your edit system, there's your camera gear. There are all sorts of services you can offer beyond simply just being a gun for hire who shows up with a camera, shoots and edits. Relying on a single source of customers is really risky, especially in the creative industry. Some of the ways in which you can diversify might be to offer workshops, training, digital products or consulting services. What information do you have that you can turn into an online course? Could you offer that as a one day workshop for your clients? I have a client in the UK, Ryan who leads with one day iPhone workshops? Now you might think, why is he selling a one day iPhone watch of the clients that come could potentially hire him? Well, here's what happens. Oftentimes he'll teach people how to use their iPhones. But you know what? Making video is actually harder than it looks and it's not a question of just having an iPhone and shooting and so they'll often ask him back to shoot more projects for them. So he uses that as a gateway into other video services and often finds himself signing up retainer clients off the back of that workshop. By having multiple revenue streams within your business, you can generate more value for yourself, more value for your clients, while ensuring financial security for your business and long term growth no matter what the external market is experiencing. And I think the most important tip is being surrounded by the right people and fostering a community that can support you in the ups and downs of this rollercoaster that is Entrepreneurship. Creative entrepreneurship can be a very lonely journey, but surrounding yourself with a supportive group of like minded people in your industry can be an absolute game changer. Connect with like minded individuals both offline and online. Get together and share ideas, share resources and encourage each other. By fostering a sense of community and collaboration, you'll create value for yourself as well as for others, while also expanding your network and potential opportunities. And that's exactly what we do Inside the Video Business Accelerator it's more than just a program. It's a community. It's a support community. It's a community that fosters growth and abundance and allows people to grow and scale both physically, mentally and financially. The Video Business Accelerator is a community that supports growth in a holistic way and avoids the hustle culture that seems to exist in a lot of coaching spaces on the Internet. The fact is, growing a business takes time. Building anything real takes time. But you want to do that in an environment where there's a measured amount of progress and support and encouragement that means you don't feel like you're on your own. If you'd like to learn more about that, just click the links below and you can find out a bit more about how we operate and see if it's the right thing for you. And if you want to hear from other filmmakers already in the program, then go over to the YouTube channel, look for client reviews and you can watch multiple examples of filmmakers just like you growing their business with the help of the vba.

You've been listening to the Video Business Accelerator podcast with your host, Den 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.videobusinessaccelerator.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.