How to win in a slowing economy. EP #312 - Den Lennie

G', day guys. It's Dan, episode 312 of the how to Scale a Video Business Podcast. And we're back to doing some audio only podcasts for a little while. You may have noticed recently we've been trialing, making YouTube content and then taking that content and also turning that into a podcast. We're always exploring different ways of creating content in a really efficient way where we can provide, you know, maximum value to you, the listener, but also maintain our workflow and maintain our workload. And we're actually trialing some new content on YouTube that I'm still working on this week. So I thought I'd just jump in and do an old school podcast and share a bit of insight that came from our coaching call today in the VBA Elite Mastermind. We're talking about the general sentiment in the market and there's a lot of calls just now with filmmakers as well who are experiencing a really slow period. And a lot of what's happening is a lot of businesses like the building industry, for example, like 60% of their normal kind of patrons, if you like, people who would normally market and advertise, have just tightened their belts. And you might think that that's actually a negative thing. But as you're going to discover in this podcast, there's actually more opportunity as a result of 60% of the market not getting involved. So let's talk about that in just one second.

Welcome to the Video Business Accelerator Podcast. Each week we uncover the secrets to creating a wildly successful and scalable video production business. With your host, Dan Lenny, discover how the accelerator program is transforming the lives of our members at www.videobusinessaccelerator.com. enjoy this episode.

So here's the thing that's really interesting. So if in we're talking about the building industry, for example, here in Australia, there was a survey that was done globally that indicated within the building industry that 60% of those people had cut back on their marketing and advertising spend. Now that's a significant amount and size of a market. But what one of my smart clients is doing is he's actually using that as a reason why the remaining 40% should double down on marketing and shooting videos for that industry. So here's why that's important. If there's 40% of a market in any sector that is still seeing the value of marketing and understands that in a slow economy they should double down on their marketing message, that means that the 60% less competition in the marketplace, which means if you've got a company who is still seeing the value of marketing, then they're probably going to double down and spend more and they'll be able to reach more of the available market because 60% of their competition are too scared to market. And I think this is something that's super important to consider when you are looking at your video business and looking at the market and saying, you know, what's going on just now? Is it slow, is it busy? What's going on? Where are the opportunities? Opportunities? It's about being really focused on understanding what's happening to the market sentiment. And by the market sentiment, I mean it's what are the majority of that market saying about the current state of play. I came across some posts recently on Facebook, I think it was, where editors were talking about, you know, the fact that the editing rates have gone down and worked as available is not being paid at the same rate. And unfortunately that is what happens in a market. You know, nothing stays the same. New technologies come in, new talent comes in, and it can often mean that the, the editing rates that were regarded as standard rates maybe 3 or 4 years ago no longer stand. And so you have to adapt to the market conditions and adapt to market sentiment. When it comes to businesses who may or may not use video for marketing, it's look, you got to think of it this way, right? And the majority of the world at the moment is talking about how tight cash has become. Interest rates have gone up in a lot of countries, spending, consumer spending's down, everyone's trying to bring inflation back into a reasonable space. And the challenge there is that everyone starts to believe that is all that's going on. But in any market, there are always going to be 30 or 40% of that market who, regardless of the public sentiment, keep going with their marketing, regardless. And that's really what we were talking about today on our support call was how do you actually implement that in practice? And so we went around the room and everyone had some really great insights. And one of the most amazing things about the VBA is that when things are challenging, we are in a room physically on zoom, talking about it, sharing with each other, you know, active members who are really sharing what's working, sharing where the opportunities are. And that is a huge support mechanism. Now if you're in Australia, in fact, if you're anywhere, but particularly in Australia, and you are running a video business and you're doing more than 15k a month, then we're going to be doing our elite mastermind in person event in July in Maracula Here on the Sunshine coast, it's the 4th to the 6th of July. And if you are someone who's been thinking about looking into the Elite Mastermind for a while, we've just actually released a brand new film that sort of shares what it's all about. If you go to the website and click on Programs and click on VBA Elite Mastermind, you can watch it. But if it resonates with you, then now is a great time to get in. We're actually filling up. We're going to cap this at 36 members, and I think we're about 28 now. So we're actually at a point where we don't have many more spots in that program. And Once we hit 36 businesses, we're closing the doors. And the only way you can get in is if someone leaves. And I can tell you, a lot of my members have been with me three, four years. They don't want to leave because it's an ongoing investment in their business and they get a great return. And beyond that, they get enormous amounts of peer support. So if that's something that's of interest to you, please do go and check it out on the website. But in terms of going back to the main topic for today's podcast, it's. It's. I want you to be thinking in terms of where are the opportunities in your marketplace, what is the sentiment of your marketplace and how can you use that to your advantage when having conversations with clients? How can you take what's going on in the market and find those clients who do value your time, who do value making great content, Understand that there's a huge opportunity to stand out in a normally crowded marketplace. That, my friends, is where the opportunity is. I'll see you guys next week.

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.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.