Have you ever purchased something because it was the cheaper option, but it was the worst experience? Those unnecessary headaches are avoidable when considering the hidden value or lack thereof. This is also true when investing in video storytelling, and its hidden value for your nonprofit.
Understanding value from airlines
In the book Pricing Creativity, Blair Enns breaks down the various forms of value Airlines provide. Time of flight, non-stop or layovers, checked baggage, leg room, and TVs are some of the value beyond your actual transportation.
Do you have a preferred Airline? People value different things. Someone might prefer Spirit Airlines because they value cost savings, while someone prefer Delta because of the extra amenities.
This notion of value is the same when hiring a video partner.
So, what is the hidden value of video storytelling?
Like an iceberg, there's a visible tip with a chunk of mass hidden underwater. The tip of the berg is the main deliverable you receive, aka the video or film. However, you also get the rest of the iceberg, which is the hidden value of video storytelling.
Let's list some of the forms of value you purchase or choose not to purchase, all of which are impacted by the price you pay.
- Development of final product, i.e., a brand film, video series, etc
- Price certainty through fixed price
- Quality or creativity
- Prestige via the reputation of the firm
- Speed or turnaround time
- Reserved capacity
- Research of various kinds
- Prototyping (storyboards or narrative arc chart)
- Account and project management
- Reporting: written reports, status calls, or face-to-face meetings
- Involvement of, and access to, Senior personnel in the firm
- Emergency access (evenings and weekends)
- Presentations to your employees and management. Or board
- Knowledge transfer: workshops, collaborative sessions, manuals, etc.
- Financial terms
- Customer service
- Surprises (gifts or snacks)
What are some ways you might be focusing on the tip of the iceberg?
Depending on your value and budget, you might focus on the iceberg tip. If you've received a proposal and focused on what goes into making a video or brand film, such as how many crew members or the number of hours it will take, you're missing the submerged value.
Hiring a storytelling partner that mathematically fits your budget but takes an uncomfortably long time to reply to the most straightforward emails and misses deadlines will be a headache. You'll find yourself project managing them. This experience only adds another thing to your busy plate.
That's when you start questioning whether hiring the cheaper option was worth it.
3 things to consider when working with a vendor
Keeping your eyes open to video storytelling's visible and hidden value will help you see things holistically. Plus, help find the right vendor that aligns with your values.
Here are 3 tips when considering a new vendor or re-negotiating existing relationships.
- Identify what you value the most from your vendor relationship. Is it all about price? Is it the balance of price and customer service? Or do you prefer to be treated like first-class with the white glove treatment?
- Asking your vendor questions about your values. For example, what's your policy for returning emails? What guarantees do you provide in helping achieve our goals?
- Be courageous and deny working with vendors if they cannot deliver what you value. Settling never feels good, so why do it? Settling is a boiling point recipe that, in time, will boil over.
You're buying the hidden value of video storytelling
So, as you delve into video storytelling for your nonprofit, remember there's more than the eye sees. Like airlines, where different people value different things, the same goes for choosing a video partner. You're not just buying the end product but also the hidden value that comes with it.
So, keep your eyes open to video storytelling's visible and hidden value. Look at the bigger picture and find a vendor who gets you. Someone who fits your budget shares your values, and delivers the experience you're after.
It's time to dive into a video storytelling adventure that gives you the results and fulfillment you've longed for.