Have you ever chosen a cheaper option only to regret it? This frustration often comes from not considering the hidden value. The same applies when investing in video storytelling for your nonprofit or for-profit business.
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Understanding Value from Airlines
In the book Pricing Creativity, Blair Enns explains the diverse value airlines offer: flight time, layovers, baggage policies, legroom, and amenities. Similarly, hiring a video production company involves more than the tangible deliverables.
People value different things. Do you have a preferred airline? Some prefer Spirit Airlines for cost savings, while others choose Delta for extra amenities. Companies spend dollars based on perceived value and preference.
So, what is the hidden value of video storytelling?
Think of an iceberg: the final video is the visible tip, but the hidden value lies beneath. Here’s what you might overlook when focusing on the tip of berg:
- Development of final product, i.e., a brand film, video series, etc
- Fixed price certainty
- Quality or creativity
- Prestige of the video company
- Speed or turnaround time
- Reserved capacity
- Various research types
- Creative Process (story development, finding the right characters, narrative structure)
- Account and project management
- Reporting (written, status calls, face-to-face)
- Access to senior personnel
- Emergency access (evenings and weekends)
- Presentations (employees, management, board)
- Knowledge transfer (workshops, manuals)
- Financial terms
- Guarantees
- Customer service
- Surprises (gifts or snacks)
Example of Video Storytelling's Hidden Value
When choosing a video storytelling partner, looking beyond immediate deliverables is crucial. Here is an examples from our company, BairStories:
Working With Klarhet to Craft Their Origin Story
Nicole from Klarhet felt deeply understood while sharing her story with us, describing it as talking to a friend despite us being strangers. Many companies produce prettier images than we do. However, our process of making people feel seen and heard is our hidden value.
Beyond a single story, our video storytelling package included creating an ecosystem of content—a main hero film, teasers, reels, and a photo pack—to amplify Klarhet's story across multiple platforms and maintain momentum for their origin story launch.
Continue reading our case study for Klarhet's Uncharted Dreams.
3 Things to Consider When Working With a Video Production Company
Keep your eyes open to video storytelling's visible and hidden value. Here are three tips for choosing a new vendor or renegotiating existing relationships:
01. Identify What You Value Most
- Is it all about price? Is it the balance of price and customer service? Or do you prefer to be treated like a first-class with the white glove treatment?
Vendor Comparison Framework to Choose the Right Video Production Company
- Communication: How quickly and effectively does the vendor respond to inquiries?
- Turnaround Time: What is their average project completion time?
- Additional Services: Do they offer distribution support, guides, etc?
- Client Satisfaction: What do previous clients say about their reliability and quality?
02. Ask Your Vendor Questions About Your Values
For example, what's your policy for returning emails? What guarantees do you provide?
- Set Clear Expectations: Clearly outline your expectations and project milestones in the contract.
- Negotiate for Value: Ensure your contract includes key hidden values like emergency access and senior personnel involvement.
- Maintain Strong Relationships: Regularly communicate with your vendor to ensure alignment and address any issues promptly.
03. Be Courageous and Refuse to Work with Vendors Who Can't Deliver What You Value
Settling never feels good, so why do it? It is a boiling point recipe that, in time, will boil over.
Ultimately, You're Buying the Hidden Value of Video Storytelling
Choosing the right video production company involves considering both visible and hidden values. The visible product is just the tip of the iceberg; the hidden value can make a significant difference. Ensure your partner fits your budget, shares your values, and supports you.
Additionally, consider their ability to provide a comprehensive content ecosystem, such as teasers and social media snippets, to amplify your story across multiple platforms. Choose a partner who aligns with your budget and values and ensures seamless communication and execution.