Is DIY Video Really Going to Save You Money?
Time is Money
I remember hearing this story years ago, that if Bill Gates drops $100 it’s not worth his time to stop and pick it up. At the root of this little anecdote is the well know time is money formula. You can check out Mr Gates net worth here, which at the publishing of this post sits around 80 billion dollars. That’s $80,000,000,000.
Pretty hard to imagine I know. But the point is, when you’re worth that much, the value of turning around to pick up lost money has to be weighed against the value of that same time in generating income that would far surpass the loss. But we can neglect this same kind of thinking when it comes to how we use our time in our own businesses.
DIY Video Takes Time
This seems to particularly be the case when it comes to online video. Sure, it’s easier than ever to be making DIY video, you’re not going to get into an argument here. There’s heaps of tutorials on the internet for using your phone to create video content. But what you won’t escape is that DIY takes time.
And so when applying the time is money formula, the question is what is your time worth? How do you spend it wisely. When you put together all the parts for creating video, pre-production, production, post-production, distribution, you could be paying more for your DIY video than you would to outsource it. If you’re not measuring the time it takes you, you’ve got no idea how much you’re spending. Which is why you need to measure the time you spend against your normal charge out rate and see whether you’re actually saving any money.
Normal Charge Out Rate x Time spent on DIY video = Cost of DIY video.
Improving DIY Video Quality Takes Money
Knowing what your DIY video is costing you is important. That’s because unless you’ve spent a significant amount of time building your knowledge and skills of video production, then it’s unlikely you’re going to get something other than a DIY result. No doubt you’ll be able to improve the quality over time as you learn more about the craft of video production. But as you learn you’re realise that higher quality results are going to include investment in more professional equipment. Higher quality cameras, lighting equipment, audio equipment and the likes aren’t a great investment if they’re only used occasionally within the business.
So In the end, it may be costing you just as much, if not more, for an inferior end product.
Successful Online Video Needs a Strategy
The other thing to consider is that making the video itself is not all that needs to happen for an effective online marketing campaign. Creating online video content without a strategy is unlikely to result in success. Too often I see videos made that are not attracting viewers because the strategy is simply – post and hope. This demonstrates a significant lack of insight and planning. When this happens it’s pretty clear that all the time spent making those DIY videos is really a wasted investment. Or I see high quality websites with video that looks like a cheap and nasty video project. Poor framing of shots. Poor lighting. Poor audio. And editing techniques that belong in a primary school video project. Making the value of the website investment depreciate by hosting video that says “unprofessional” and “on the cheap”.
So be sure to work through your online video strategy before you start to get hands on with making videos. Be sure to crunch the numbers. You don’t want to be paying more for an inferior result that nobody’s watching. Or worse still, turning customers away by sending a message that doesn’t authentically represent your business.
If you are making video, what is it costing you? Crunch the numbers and leave the results in the comments below.