4 Recession Tips For Your Video Business
By Kevin Graham
As the term “recession” gets mentioned more and more in the news cycle, you may be worried about what it would mean for the creative industry (more specifically, the video production industry).
While a recession could force you to do things a bit differently for a while, it doesn’t mean the end of your company and livelihood. Here are 4 ways to prepare your video business for a recession.
#1 – Don’t Panic
We’ve had recessions before, and we know how they play out. During an economic downturn, such as the one that some experts are forecasting for the near future, individuals and companies alike will generally tend to cut costs and spend less money.
But even in a recession, people will still need videos. Businesses will still run ads. Couples will still get married. Our digital world is more visually-focused than it has ever been, and that won’t change with an economic slowdown.
As long as people are still consuming video content, there will always be a need for video creators.
#2 – Be Opportunistic
In fact, a recession may actually present a big opportunity for those who can take advantage of it.
For example, let’s say a company can no longer justify the $3000/month it spends on billboards and radio ads.
What if you were to present them with a $1000 video ad set, which would actually reach more people (and be better targeted) online for $500/month?
That saves your client money and it puts work on your schedule.
Think about it this way: your clients are just as worried as you are about keeping the lights on and attracting business. If you can present yourself as a net-positive to them, as a valuable tool rather than an expense, and you can deliver on that promise, you will be in a good position to see an opportunity where others see a problem.
Real estate is historically very severely affected during a recession. What better way for a client’s house to stand out on the market than a boutique, custom walkthrough video of their home?
#3 – Diversify Your Skills
A recession won’t necessarily hit all parts of your industry equally. So to put yourself in the best possible position, you should make sure that you can serve a diverse client base.
This means at least having the capacity to deliver corporate videos, wedding films, real estate videos, talking heads, etc.
Sure, you probably have a favorite type of project, and a style that you’re best at. But making yourself as useful as possible can go a long way during a recession, and can provide financial and relationship dividends that last long after a downturn is over.
#4 – Stay In Touch
This is just good advice in general, but especially during slower times: you should make a habit of staying in touch with your clients, regardless of how long ago your last project with them was.
Send them an email or text every quarter or so. Send them cards or gift baskets during the holidays. You simply want to be your clients’ favorite vendor, and at the front of their mind when they’re strategizing on how to bolster their own bottom line.
And if you have a slow day or week, try to set a goal for reaching out to new prospects. Even making 25 calls or emails a month can pay off in a big way down the road.
While some things may change and even evolve during a recession, if you’re proactive about preparing for one, you’ll be in a position to actually grow your business rather than watch it shrink. And these 4 tips will help you get there.
Kevin is the Music Director at Filmpac.