When it comes to marketing in today’s digital world, video content has become an essential component. However, it is not always clear whether a project calls for an in-house production team or if it is best to outsource it to professionals. As you try and decide the right step for your next video, there are several key factors that will come into play including your budget and deadline.
The Power of Video Marketing
Video has become a powerful way to tell a story or connect with customers. More than any other medium, video is shared more often and has a higher level of engagement.
Statistics have shown that each week, 78 percent of people are watching videos online. About 55 percent watch them daily.
There are a variety of videos that marketers can use to promote their message including video interviews, tutorials, presentation videos, product demos, testimonials and live streams, among others.
Video consumption on the web has evolved rapidly over the years. From the early days of Youtube, the rise (and fall) of Vine, to today’s abundance of video advertising platforms like Facebook, Snapchat and Instagram.
Regardless of the style of video, it is more likely to get a consumer’s attention than any other medium, as those who use videos to market get 66 percent more leads and gain a 54 percent increase in brand awareness.
When it comes to adding video to your marketing strategy, a key problem that every marketing manager needs to ponder is this:
How do I produce exciting, quality content at the most reasonable budget that will get the most exposure for my brand?
Video production can be done either with an in-house video production team or with an external production company. The best option for your needs depends on how video is going to fit into your overall strategy.
Consider the following questions:
- How much video content do you expect to create? (Is it a one-off campaign? Or do you want content on a regular basis, eg. once a month.)
- What style of video are you looking to use? (Are you looking for a commercial, cinematic quality or would you prefer a hand-held look? Your art direction will be a major influence for the type of equipment required.)
- What type of video will you be creating? (Commercials, Documentaries, Corporate Videos, Tutorials, Interviews etc.)
- What are your deadlines? (Do you need the video urgently or do you have some time? Having the luxury of time would mean you can source for better alternatives)
After you are able to put into perspective how video fits into your strategy, what your budget is and what kind of a schedule you are working with, you can better assess whether an in-house team suits your needs or if you are better off outsourcing the production process. This decision requires a consideration of a combination of factors – experience levels, budgeting and time constraints.
In-House Video Production
When you opt to create your videos in-house, you maintain the day-to-day control over the process. Having this oversight can be a big advantage for companies because it allows them to direct the final product in a hands-on way that outsourcing does not.
Also, an in-house team will be well-versed with your brand. They will understand the company and be on board with the marketing message. This is a valuable tool to have when you are creating video to promote your brand or your services.
Relying on an internal team for the video production process also gives you more control over deadlines. If a team in on site it is much easier to stick to the timelines that were created in the pre-production process.
Without a doubt, one of the biggest concerns with using an in-house team is cost. From the price of the equipment, like cameras, lights, studio space, to hiring new talent (Producers, Editors, Gaffers, etc) for the team, it can get very expensive compared to outsourcing. Thus, it is not always possible work with an in-house production team if you have a tight budget.
Furthermore, companies should never fail to take into account the value of time. Of course, the cost of time varies according to your schedule. But these video production companies can speed up your process significantly as they can figure out its creative direction, equipment and talent needs by the time it takes your marketing team takes to figure out who to hire.
In addition, because an in-house team is so insulated inside the company, sometimes the creative direction for these projects can begin to look repetitive. Having an outsourced team would provide an injection of fresh creativity for your project.
Outsource Video Production
If budgets are tight, outsourcing video production is the least expensive method for your project. By relying on a video production house or agency to produce the video, your company will not have to pay for expensive camera, lighting, and sound equipment – which could easily add up to 5-digit figures (our RED SCARLET-W Kit costs ~$17,000 USD). Chances are these high-end kits are usually more expensive than you could afford for your project.
Although this example is considered high-end, a lot of extra lighting, sound equipment and accessories are required for a quality production, and these will incur extra costs. Not only that, as 4K Videos are becoming more popular on the web, your company may still need a powerful video editing workstation.
Hiring a new range of talent for video production can add up your costs as well. Besides, outsourcing to video production companies provide you the access to their collective portfolio of experience and skills, honed over countless hours of practice. They’re specialists with up-to-date industry knowledge, using the latest techniques and can bring a fresh perspective to the creative process.
There is a heavy amount of time needed to research and find the right agency for your project. It will involve interviewing several production companies and negotiate aspects of the process. You will also be at the mercy of their schedule.
There may be extra costs involved to travel to the studio or some overtime during the filming process.
One of the biggest drawbacks of using an external team is the time it can take to get to the production process when a good idea comes up.
In the end, whether you choose an in-house production team or outsource your video creation needs, it all comes down to your needs and preferences. The project budget, scope and timing will have the most influence on which one to select.
If you’re short on time, outsourcing may not be the best option as contract negotiation, planning and scheduling may take some time, and cause timeline issues for your project.
Meanwhile, for marketers who are looking to keep costs down, but at the same time producing a high quality video, we think going the outsource route will be most effective. It offers access to a wider range of equipment, including industry-standard cameras, lighting & sound. There is also the added benefit of working with skilled professionals who will be able realise your creative vision for the video. This can mean the difference between a mediocre video and an outstanding one that will help you achieve your marketing goals.
Summing it up
In-House Video Production:
- You get a team that is very familiar with your company/brand.
- Less barriers, with the ability to supervise the day-to-day process
- Full control of equipment on-site (camera, lights, etc)
- High cost of acquiring and maintaining equipment. Difficult for tight budgets.
- In-house team may lack creative ideas and industry knowledge.
- Extra manpower and time costs for hiring new staff
Outsource Video Production:
- Less Equipment Costs and Pre-Production time.
- Access to better equipment through the production company.
- Creative video professionals (Directors, Producers) can breathe new life into the creative process
- Gain access to specialists with years of industry knowledge and skills.
- Time invested to find right agency, and negotiating budget and timeline.
- Your project is at the mercy of someone else’s schedule.
- Extra time spent traveling and supervising the on-site production.