Show Me The Money!
How to recover lost value in new marketing strategies
“What kind of ideas do you guys have?” The client with a potentially lucrative account said this to our creative team on a rainy Tuesday morning in October. Keep in mind this was our first meeting with them after an initial meet-and-greet with our Account Services team to discuss thoughts about the state of their marketing strategy.
In all of these initial meetings my mind bounces to two thoughts. They are the dueling factors of the commercial filmmaking world; “I have a great idea” and “How much is your budget?”
It’s a bit of a game of chess that is secretly played between the two teams. Neither wants to give up too much but neither wants to lose the ability to get what they want. This is the game as content creators that we are playing now. We are the creative gatekeepers and our ideas are strong, impactful and relevant, but we struggle to find the clients with the budgets anymore to allow our ideas to take full shape.
So the questions are, what happened to the money and what do we do about it?
First, I will tell you that a big factor was the price, function and image capabilities of the Canon 5D. It is my opinion that this, even more than the rise of social media, is the flash point we should be talking about. One could argue that the invention of social media pushed the need for a more accessible content creating tool, but that’s an argument for another day. You could shoot high definition (HD) video with interchangeable lenses to get a more “cinematic look”. You could travel to a location with it in a satchel or backpack, create time-lapse imagery, or take amazing photos with a still unrivalled processor. And you get it for a mere $3000.
Overnight, everyone became a content creator. No longer could an agency charge outrageous amounts for HD film cameras without a good reason for needing them. This was before the phrase “can’t you just shoot it with your iPhone” haunted the dreams of every commercial filmmaker on the planet. And Steven Soderbergh notwithstanding, the iPhone has yet to make as big of a splash as the 5D.
When we talk about the ability to immediately cut production expenses, the 5D was like the invention of the wheel. The 5D paved the way for industry game changers like the Movi, the DJI phantom and LED lighting technologies that are all the rage now. Digital Camera giants such as RED have fought to scale down prosumer cameras to fit into its price point. It created a new conversation about what the professional look was and how much you had to spend to achieve it.
Clients are now savvy to this as well. They themselves can own one of these new industry technologies that before were too expensive to warrant purchasing. We are seeing a rise in internal marketing teams being bulked up with the newest DSLR or Cinema Series cameras to handle the bulk of the internal video projects in which agencies and production houses cut their teeth.
So the question becomes, what do we do about it?
Use social media to your advantage. Why can’t an agency or production house use its own social media platform as a way to make new content, practice at making that content and ultimately show potential clients your ability to generate engaging quality content? This is how you create VALUE, which is missing in today’s advertising industry. Since we aren’t getting the budgets we want from traditional media, we must learn to create value in our social media formats. Showing a strong and unique social media presence is a dangling carrot for any client. The combination of engagement, likes and followers is the new Nielsen rating system. The data is clear, just check out this study done by, KLEAR, an influencer Marketing Service
It’s hard to ignore the signs that the money in the advertising and marketing industry is shifting. Maybe not all at once, but traditional media has been battling to remain notable in current years and where it stands long-term is unclear. Accuracast, a UK digital marketing company, released a report stating that “Influencer marketing is predicted to be a $5-$10 billion market in the next 5 years, with Instagram influencer marketing alone projected to be worth around $2 billion in 2018.”
Disagree or agree? We would love to hear your stories. Have you noticed an advantage at the table when showing a strong social media platform? Are clients becoming more and more interested in spending money in social media marketing? Please share them with us here: firstname.lastname@example.org or post them on our Skyline Media Group Facebook page: https://www.facebook.com/skylinemediagroup/.