Videographers often ask us how to sell video production services at higher rates.
In other words – how do you get a raise in your video production job?
I remember growing up in a family that rarely talked about actual dollars and cents. We knew what things cost – but it would be incredibly rude to just ask specifics. For instance, you would never ask someone in the video production industry “how much does a video producer earn?” or worse yet “how much do you make?”
Even today – it seems pretty rude – or at a minimum pretty intimate. People get so much identity, value, and sense of position in the world based on how much people perceive they earn. Just look on Youtube for “how to make money online” and within 1 minute you’ll see ads of gurus in front of Ferrari’s and Lamborghinis. It’s not that they actually are content in doing services at higher rates – they want people around them to know that they have money and are “successful”.
True success doesn’t come from a paycheck – true happiness doesn’t come from other people “thinking” you are wealthy. True joy comes from inside and can be fed by relationships outside you – so be careful who you surround yourself with and what goes into your mind.
According to an article at Forbes “Earning more money will increase your day-to-day emotional well-meaning, but only up to a point. This map shows at what household income level Americans reach a happiness plateau, in which they don’t report better emotional well-being regardless of how much more they earn”.
I found this graph fascinating because on one hand you have people who say “money can’t buy happiness” – but actually it can (up to a point).
One unique thing about being in the media production services industry is that we don’t always have a boss who gives us a regular paycheck – so video producers are willing to sell their video production services at lower rates when they’re desperate! As the barrier of entry (the difficulty to get into the business) decreases – there are more and more people with cameras that can record and produce close enough to “professional” quality that customers don’t see a large difference anymore on the surface. It’s like buying a cheaper shiny toy at the dollar store versus a quality built toy that is built to last. You pay more up front – but you don’t see the value until later down the road.
Let’s review a summary of how to you sell video production services for higher rates:
Watch this Ted talk video with a pricing consultant and then we’ll continue our conversation based on it going forward.
How much should you charge for your video production services? Well that depends on what value you’re bringing to the table – which can be defined by a variety of things (experience, equipment, total scope of the project, and perhaps the impact you have on their business or organization).
At the end of the day – like the video says.
They will only ever pay you what they think you’re worth (and you control their thinking) – Casey Brown
Notes from the video:
She asks what problems do you help your clients with – what’s the ROI of that impact?
You have to justify the value you bring in any proposal you send.
The doubts and fears you have don’t define your value.
Be careful that you don’t use your language to deminish the value of your work to clients – you have to find your own authentic and true voice. Make your emphasis on serving and providing value.
What do you do that you love about what you do? What excites you about the work you do?
Stop calling your company “just a little company” – instead focus on the BIG impact you have on clients.
Take your clients through the data, numbers, trends, progress, and describe the impact you have had and what working with you is impacting their bottom line.
DEFINE VALUE & COMMUNICATE VALUE = EARN
These are the 2 elements to discovering your true earning potential.
If you’re not clear on these – you are not earning your potential – you are not valuing yourself.
Another great quote:
“No one will ever pay you what you’re worth – they’ll only ever pay you what they think you’re worth – and you control their thinking” – Casey Brown
So how do you sell video production services at higher rates?
You have to get clear on the value you bring and communicate that value!
As a video producer – often that’s
- having professional gear
- years of experience
- sample work
- the scope of the project (half day / full day / multiple days)
Those are some of the value levers you have to charge higher prices in the video industry.
Sure – can you talk about the impact of the videos? Perhaps – but that’s a tricky conversation that’s more in the realm of marketing agencies or if you’re working with small projects (under $5k). So the question is: where are you at now? Are you making 2500 a project and want to go to 25k? Or if you’re making 250 and want to go to 2500. Because that zero makes a world of difference with the types of clients and projects you’d be working on.
Either way – hopefully this helps!
If you want to learn more about what is a video business card for your company – click here
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Would love to address your questions in an upcoming blog post