Expanding into Video Marketing Services
I am the marketing manager of a small digital marketing agency. One of our clients recently asked if we offer video marketing services, which we currently don’t. This is an exciting opportunity for us to expand our services, but we don’t have an in-house video production team, and I’m not sure how to explore this new revenue stream.
What should I do? Please advise using 7SFS
Here’s how you can approach this opportunity using the 7 Steps Fulfilment System (7SFS):
1. Celebrate & Be Grateful
Acknowledge the Opportunity:
Celebrate that your client has shown trust in your agency by asking if you offer video marketing services. This reflects the client’s confidence in your ability to expand into new areas.
Express Gratitude:
Be grateful for the opportunity to expand into a growing market like video marketing. This could open up new revenue streams and allow your agency to offer more comprehensive services.
2. Align Your Fulfilment Vision
Revisit Your Agency's Vision:
Align this opportunity with your agency’s long-term vision. Consider how adding video marketing services complements your overall strategy for growth and becoming a one-stop shop for digital marketing.
Set Clear Goals for Expansion:
Define short-term and long-term goals for introducing video marketing. This could include offering it to select clients, testing the demand, and gradually building an in-house or outsourced team.
3. Know Your Win
Define Success for the Expansion:
Success in this situation would be introducing video marketing services that meet your client’s needs while generating revenue for your agency. Start by determining whether the client’s immediate needs can be met by outsourcing video production.
Track Client Interest:
Gauge how many other clients are interested in video services, which will help you decide whether to build an in-house team or continue outsourcing.
4. Know Your Client's Win
Understand Client Needs:
The client’s win is receiving high-quality video marketing that aligns with their brand and marketing strategy. Engage in a conversation with the client to understand what type of videos they need (e.g., explainer videos, social media content, or ads).
Set Expectations:
Be transparent with the client about your current capabilities. Explain that you are exploring ways to offer video services, either by outsourcing initially or partnering with a video production team.
5. Sign Win-Win Agreement or No Deal
Collaborate with Video Partners:
Until you have the resources to build an in-house team, collaborate with freelance videographers, video production agencies, or white-label services to deliver high-quality video content for your client.
Negotiate Outsourcing Deals:
Find trusted video production partners who can provide quality work at a reasonable price, ensuring a win-win for your agency and the client.
6. Deliver with Excellence
Ensure Quality Control:
Even if you outsource the video production, ensure that the work aligns with the quality standards of your agency. Act as the middleman to oversee the creative direction, ensuring the client’s vision is met.
Market Your New Service:
Once you’ve successfully delivered video marketing for one client, start marketing this new service to other clients and prospects. Create case studies, testimonials, and portfolios to showcase your video capabilities.
7. Achieve with Joy
Celebrate the New Revenue Stream:
Celebrate the successful introduction of video marketing services to your portfolio. Recognise the hard work your team has done to make this expansion possible.
Reflect and Scale:
Reflect on how well the video production process went. If the demand for video marketing grows, consider investing in building an in-house team, adding equipment, and training staff to handle future projects.