UNLOCKING THE POWER OF VIDEO PRODUCTION RETAINERS: HOW COMPANIES ARE SAVING BIG

Are you feeling stuck between a rock (no time) & a hard place (no content) when it comes to creating media for your business?

Not sure if you want to make daily reels, do a weekly podcast, take pictures, give high quality tips or advice, go live or just be you?

.... SHEESH! There are a lot of options to choose from, & you've got to be smart. So what do you do?

In today's world of short attention spans and constant advertising, it can be tough to stand out and make a lasting impression without a plan.

And let's not forget about the cost involved in creating high quality content, that truly resonates with your audience.

But fear not, there is a solution that can help you navigate this tricky terrain: video production retainers.

As a video production company owner, I must admit, I'm a big fan of the video production company retainers.

Growing with companies we truly genuinely & truly believe in is what we show up for.

But hear me out - it's not just because they provide a reliable source of income for my business.

The truth is, I genuinely believe that video retainers are a win-win situation for both our clients and us.

Having said that, let's be real. Retainer agreements with video companies are not all created equal, so it's important to choose wisely.

So....What is a video production retainer?

Retainers are agreements made for a long-term relationship between clients. Generally this deal lasts six months to twelve months and the video agency will serve as your internal marketing department.

How much is a video production retainer fee?

Fees for a month of retention. Pricing for photography / video production starts at $3k/month to $8k/month. It's scaleable according to the amount of work required.

What is the difference between retainer and hourly?

Typically retained contracts are similar to full-time jobs. Alternatively, hourly rates for consultancy means the client must pay for an individual time period. Then you can make the decision from the start on how to engage.

PROCEED WITH CAUTION

Okay, let's get this out of the way before I give you all the positive reasons to sign-up.

Retainers are not for everyone.

Consider these things before you commit:

Be real clear on what you're getting for your money.

Some video companies can be kind of vague about what you're retainer actually gets you. I don't think it's done with malicious intent, they just haven't done the best job explaining what's involved.

So… make sure you know what you're getting.

Get a number of videos that will be produced each month, the quality, the editing style, and the structure of the filming down pact.

Don't sign-up unless you're really going to use the video production retainer.

This sounds simple enough, but we've all been there. We've signed-up for a monthly service or membership we know is good for us, only we don't end-up using it (hello, gym membership).

Don't let that happen here.

This is exactly why we treat our video production retainer a little differently. We don't even call it a retainer.

It's called our Lead Magnet Service.

The biggest difference? We build-in actual human interaction. Like, a lot of it. Nothing beats belly to belly or zoom to zoom.

That includes a quarterly (or more) video chat or phone call to help you plan what types of videos you can produce over the next few months, and a monthly reminder email to get them scheduled.

We'll also provide consulting and strategy on direction, tone, style, and feel for your brand.

In short, we don't want you paying for a service you're not using, so we do our best to make sure that doesn't happen.

What happens if you slip one month and don't produce a video?

It's bound to happen. Even if you're extra careful, even if you set-up reminders, you might miss a month.

Now what?

Make sure the company you choose offers some sort of rollover. 

Part of a retainer agreement is finding a smooth workflow between both companies.

You probably won't find a production house that allows you to rollover every missed video. From the video company's perspective, that could cause a huge video production schedule back-up with all of their other customers.

Communication is key. Work with them, and they'll likely work with you.

However, they should be willing to offer you some sort of a limited rollover.

If they don't, find someone else.

TIME FOR THE GOOD STUFF

Alright, let's dive into the good stuff. Video production retainers are pretty great and offer a bunch of benefits:

• They save you money
• You get better quality videos
• You get better service

But that's not all! Let's break it down even further.

SAVES YOU TIME

When you need a video produced, you have to spend time researching video companies and services, vetting candidates, getting proposals, and signing contracts.

It's a time-consuming process, and would need to be repeated every time you need a new piece of video content made.

But with a video company on retainer, you don't have to worry about any of that. They're ready to go whenever you need them and likely know what you're after.

GIVES YOU PRIORITY ACCESS

Video production can be a long process, and video producers' calendars can fill up quickly.

But retainer customers get priority treatment!

They can reserve shoot dates instantly and make changes when needed. And when it's time to schedule script creation or video editing, they're first in line. They even get priority for revisions when the video is done.

BUILDS TRUST

Finding a production company you like and locking them in with a retainer takes away a lot of stress.

Most retainer contracts last from 3-12 months.

It varies from case to case, but this is this norm and can be set to auto renew, or simply set a meeting to discuss a renewal.

You know you're getting top-notch videos from people who are easy to work with.

Plus, there won't be any surprises when it comes to cost since you're paying a monthly price. It's a win-win situation.

INTEGRATION

Engaging a production company on a retainer agreement can be a game-changer for your business.

With their support, you can create high-quality videos that align with your communication and marketing goals, and establish a consistent branding across all your content.

When you partner with a production team on retainer, they become an extension of your own team.

This means they can make production decisions and take care of the small details without bothering you, because they share your vision and goals for your business.

This saves you valuable time that you can dedicate to other important tasks.

DEMAND

Another significant advantage of retaining a production company is the demand it creates.

The more videos you produce and share, the more effective they become.

With a regular stream of quality content, your viewers get to know your business and the people behind it. This builds trust and familiarity, which are crucial factors in gaining and retaining customers.

By working on a video production retainer, you'll be motivated to keep creating content that resonates with your audience.

The result is a loyal customer base that trusts your brand and is more likely to do business with you.

SAVINGS

You didn't think we'd skip this, did you?!

Savings on video production retainers can vary depending on the company and their pricing structure.

Most offer monthly rates, some offer billable hours, while others use a set number of videos.

Our average video costs $5500, but the bigger the package, the less you pay per video.

Retainer customers who purchase one video a month pay $5000, while two videos a month cost $9000, and so on.

In total, our clients save $6,000+ on an annual basis by using a video production retainer model over separate engagements.

AGENCIES

For communication agencies, utilizing video production services can offer additional benefits beyond just improving their clients' content.

By putting a production company on retainer, agencies can spread the cost of the services across all of their clients, eliminating the need to pay for the services themselves.

This can simplify the process of budgeting for videos, as the agency can simply build the cost of the retainer into their own pricing structure, allowing each client to pay a portion of the retainer.

As a result, when a client requests a video, the agency doesn't have to worry about the cost or convince the client to approve the project, as the video has already been paid for by all of their clients.

By removing the barrier of cost, agencies can focus on delivering high-quality videos that meet their clients' needs and goals, without the added stress of negotiating budgets and pricing.

This can lead to stronger relationships with clients and a more efficient production process for the agency.

CORPORATE BONUS

If you work in-house at a company or organization, there's a way to take advantage of the benefits of a video production retainer even if you don't have the budget to cover it on your own.

By collaborating with other departments, you can spread the cost of the retainer across multiple areas of the business and make it more affordable for everyone involved.

For example, the marketing department may need video content, but so do PR, HR, and internal communications.

By building relationships with people in these other departments and discussing the possibility of sharing the retainer, you can all contribute a little bit from your respective budgets to make it more feasible.

Once you've agreed to share the retainer cost, you can work out a system for rotating video production responsibilities between departments.

One month HR can take the lead on creating a video, the next month it's marketing, then PR, and so on.

By working collaboratively, everyone benefits from the shared resources and the company gets a steady stream of high-quality video content without any one department bearing the full cost.

ADDITIONAL SAVINGS

Since every production company is a little different, they might offer additional savings as well.

In our case, we offer our retainer customers a special discount on travel.

We're based out of Denver, but we have customers all over the country and travel regularly for video shoots.

Normally, we charge for the time it takes us to get there and back ($800 per leg of the trip); however, our retainer customers only pay the travel expenses. That's $1600 savings right off the top of every project involving travel.

Times 5 in a year? $9000 in travel savings alone.

Other video companies might offer other retainer incentives for their customers.

VIDEO RETAINERS ARE GOOD FOR BOTH SIDES

It's absolutely undeniable that video companies greatly benefit from having retainers.

The steady stream of revenue takes away the constant stress of having to constantly search for new business opportunities.

But that's not the only advantage - customers also stand to gain a lot from retainers. They receive high-quality work from a reliable source, often at a lower cost than paying per project.

The mutually beneficial nature of retainers ensures that both parties come out on top.

Video companies get to enjoy a more stable financial situation, while customers can take advantage of the savings and reliability that come with the arrangement.

With this kind of symbiotic relationship, it's easy to see why retainers have become such a popular and successful business model in the video production industry.

Everybody wins.

-Michael Kirton

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