Can video solve my problems? NO!
Video is NOT a silver bullet. So don’t use video to solve a problem. Use it to SCALE a solution!
Time and again we get inquiries from folks who need video urgently. But upon further investigation we advise them against investing in video. They’re not ready yet. And if they get a video, it won’t deliver the results they expect.
Go low-tech before you go high-tech
First, try to solve a problem in a more “manual” and tedious way. It may involve hand-holding a customer through your process. And after you learn the objections and nuances of the problem you’re trying to solve, refine your solution and sales/onboarding process, and THEN you’re ready to get a video and scale efficiently.
We recently advised a customer in the FinTech space. They have spent millions to develop a technology that automates a key process for many financial institutions. And naturally they decided that they need a video to sell faster and grow.
The challenge we identified was that their USP hinged on a key hypothesis that hadn’t been validated. So they could get a video but they lacked conviction that it would deliver results. So how could they convince the C-suite and investors that they should go down the video marketing path?
And I couldn’t convince them either. It would be easy to say “Sure, we’ll produce a video for you”. But our approach is to first make sure that our clients can get a compelling ROI with their video, and have the right strategy behind it.
The MVP approach
So first, they would have to use the Minimum Viable Product (“MVP”) approach: find a handful of customers and onboard them “manually”. Yes, it’s a big pain to do this 1:1 over the phone when you could automate the process with video. BUT, through this 1:1 process you can learn exactly your customers objections and their hot buttons. Then, we can use these to craft a much more effective video.
If your “manual” process works and converts, then we know that the video version of it will work too. You have conviction behind your video, and we know that we can deliver the results you’re looking for.
- Define clearly your USP, eliminating all jargon.
- They say a 5-year old should be able to understand it so try pitching it to a few prospects and see what pushback and reactions you get.
- Keep refining and simplifying until you hear a resounding “ I get it! I need it!”
- Identify the key hypothesis underlying your USP.
- You may have a solution that automates data collection but it needs your channel partner to adopt the process and their end-user to provide account credentials.
- What can be a failure point for your USP: maybe your channel partner doesn’t see the value or your solution creates more work for them; or maybe the end-user doesn’t trust sharing account credentials. Either could be detrimental to the business.
- Validate that hypothesis in a cheap, “manual” way.
- This process will NOT be automated or optimized in any way. And it won’t be scalable. You may be thinking: if I have to call each of my customers and spend half or even one hour with them on the phone, I’ll never scale my business and make any money. But don’t worry about any of that. You want the lowest-tech solution in order to learn how to automate it in the best possible way.
NOW you’re ready to scale with video!
It’s ideal if we get involved in the process from the very beginning to help you identify the key hypothesis and gather the right information that will help us craft a compelling video and ‘customer acquisition’ strategy to go with it.
We can walk you through this process during a half-hour free consultation - simply fill out the form below and we’ll reach out to schedule a call.
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