Every so often we have a client ask us why our prices are more than another “competitive bid” they received. At first we questioned if we were too expensive. We believe in the quality and integrity of our work, but we don’t want to be unaffordable. We wondered how our competitors were dropping their prices while still maintaining a healthy bottom line and creating great video content. The answer was simple: They aren’t. Either they are losing money on the project, or the quality of the work is suffering.
So we stopped paying attention to competitive bids. We started putting all of our effort into correctly pricing a project based on what our clients (or potential clients) need.
If I were in your shoes right now, I’d be asking myself things like:
“Why would I EVER pay more for a video if I had a lower competitive bid?”
“I can’t see the difference in quality from these two competing companies’ reels, so why wouldn’t I make cost the determining factor?”
Those are great questions. Let’s take them one at a time.
Why would I EVER pay more for a video if I have a lower competitive bid?
Truthfully, if you’re partnering with a company or person you trust, the answer is you shouldn’t pay more. But let’s assume you have put your project out for bid with a few companies and you don’t have experience working with all of them. Before you treat every company as equal you need to consider a few things:
• Does this company have examples of work that line up with the quality and polish you are expecting for your video?
• Is this company asking probing questions about your product or service?
• Is this company trying to understand the goal of producing and distributing the video?
• Do you trust the people with whom you are speaking, or are they trying to sell you something you don’t need?
• Finally, is this company looking to be a partner or simply a service provider?
We understand that it is your responsibility to deliver a smart, well-executed video for your clients. Working with a company that is capable of understanding your client’s needs and is willing to explore potential strategies with you will make the resulting video stronger and more successful.
The right partner will have high quality and relevant work to share with you, they will ask you a million questions before bidding to be sure they’re not wasting your time, and they will be direct and won’t use overly complicated jargon you can’t understand. They might even challenge you to rethink your video’s purpose!
I can’t see the difference in quality from these two competing companies’ reels, so why wouldn’t I make cost the determining factor?
If you offer a high quality product or service, your customers will absolutely be looking for matching fit and finish in your marketing materials. If you believe that both companies will provide you with a polished and hard-working video you should certainly consider cost as one of the determining factors. You might also consider your history with both partners and the work environment they create. Having a partner who pushes you forward helps to make your end product better.
The bottom line:
Attempt to find vendors who will partner with you. It creates lasting, meaningful relationships and produces better products.
Give us a call. We would love to be that partner for you.
Co-Owner / CD
Personal Cell: 626.278.9938