Agencies Need to Step Up!

19 December 2016

Does your Business Development Manager know that in 2017 83% of businesses will be spending more money on social video content?  

That's right!  83%!  Of that 83%, 28% intend to spend more money on YouTube, 31% on Facebook video and 22% on Snapchat. Its as clear as day; video storytelling is a huge opportunity for agencies to add value to their clients in an increasingly competitive industry.

I've produced a 4min video (with subtitles) with my thoughts, or if you prefer you can listen on soundcloud or read the rest of this article below...take your pick! :) 

The resistance…
Having consulted with agencies as a video storyteller over many years I’ve often heard a slew of excuses as to why they are reluctant to provide video for clients including ‘its only really our larger clients who are going to be able to afford video so opportunities for agencies are limited’, or ‘video production is a complicated, lengthy and risky process’, and my personal favourite ‘video campaigns are not regular managed services that produce a regular income stream’. Therefore a lot of the time agencies perceive video represents too much risk and not enough upside and simply ignore the money on the table.

The beast…
If you are an agency then I'm going to argue that now is the time to up your game. 2 reasons; firstly all major social media platforms - Instagram, Twitter, Facebook, Snapchat and of course YouTube - have become ‘native’ video storytelling platforms that people pay increasing attention to. As a result video consumption on social has gone through the roof!  Its a rampaging all consuming content beast that’s devouring the internet and shows no signs of stopping anytime soon. Secondly peoples expectations of video has shifted from overly produced high budget occasional content that interrupts and advertises (TV style) to content that places regular authentic meaningful storytelling above all else with the aim of building communities and creating dialogue. Does that make sense?  Building communities and creating dialogue as opposed to a monologue sales schtick.

Video is not a special case…
As with blog posts, images, podcasts, etc video posted on social should offer real value that engages on a regular basis.  Not now and again but over and over. And when I say ‘regular’ your ears should prick up because as an agency it represents the single biggest untapped opportunity for regular ongoing revenue providing clients with ongoing value leading to deeper more profitable relationships. Its a win win!  That really should be music to your pricked up ears!

The value gap…
Over the last few years hardware and software costs of video production have come down and the value of video content to clients has gone up. Let me repeat that; the cost has come down but the value has gone up!  So right now there's a ‘value gap’ waiting to be filled. 

Opportunity and threat…
So there's most definitely a huge opportunity but there's also a threat and its this; if you're not talking to your clients about social video content then somebody else is or is planning to.  Your clients are becoming increasingly aware that video is what they need in order to cut through the online noise and they need your help. They want and need video stories. No they don't need an advertisement, no they don't need something that should be on television, but they do need something that is platform specific that provides the gateway drug to their products and services.

The challenge…
So now that we understand the scale of the opportunity for agencies heres my question; what are you going to do about it?  No rocket science here but I have a couple of suggestions; the first option is to build in-house capacity to produce video content. Pretty obvious but if that's not realistic or is just not what you want to do then the only other option is to find video storytellers who understand social who have the requisite experience and insight to reliably produce high quality video content that provides your clients with real value.

Gift horses…
Remember what I said earlier? The cost of video production has come down. Therefore we’re not only talking about top 5% of your clients. It maybe 50% of your client bank, probably more, who have the budget and are looking for you to take a lead.  My advice; stop staring at the mouth of that gift horse and start having that video conversation!
I hope this has been a valuable video for you and I hope you really enjoyed it!

My oxygen here are your likes, comments and shares as I need to hear whether or not what I’m telling you is of value so if you think your BDM or MD should be aware of this post then please do them a favour and share it!

I post weekly about video content marketing, video production and how clients, businesses, and agencies can really plug the video storytelling gap.

Mind the Gap!

Imran Azam
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