Has video editing become a growing burden for large advertising agencies? Indeed, the incorporation of groundbreaking technologies such as AI (Artificial Intelligence) and VR (Virtual Reality) into video editing has significantly increased the expenses. This change obliges in-house editors to constantly refine their abilities, adding to the pressure of meeting client expectations for rapid project completion.
At the same time, clients of large advertising agencies who are aware of the presence of advanced technologies demand quick turnarounds without sacrificing quality. However, the combination of mounting costs, time restrictions, and the need for continuous learning has led to considerable difficulties in retaining talent within the advertising sector.
In this blog, we aim to help you grasp the common challenges encountered in video editing. This understanding will enable you to plan effectively and circumvent potential pitfalls.
Three Principal Hurdles Large Advertising Firms Face in Video Editing Endeavors
Financial Challenges
The canvas of creativity in video advertising has expanded dramatically over the past ten years, fueled by the proliferation of social media and cutting-edge digital platforms. It’s a fierce race where only the strongest survive. To stay on top, large advertising agencies are compelled to continually embrace new technologies.
Industry data highlights the growing significance of online advertising, with a particular focus on search advertising. Traditional TV advertising’s reign has been steadily eroded by the surging wave of digital advertising.
Recognizing the current demands, U.S. Chief Marketing Officers (CMOs) are tactically shifting their budgets from traditional media to digital platforms. In a survey conducted in the autumn of 2023, U.S. Chief Marketing Officers (CMOs) reported a 7.9 percent increase in their digital expenditure compared to the previous year. Conversely, there was a slight dip in traditional advertising outlay, with a decrease of 0.6 percent noted during the same timeframe.
But what does all this data really mean? It underscores the need for higher investment in video editing to craft captivating visual strategies for online advertising. However, this is no small financial feat.
Advanced technologies like AI and VR demand high-performance hardware and sophisticated software, all of which come with hefty price tags. Their regular updates and maintenance can also be costly. Also, industry professionals must continually upskill, often involving significant time and financial commitment to training and certification. Additionally, AI and VR videos generate vast amounts of data that require extensive storage and processing capabilities, further escalating costs.
The Consequences of Not Adopting AR/VR Technologies by 2024
The fusion of Augmented Reality, Virtual Reality, and Mixed Reality within the realm of the Industrial Metaverse and Spatial Computing is set to transform the landscape of large advertising agencies. These technologies are projected to make a significant impact by improving operational efficiency, streamlining workflows, and generating tangible business benefits. Choosing not to adopt these advancements could mean missing out on these potential gains.
The Project Completion Pressure
As client expectations rise and the demand for punctual delivery of high-quality videos intensifies, decision makers fall into the project completion pressure. One of the primary sources of pressure in project completion is the discrepancy between client expectations and available resources at larger advertising agencies.
Often, large advertising agencies find themselves forced to function within limited resources due to budget constraints or other strategic priorities such as investing in new editing software or marketing campaigns. This can limit the hiring of talent, leading to increased workloads for existing video editors and a subsequent increase in project completion pressure.
Talent Retention
The high expectations of clients in the video editing industry, combined with the constant demand for innovative and quality content, often result in a high-stress work environment. This can lead to burnout among video editors, making talent retention a significant challenge for large advertising agencies
Budget constraints pose another challenge in the video editing industry. Limited financial resources can inhibit a company’s ability to offer competitive salaries and state-of-the-art editing tools, which are essential for producing high-quality work. This could potentially result in dissatisfaction among video editors, leading to higher turnover rates.
Furthermore, it’s no secret that businesses can now accomplish their video editing tasks at a substantially lower cost by outsourcing. Therefore, leading video editors often opt for freelance work or enlist with outsourcing agencies. Given this situation, it becomes a significant challenge for large advertising agencies to retain top talent and offer them competitive salaries aligned with industry standards.
Tackling Video Editing Challenges Efficiently Through Outsourcing
CMOs in large advertising agencies are persistently exploring strategies to streamline operations and reduce costs. One solution that has surfaced amidst this pursuit is ‘outsourcing’, especially in the realm of video editing. The global pool of talent available at competitive rates on platforms like Fiverr and Upwork has made outsourcing an attractive proposition for even the larger advertising agencies. However, the key to successful outsourcing lies in meticulous vetting and partnering with service providers that align with your business’s specific needs.
Imagine having access to a world-class, specialized talent pool without the constraints of geography. Outsourcing makes this possible, offering a platform to cherry-pick professionals based on their qualifications and expertise. This approach not only ignites innovation but also boosts productivity by supplementing your internal team’s skill set. Even the largest advertising companies in the world have seen the benefits of this method.
Companies like BackOffice Pro further simplify the process for large advertising agencies by providing specialized video editing services under one roof. Whether you need a corporate video editor or a YouTube video editor, we offer a comprehensive solution. It’s an effective way to combat video editing challenges that might arise.
However, the path to successful outsourcing is not without hurdles. Deceptive practices can lead to resource wastage, delayed timelines, and substandard end products. To avert these risks, due diligence in vetting potential partners is essential. Evaluate the past projects completed by the service provider you chose, customer testimonials, and adherence to industry standards to ensure a seamless partnership — a strategy adopted by many of the largest advertising companies in the world.
A detailed contract outlining the project’s scope, timelines, costs, and deliverables is another key safeguard. It sets clear expectations for the engagement and serves as a guideline for progress. Implementing measurable Key Performance Indicators (KPIs) can further aid in tracking progress and assessing work quality.
Despite its advantages, outsourcing can present challenges such as unclear communication, vague project briefs, and inadequate quality checks. These video editing challenges can be mitigated by establishing robust communication channels, providing detailed project briefs, and conducting regular quality checks.
Moreover, the potential cost savings from outsourcing can be substantial. By outsourcing, one can avoid the costs of hiring and training an in-house team, thereby freeing up resources for other business needs. It is an approach that has reaped substantial benefits for larger advertising agencies.
Tips for Large Advertising Agencies When Outsourcing Video Editing Tasks
Define Your Video Editing Needs
Before outsourcing, you need to understand the level of editing your video requires. Video editing comes in three primary levels:
- Basic Editing: Encompassing simple tasks like importing footage into an editing software, cutting unnecessary footage, and adding text or basic transitions.
- Intermediate Editing: This level involves creating graphics, such as motion graphics, picture-in-picture effects, and animated overlays.
- Advanced Editing: Here, the editor enhances your video with tasks such as color correction, audio improvement, and incorporating 3D effects.
Determining the type of editing your video needs will guide you in hiring a suitable editor.
- Communicate Clearly: Miscommunication can lead to numerous problems when outsourcing. Hence, it’s crucial to communicate your project’s requirements clearly. This includes:
- Branding Guidelines: Your editor needs to understand your brand identity to ensure consistency across your video content.
- High-Quality Examples: Providing examples of work you admire can give your editor a clear idea of your expectations.
- Clear Brief: This should encompass all your project’s details and expectations.
- Equipment and Software: Knowing the tools your editor will use can prevent potential issues down the line.
Control Your Budget and Set Realistic Deadlines
Outlining your needs and planning your budget according to those needs is vital. Also, setting realistic deadlines ensures efficiency and prevents unnecessary pressure on the video editor.
Ask for Early Feedback and Set up a Communication System
Requesting drafts of the editor’s work as they progress can save both time and money. It also ensures that the final outcome aligns with your vision. Setting up an efficient communication system, outlining key deadlines, and progress confirmation dates can also help.
Request Guarantees for Revisions and Additional Support
Ensure that the editor offers revisions and support even after the project’s delivery. This could be helpful if you need additional changes or have questions.
Wrap Up
Outsourcing video editing can revolutionize the operation of your large advertising agency. It not only provides respite from the associated time pressures and stress, but also opens the door to a realm of potential collaborations with skilled professionals. These experts can significantly amplify the impact of your videos, thereby contributing to your business’s triumph.
As a large advertising agency contemplating outsourcing, particularly video editing, it’s crucial to note that the real advantage comes from identifying your distinct needs. This includes capitalizing on service providers and maintaining transparent, regular communication. Furthermore, effective budget management, setting feasible deadlines, and soliciting early feedback are essential components that can ensure optimal results.
So are you ready to amplify your agency’s potential? Start outsourcing your video editing now!
