What I learned this week:
This week was funky. I was on a few podcasts, and I had more client work than I wanted, but I learned a few things about formatting service offerings and outsourcing!
If you'll remember, I'm trying to start a small agency around helping live streamers cut up their content into highlight reels and shareable clips. This ESPECIALLY relates to LinkedIn, because everyone there (especially the live streamers) are super aggressive with video content.
Initially, I thought I would just position the agency as a video editing service. That seemed simple enough - if we develop processes to make editing long-form streams easier, maybe we can beat the competitors on price. Thus far, nobody seems to care.
Enter Finn Thormeier, another LinkedIn creator who's gone all-in on building an agency for the past few years. He saw a post I made about the agency idea, and wanted to hop on a call - so we did.
His advice was spot on. I can't compete on pricing - no matter how low I go. Editing is a super cheap service lately, and I'm likely never going to be able to build something sustainable that way, so what are my other advantages?
As an example, Joe, my editor, knows my content. He knows what's fun, and he understands what needs to be a clip and what doesn't. I don't have to watch my live stream over again, I don't have to suggest clips, and I don't have to review anything. He just drops it all in google drive every week. Finn thinks THAT'S what I should offer to my clients - a full service, hands-off package.
We learn your industry, we learn what your audience wants, we know what kind of content does well on LinkedIn, AND we can edit it all for you. That's a huge time saver, and that adds value beyond basic editing.
The second thing Finn suggested was changing my pricing model. Instead of "We work for $30/hour" I should explain things in relation to the client's content. So, instead of $30/hour, and explaining it takes us twice the length of the stream to fully edit the content, I would say “$60 per hour of content." Easier to understand, easier to sell, and more quickly custom to each potential client.
All this is mostly speculation of course. I haven't sold any services yet, and I've only done a small amount of outreach, but I'll be updating you as things go. Finn's model and sales strategy just make much more sense than the cookie-cutter formula I was running with.
Now, something hilarious I've set up, in a similar vein of outsourcing.
Over the past two-ish weeks, I've been assigned a fat research project by a client. I usually do a lot of digital marketing for them, but for the next month, they said that my main priority would be this project. Thanks, I hate it.
Research and data entry could not be more boring to me, and while I'm getting paid a solid amount, I just despise the type of work. I'm also TERRIBLE at it. I don't have the patience to read articles and gather information if it's not something I'm actively interested in. That's spoiled of me to say, but I just can't seem to force myself to do it.
So I used UpWork. UpWork (and Fiverr is another good one) is a freelancer platform where I can post jobs and have freelancers from around the world compete to take them on. I talked a little bit about it on my live stream but didn't want to go into detail publically, but hey this is a private newsletter. 😃
I spent an hour creating a big excel spreadsheet that covers most of the data-oriented aspects of the research project my client assigned me, I made a little video describing how to collect the data, (like the Loom videos I showed you in the last newsletter) and I put up the project. Within the next 6 hours, I had a Harvard student applying to complete it for me. I paid $150, and the project was done within the week. My client predicted would take me over a month. I get paid over $1,000/month by that client, and I eliminated 80-90% of my work by just dropping a little cash. And I can assure you, the end product is even better than it would be if I had done it all myself.
Outsource, it’s easier than you think. Let me know if you're interested, and I'll send you the content I used to post the job so you can use it as a template.