Should You Hire Video Production Companies on Retainer?
Recently at a meeting we were asked about retainer services and how they work when hiring a video production company in London.
We thought we would outline a few ideas to let you know what a video production retainer service, is, how it works and why some companies choose to have their corporate video service done on a retainer service.
What is a video production retainer service?
A retainer service works by paying a set amount each month to your production company over a defined period of time.
This amount is usually then deducted from services provided. By paying an amount each month, the terms usually stipulate that the production company will give you priority over work that you need on an as and when basis.
How does a retainer work when hiring video production companies?
So how might a retainer service work for your corporate videos?
Let’s say that you have a number of corporate video tutorials, corporate live stream events or video marketing campaigns that you want to produce regularly. However, the number of videos and the timings may fluctuate each month depending on the promotions you’re running, and events you have in your calendar.
You decide to work with London video production companies on a retainer basis.
They would typically create an agreement for 6-12 months outlining an amount to be paid each month. This amount can then:
- Be redeemed against future services within the agreement period
- Guarantee priority status for your videos
At the end of the agreement you can choose then whether you would like to renew the agreement.
Why do companies use a retainer service for corporate videos?
A retainer service isn’t suitable for every company but it does have benefits.
If you know you need a number of videos produced each month, but can’t guarantee the volume, having a company on retainer lets you call on them as and when the need arises. Working with one company that is already familiar with your product and requirements is easier than trying to find a new company to tender for the project each time.
If you find a company you like working with, a retainer gives you peace of mind that you will be able to work with them again. Hiring a company on a per-project basis means that if you wait until you need videos produced to approach your preferred company, they may already be booked in advance with other projects.
It also makes it easier to budget as many companies have an idea of their video marketing budgets on a quarterly, or 6 month basis, knowing that volume and costs will vary month to month.
Would a retainer service be right for my company videos?
It depends on the volume of videos you require, and how influenced your production schedules are on unexpected events or seasonal promotions.
If you are producing 3-4 videos a month on average, and prefer to work with a company as a partner rather than tender for jobs individually you may find a retainer service preferable.
If your video marketing needs are lower than this, it is probably better for you to hire London video production companies on an as-needed basis.
For information on retainer services provided by flycreative, please get in touch.