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Before reading the Q&A with WeDid, watch their pitch video... on how to make a good pitch video, below!
Why do you think videos in general, a powerful engagement tool?
It's a great engagement tool because it's a visual medium, which allows you to tell a story better than any other medium can. Visual story telling allows founders to capture the hearts and minds of viewers.
It's very easy to relate to a business and brand through video because you can do it on the first second the video plays by:
the choice of music
the way it's shot
the way it's edited
the tone and the pace of either the CEO speaking or the founders
whether or not you've gone to the hassle of hiring a host or actors or anyone to represent your band
whether you have an ambassador involved
A video tells a story in an instant, that might take a written document 44 pages to illustrate. Unlike written work, a video instantly creates an emotional and person connection with investors.
Why do you think video is crucial for equity crowdfunding? And how can you put an investor lens on to create a compelling brand story or company story?
The first touchpoint for a crowdfunding campaign is usually the company video. So it's about putting an100 page business plan into an encapsulating and engaging visual medium where you can inspire and excite people. A good pitch video tells the viewers about the brand quickly and simply - all in a few minutes.
When you realise you only have 400-500 words for a video, you quickly recognise what's fluff and what substance. You realise you only need to cement an ethos of the business or voice of the business, and two or three key areas of the business. Usually, as a by-product of creating your company video, you come out the other side with a better understanding of your company and market position.
What are those few key areas that you should focus on?
First and foremost, listen to professionals in the space because unfortunately people that are connected to their business can sometimes want to include everything in a video that doesn't actually need to be in. Remember, an investor only wants to see the highlights - the exciting parts. The five elements that WeDid breaks the investment pitch down to, and what has proven to work, is:
Set up. Within the first 15s you need to set up the story so you can bring the audience with you. If you don't do this early enough people don't know what they're getting into and will switch off. Creatively, this is called a framing device, or a hook.
The founders story. What inspired the creation of the business? Was it born out of frustration? What drives them everyday? Most times, there's a really cool story that they don't even know, and at the end of the day this builds the emotional connection with their audience because at the end of the day people are investing in the founders just as much as the business idea.
The problem. What's the problem that's not working in the world? What is the business looking to change? Let's get to the crux of this, so the audience can relate and understand.
The solution. How does the business fix the problem that was just framed?
Why now. What's happening in the business today that's exciting?
Just to circle back, the reason video is really important is because Dave just spent 3 minutes talking about what must be covered in the pitch video. Crowdfunding videos should be 3-4 minutes - so we're highlighting everything that was just outlined but we're doing that subconsciously with the messaging, branding, good footage, and on screen graphics.
To put both Ben and I's answer together, the above five elements I've given you are for the story and what needs to be included. But the visual elements that are outside that highlight why it's crucial to have professionals who know what they're doing. They know how to make it exciting, entertaining, and inspiring at times. We, the videographer professionals, have to align the video with the brand, keep the tone consistent, use music to build momentum, include shots of different locations with different meaning, and grip the viewer from the first second - to bring them on the journey and connect the hearts and the minds.
How do you make a pitch video stand out from the rest? How do you make them stand out from other videos across social media or another channel?
Well, you want to be telling a story. It's okay in a video setting to take a few creative risks because it helps you stand out. Not everyone will pick up a 40 page pitch document but a lot of people will sit down and watch a 3-4 minute video. Our saying at WeDid is 'when you say everything you say nothing.' You want the video to be very targeted, and focus on the big ticket items, the sexy stuff because that's really going to weed out the people that aren't interested and the people that you know aren't connecting with the brand.
What do you mean by creative risks?
I'll give you a really specific example. So we were working with a company that was an online space for pets. Talking to the CEO we realised the people who receive the most benefit out of their business are pets, but we can't hear from pets on camera. Or can we? I said to the CEO, "let's hire an actress who will be a customer's pet and have her in a dog suit, dressed up speaking from a pets perspective about why this business is so great." It was a big creative risk. When we showed her the first edit she was like, 'oh my, this is amazing'. You don't want anyone watching the first 30 seconds and then switching off, so around the 30s mark this actress comes on screen dressed up as a dog talking about why the company is so amazing from her point of view. Anyone that we spoke to said "The video had me engaged, I wanted to watch the whole thing" - and they did. Most people watched the whole four minutes.
We always ground a creative risk with being on brand, adhering to the company's tone of voice, and brainstorming how we stretch that. We first have to find out what a creative risk looks like for the specific company - which is your best bet on standing out from the crowd. Then, you have to execute the direction and creative risk well.
How can someone judge whether their pitch video or equity crowdfunding video is on point? And what can they do to make sure that they nail it?
You want to work with the right team at every stage during your crowd funding journey. Often you only get the one shot, so you want to make every decision count. Review videos in the crowdfunding space, and review the videos a specific videographer has created. Then, choose an expert based on the type of video you think will best align with your brand because the evidence has shown you they can execute on it well. Also, make sure you become comfortable with the people you'll be working with - get on a call or meet then face-to-face so you're assured they will understand your business and be able to accurately tell your company story. It's really important not just to pick a videographer, but to pick people that will understand business, understand strategy, and be able to creatively illustrate what you're doing.
Do you have any final pearls of wisdom?
If there's one key message we want to instil, it's 'when you say everything you say nothing.' Always come back to that.
Use a videographer that has experience in the space, that you can trust to say 'no, that doesn't need to be in the video.' Founders and CEOs are unfortunately sometimes too close to the business to make that call - they know everything about their business, and that's great... but we only have three minutes. Finally, aim to entertain and inspire.
To get in touch with WeDid, click here, or email hello@wedid.com.au
To get in touch with OnMarket regarding a crowdfunding raise, click here.