When it comes to successful brand marketing, digital media has captured almost all of the market. If you do not have a strong presence digitally, people might not even know about the existence of your product. And the one multimedia tool that works great on social media is brand videos.
Videos offer a much more dynamic display than a static image. The best thing about a marketing video is that you can make it with all kinds of budgets. The simplest of shots can deliver the most meaningful impact. Not everything is about high production quality; the idea behind the video also matters.
Videos are known to generate a lot more traffic and engagement online than other forms of media. When your audience watches your product or service being used in real-time, it increases trust and builds a loyal customer base. But many times, small-scale businesses and entrepreneurs steer clear of investing in video marketing because of limited resources, especially financial resources.
In reality, how much money you spend on the video depends on a variety of factors. And most of the time, cheaper options are available to make the production less heavy on the pocket.
Factors that affect the cost of shooting a marketing video
Let’s look at some of the factors that are instrumental in deciding the cost of making a video.
#1. Video Type
The cost of producing a video that features multiple models in a particular set will be much higher than a simple product shoot. On the other hand, animated videos can tell the same story through pictures and fun visuals without being as expensive. Testimonial videos are another easy-to-shoot option that doesn’t cost a lot. You can get in touch with your top clients. All it takes is getting them down to the office or getting on a video call with them once. The magic is in the editing.
#2. Video Length
As the length of the video increases, the production cost will also keep increasing. Ideally, you should not be investing in videos that are more than 3 minutes. Day by day, the average attention span is decreasing, and people are finding it difficult to focus on an ad that goes on for too long. It might also irk some customers and give negative publicity. You can also think about getting small product snippets instead of a long video to ensure maximum engagement.
#3. Video Quality
The quality of the video being produced depends on the kind of videographer you have hired, the camera equipment they are using, and the kind of editing your video is going through. Often, very drab-looking sets and products can be given a cheerful spin while editing.
#4. Video Shoot
As the producer of the video, you should always focus on wrapping the shoot as soon as possible. Even a simple 2-minute video can take more than three days to shoot. Keep your energy focused and decide what is best for your business before shooting begins.
Video Marketing Cost: How Much?
Now that you know the factors that affect the cost of shooting a marketing video, how much should you be spending on the video-making process?
Making a marketing video can cost as little as $100 or as costly as $20000. However, it depends on the types of video marketing you running.
Because of the easy availability of cheaper options, what you should be looking at while deciding your spending is the size, type, and scale of your business. Well, that’s the short answer to the question. But let’s dive deep into that statement to help you decide better.
The first thing you should be thinking about when budgeting your video expenses is your financial goals. Calculate the expected ROI (return on investment) for every penny you plan to spend on the video. Is your purpose attracting new users, converting more sales, starting a conversation about your product, or something more post-sales?
Once you know the goal of your video campaign, it’s easier to decide the budget that works for you. After you decide the amount, it’s highly recommended to use an expense tracker software to ensure you don’t get carried away.
Decide on the video type and production quality by getting in touch with experts. The most costly campaign is not always the most suitable for your business. Based on your goals, you should decide whether you want to opt for an animated explainer, a client testimonial, or a dramatic product shoot. What would be the best style to get your point across? The answer to that question will help you drive to a decision.
You always have to start small and then slowly find your way. Experiment with different types and decide what works best for your brand. Keep an analytics team ready to help you with reports on how the campaign went. Otherwise, you will never learn from your mistake. What is your target audience? What do they care about? What are some of the questions they would have about your products? These are some questions you should always keep in mind when deciding the budget.
Find the right video channel for your brand. Instagram, YouTube, and Facebook have captured a lot of the video market. Your video ad needs to be tweaked to work on different channels. You should first decide which channel is going to be your top priority. Design your video accordingly and aggressively market on one platform.
So, when it comes to video production expenses, you should always choose the video type based on the needs of your business. You don’t always need to go overboard. Million-dollar celebrity videos might be suitable for high-end luxury products, but you can always go big later.
Ideally, you should create a marketing budget at the beginning of each financial quarter and work accordingly. But shooting a video can get exciting!
Sometimes you end up overestimating the returns after having a glimpse of the glitzy world of shooting. Keep an open mind and keep some flexibility in your budget for last-minute changes. You can always find free tools to cut down on costs and help you focus on other marketing campaigns as well.
Author: Dor Sharon is the Marketing Coordinator at Wellybox.