Video is your most powerful tool when it comes to your brand’s marketing. After all, 96% of polled marketers said they viewed video as an “important part of their strategy”. It’s highly engaging, retains attention, and lasts longer in memory than text alone. So, how much do you allot to your video budget? How to decide that in the first place? Today it’s all about setting your video budget, and saving you time (and money) in the long run.
First Things First
With 91% of businesses reported to use video as a part of their marketing campaigns, you’re not alone when deciding your budget. So, where to start? We’d suggest asking yourself first if you’ll be working with a video production agency or going it alone? Do you want high-end video quality? Or are your video needs a bit simpler?
While hiring a video production company may seem a bit daunting at first, when you factor in the elements of creating high end video, it most likely will save you more in the end to do so. To give you a rough idea of roles needed, for example, here’s a list below:
- Producer
- Scriptwriter
- Director
- Director of photography
- Digital imaging technician
- Camera operator
- Gaffer
- Audio technician
- Production assistant
- Hair, makeup, and wardrobe crew
- On-screen talent
- Audio editor
- Video editor
- Effects artists
- Colorist
Yes, a lot of roles to fill when dealing with full production needs (and this isn’t even covering professional video equipment cost!). So it’s really important to first decide if you want quality video production, followed by how much of that responsibility you do (or don’t) want to take on yourself. Time is money, as the old saying goes, so remember to factor in its value as well.
The Numbers
We’d love to give you a definitive number when it comes to setting your video budget, but, unfortunately, it’s just not possible. Why, you may ask? Because every brand’s needs vary, depending on size of company/budget, and overall goals. According to this report, video marketing budgets range from $1k way up to $500k quarterly.
The best way to set an actual percentage or number for your budget would be to include these factors:
- How much video content do you need annually? Monthly? Weekly?
- Does it need to be high-end or can you create it on your own, for example, via your smartphone?
- What percentage of your overall marketing budget can you realistically spend on video?
Ways to Measure Video ROI
As with any facet of your business, adding a new element involves a trial period. Running a brand is nothing but phases and steps along the way, trying new paths to success. So be sure to remember this when first embarking on your video marketing journey. Set a timeline in which to measure your video’s ROI. We would recommend no shorter than 1 year, but, of course, it’s your decision what time frame works for you and your brand.
Ways to do this? While analyzing any online content can be tricky, we’ve compiled these metrics here to help measure your video success.
Video Is an Investment
Remember, video is a worthwhile investment. When it comes to explainer videos alone, 96% of online viewers were reported to watch them to learn more about a product, with 89% being swayed to make a purchase. That’s a huge impact. So keep this in mind when reviewing your numbers. What may seem like a lot in the beginning, will reap rewards far greater in the very near future.