Video marketing can be an affordable way to grow your business and reach more customers. In fact, video ads can yield a higher ROI than other digital marketing options. However, the affordability of video marketing is not as straightforward as it seems. As with any marketing strategy, the cost of video production will depend on a number of factors, like your company’s size, budget and goals. However, there are some general benchmarks that will help you get a sense of how much it will cost you to run a campaign. Let’s take a look at what you need to know if you want to know how much does video marketing cost.
How Much Does Video Marketing Cost?
In 2021, an estimated 94.8% of marketers plan to increase their video budgets. Video content marketing will trendy most than other content marketing day by day!! With video’s effectiveness as a marketing tool proven, it’s no surprise that video budgets continue to increase. Simply put, video marketing costs are directly related to your video production needs. So, while the figures below will give you a general idea of what video costs, you’ll want to first calculate your specific budget.
- The length and complexity of your videos, as well as your choice of equipment, will affect your budget.
- Your company’s size will have an effect. Studios and production companies that cater to brands and large ad agencies generally charge more.
- The scope of your video production will have an impact. Simple, one-off videos can be more cost-effective than those with a lot of production value.
- You’ll also want to consider your location since costs vary depending on the country.
- Once you know what you want to shoot and how much it will cost, you can start creating your video budget.
1. Conduct a Before And After Analysis
Before you decide how much does video marketing cost or how much to budget for video marketing, conduct a before and after analysis to get an idea of how much you’ll actually spend.
- First, calculate how many visitors you expect to receive from your video advertising. You can find this information in your analytics report or use digital marketing research tools to get a better idea of how many people you might reach.
- Next, you’ll need to calculate your total advertising cost. To do this, add together your total ad spend, including costs for social media ads, banner ads, and PurePlay (transactional email). This figure will give you a baseline to compare your actual video ad spending.
- Then, calculate your total revenue from these ads. If you sell products or services other than those advertised in your ads, you’ll want to add the amount you made from these items.
- Finally, compare the cost of your videos to your total advertising cost. If your videos are costing less than your total advertising cost, you’re likely getting a good Return on investment (ROI).
2. How to Calculate the Cost of Video Production
There are many factors that impact the cost of video production, so it can be difficult to accurately estimate.
- The length of your videos will affect your budget, as will the equipment and location you use.
- The number of employees needed will also influence your costs. This includes talent, crew, and location expenses.
- How many days you spend on location will affect your budget.
- All of these factors come into play when you’re calculating the cost of video production.
3. Video Production Costs
Here are some of the costs you should expect to incur when producing a video:
- Talent costs include the salary of the talent and any union fees.
- Equipment, such as cameras and lighting, will cost you money.
- Travel expenses will be incurred if you need to hire talent and/or travel to a location.
- Post-production costs include editing, online streaming, audio mixing, and music licensing.
4. Branding Costs
Branding costs are similar to video production costs in that they can be difficult to estimate. There are a few factors that can impact your branding costs, including:
- How many employees will be branded
- How long do your employees need to be identified as your company’s brand
- How the logo will be incorporated into your videos?
5. Additional Site Development Costs
Video is a powerful way to market your business, but it can’t exist on its own. You need to have a website that promotes your videos and provides additional information about your company. To build a video-friendly website, you’ll likely need to make some modifications to your current site.
|Video marketing can be expensive, but it doesn’t have to cost you a penny if you’re willing to invest time and money. We break down the costs of video marketing so you know whether it’s worth your time investment. Video marketing is an effective way of engaging customers with videos that use animation to explain complex concepts or complex products in a simple way for viewers. It is also one of the most affordable digital marketing strategies as it’s easy to incorporate and can be used across multiple channels. Video marketing, therefore, requires no extra budget from your company.|
6. Marketing Strategy Costs
This budget will cover your expenses for creating and implementing your marketing strategy, including:
- Content creation costs, such as the cost of hiring writers or buying content.
- Research and analytics costs, like those related to digital marketing research.
- Site development costs, like buying a web development platform that’s integrated with social media.
- Marketing automation costs, like sending emails, setting up lead magnets, and building landing pages.
- Other marketing costs, like printing campaigns, tradeshow booths, and branded items.
7. Staffing and Salaries Costs
If you hire freelancers or contractors for your video production, you’ll need to budget for staff salaries as well. To ensure your videos are produced to the highest standard and approved for broadcast, you may want to hire a professional videographer.
8. Total Cost of Video Production
When you calculate the cost of video production, don’t forget to include the cost of these other expenses:
- Your equipment rental costs, such as cameras, lights, and sound equipment.
- The cost of renting location rentals, like a studio or green screen.
- Your talent’s travel expenses, like airfare and hotel costs.
- Post-production costs, such as editing, audio mixing, and music licensing.
Video marketing is an effective way to reach more customers online. But the cost of video production can vary widely depending on your choice of equipment, talent, and location. To ensure you’re getting a good ROI, you need to accurately calculate the cost of video production.
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