This is the 2nd part of a 5 part series, going over the top 5 reasons companies are not investing in video marketing. Today, we’re tackling the 2nd biggest reason: the high cost/no budget for video.
Let’s start with “No budget for video.” We’ve heard this many times before, after we’ve suggested to a business to add video content. I actually wrote a blog post about this a short time ago. Most of the time, it’s not that they had money set aide for video and now it’s all used up… it’s that there was never a line item that said, “video” on any marketing budget in the history of the company. There is no budget because no one had ever thought to have a video done before.
In this case if a company decides to move forward with video content, they need to poach the funds from other areas, perhaps print advertising or a contingency account. It’s better if you never have to do that — have an amount set aside at the beginning on each year dedicated to creating video content for your company or brand. Be reasonable with this amount. Sit down with your Marketing Department or your video production company of choice, and work together to create the scope of your campaign objectives. How many videos will you need to reach your goals? Is there travel involved? How polished do they need to be? Do they need to be shot in a studio space with a crew of two dozen, or in a conference room with a crew of 2?
If this is your first rodeo with professional video production, get some estimates so you have a solid idea of the costs involved, then set it aside. Make sure to also factor in things like social media advertisements to boost your videos, if applicable. Make sure to view the company’s reel, and be comfortable with their quality. Like the saying goes, “If you think it’s expensive to hire a professional, wait until you hire an amateur.” The quality of your video is a direct reflection on the perceived quality of your company by your customers. Make sure it doesn’t look like it was done by your 15-year-old nephew.
Now we’re getting into the cost of video, so let’s tackle that.
If you’re thinking in your head that a professional video production for your company is of the same scale as a major motion picture or even a commercial shoot, think again. Unless you’re planning on the video getting onto national television, the costs are dramatically lower than you might expect. Now, there is a wide fluctuation in prices, with many factors to consider: is there travel involved? A set? Actors? What is the scale of the shoot — just an office, or do you have to close a street? If you’re on the high end and need sets, actors and super high end production value for a national TV spot, you’re looking at the $100,000+ range. If you’re in your facility shooting for a day, a couple of interviews and some shots of your business, you might be in the $2,000 – $6,000 range. Only want someone on camera talking with no other real shots? You’re likely below $800.
My best piece of advice is this: reach out to a few video production companies, explain what you’re looking to do in detail, and ask for an estimate. If the cost is too high for what you can afford at the moment, ask the production companies for advice to be able to stay within your budget. They’ll be happy to work with you on that.