5 Things To Consider When Budgeting for Video Marketing

If you’ve been online at all this past year, it’s pretty obvious that video marketing isn’t going away any time soon.

As of 2021, 60% of businesses use video as a marketing tool.

One of the main reasons the remaining 40% of brands haven’t jumped on the video marketing bandwagon yet, is because you haven’t budgeted for it.

If you have yet to experience the power of video marketing, it’s easy to be scared away by the cost associated with investing in it.

Don’t let that be a barrier to your brand’s success.

You can easily recoup the cost of your investment with the new sales generated from your video marketing and after that, it’s pure profit!

Here are a few helpful hints for developing your video budget so that you feel comfortable with the cost and are ensured to be satisfied with your final product.‍‍‍

Finding a video marketing agency that fits your individual needs and can work with your budget is key. Even if that means shopping around.

Some production companies have been around for a while and will only take jobs that price in a certain range. They most likely use the top-of-the-line equipment and go all out for that cinematic look.

Which is great if you can afford it.

If your company isn’t Coca-Cola or Nike, you probably don’t have the budget for those types of productions, nor do you need all those bells and whistles.

What’s most important, is that you choose a video marketing agency that understands your brand, makes you feel comfortable working alongside their team, and gets as excited about your product or service as you do.

The easiest way to go over budget or incur more expenses is to not have a plan.

When you meet with your video marketing agency in the beginning stages of the project, they will help you to implement a production schedule.

The agency will take care of most of the heavy lifting, however, it will be up to you to do some planning and scheduling prior to the shoot day like identifying and confirming a filming location and scheduling interviewees.

If one of your interview subjects doesn’t showed up on time or at all, you’ll find yourself shelling out extra cash for an additional shooting day.

Proper planning can reduce any delays and minimize extra costs.

It’s important that you stay involved throughout every stage of the video process, from planning through the revisions.

If you don’t, you run the risk of ending up with a video that doesn’t fit your initial vision. This can create most costs down the road for you with extra edits or shoot days.

It’s important to be open‍‍‍ and honest with your feedback when it comes to the editing process. After all, this is your video and as a production company we want to make sure you are 100% satisfied with your final product.‍‍‍

There is always the possibility of incurring extra costs on your video project if you don’t plan accordingly and communicate your full needs to the production company.

Extra edits after the contacted project was completed are one of the most common ways to rack up more expenses.

So more likely than not, you will be shelling out extra cash and possibly going over budget if you don’t figure out your needs ahead of time.‍‍‍

There is no one answer to this question because every video marketing strategy is different.

For brands who are just starting out, it’s a good rule of thumb to allocate at least 30-35% of your yearly marketing budget to video.

If you have been experimenting with video for a while and are ready to implement an aggressive professional content strategy you could budget as much as 10% of the company’s total expenses for video.

Our advice is to start with a number that is comfortable for you. That might mean you have enough for one larger video or a slew of shorter social media blasts.

Once you’re satisfied with their results you can increase your budget the next year with proof that your investment was warranted.‍‍‍