Video marketing is the future. In fact, video marketing is arguably the most important tool in a marketer’s arsenal right now. A lot of people are spending time on social media, and most of that is spent on watching videos.
People prefer videos over images and text-based content. Videos are not only eye-catching and entertaining, but they can also present more information within a short period of time. This is why marketers are jumping at the opportunity to launch their own video marketing campaigns.
However, some marketers are hesitant to get started on video content production because they don’t know how much it costs. Today we’re going to talk about the cost of making a marketing video.
How Much Am I Going to Spend On A Marketing Video That Converts?
Video content production is a creative endeavor. And just like other creative endeavors, price range can vary significantly. The good news is that you can make video marketing work for you, regardless of your budget.
When it comes to video marketing, content matters more than production value—although that’s important too. So don’t ignore video marketing completely just because you don’t think you have the budget for it.
Videos are a fantastic source of leads and revenue. You don’t want to miss out on this opportunity. Not to mention that all your competitors are using it. If you’re not using video marketing, you’re getting left behind.
With videos, you can enhance your relationships with leads, prospects, as well as existing customers. You can gain their trust and establish yourself as an authority within your industry. You can also use it to introduce your brand to a much larger audience by going viral or driving more traffic to your website.
The two greatest factors that are keeping marketers and entrepreneurs from fully pursuing video marketing are money and time. Videos are not easy to make. But no matter your budget, you can create attractive and impactful videos.
Options for Creating A Marketing Video: Hire A Firm Or Do It In-House
You have two options: you can outsource video production or you can do it yourself. Outsourcing will cost more, but creating your own video will take more time and effort.
Outsourcing your video production can range anywhere from $1,200 to $50,000 per video. It’s easy to see why entrepreneurs aren’t willing to spend that much money on a single video.
On the other hand, creating your own videos will still cost you around $5,000 for the equipment, not to mention you have to learn a handful of new skills such as editing and videography.
Remember, just because a video is expensive doesn’t mean it is good. You need to set your budget based on what your specific goals for that video are. If you go for something like a vlog, for example, it is a good way to connect with your audience and show some authenticity. Vlogs are some of the least expensive videos to make, and yet they can still give you great results.
Videos that are featured on your YouTube channel won’t be held to the same standard as explainer videos. An explainer video or a brand video will be displayed in your website for all your prospects to see. You want this type of video to have high production value, so it’s okay to spend more money on it.
If your budget allows, hiring professionals is always a good idea.
Identify the type of video you want to create and determine your goals for it. That’s how you decide on whether to outsource your video or do it yourself. A video can be educational, entertaining, inspirational, or about a particular product. With each video, you want to be able to give value to your target audience so they will trust your brand and convert into paying customers.
As long as you’re giving them value, people are going to tune in.
Benefits of Doing In-House
It is a huge misconception that videos take weeks to produce. Although it is challenging to create a high quality video on your own, it is definitely possible—and it doesn’t have to be expensive.
Creating your videos in-house will allow you to deliver your message exactly the way you want to. This will also give you the most creative freedom to experiment on your videos. You can write your own script and make adjustments on the fly. This is the type of flexibility that you don’t have when you’re outsourcing your videos.
Vlogging is one of the best types of videos to do in-house. They can increase brand awareness and organic search traffic. Plus, they are not expensive to produce. This also gives your videos a more authentic feel, allowing your brand to really shine.
You will also save a lot of money because you don’t have to spend on anything other than the most important equipment. You can buy a tripod to keep your shots stable. You can use your smartphone instead of an expensive camera. Thanks to increasingly affordable technology, high quality video content is within your reach.
The point is that you don’t need fancy equipment to make a good video because content matters a lot more. You can work with your team to create amazing videos. Along the way, your skills in content creation will improve, and this is a valuable skill to have.
Downside of Doing It In-House
Although you will have full control over the creative process, doing it in-house also has its own downsides. For starters, you will have to develop your skills so that your execution can match your ideas. This is something that takes time to learn, which is why there are professionals who have spent years mastering their craft.
Do not underestimate the effort that goes into video production. If you find yourself doing everything, it can quickly get exhausting. If you really want to create your videos in-house, you need to start learning the basics now and get familiar with the process of video production.
Remember that there are video types that are perfect for in-house production, including vlogs, live videos, product demos, and tutorials. These are the videos that have low production cost, and can benefit a lot from an authentic touch. Your viewers are more likely to forgive the low production quality for these types of videos.
Benefits of Hiring an Outside Firm
Hiring an outside firm can save you a lot of time and energy. There’s also the guarantee that you’re going to get a high quality product afterwards. Unlike in-house productions, where the quality would depend on your own skill level and creativity, production companies can deliver the exact video you are looking for.
You can give them an idea of what kind of video you are trying to produce, and they will work within your budget to make that possible.
The cost of outsourcing will depend on a number of factors such as video length, video style, and the quality of their production. Outsourcing is best used on videos that introduce your brand to a wider audience. High quality videos are necessary for generating leads, so you want these videos to be eye-catching.
For most companies, a project can be completed in 4 to 5 days for less than $10,000. But again, the price will vary per project.
Downside of Hiring an Outside Firm
There’s no doubt that outsourcing can get expensive. You will have to keep track of your budget if you don’t want to overspend. Business owners need to have a solid idea of what kind of video they want to create so they can communicate their needs to the production team.
You also have to stay on top of the production process from pre-production to post-production to make sure they are delivering the kind of video you want them to produce.
But other than that, outsourcing does not have a lot of downsides. The fact that it’s so much more expensive than just making your own videos is a significant downside already.
Alternatively, you can hire a semi-professional videographer: someone who is still building their portfolio or fine tuning their craft. You can expect their rates to be much lower, but the quality may not be as good.
Some videos are better done in-house, and some have to be outsourced. Knowing the goals for each video is the key. Whatever you do, do not cut costs on video production. You want your videos to be a reflection of your brand—so it always needs to be great. Start your video marketing campaign today and reap the amazing benefits of video content.