What Matters Most When Calculating Your Video Budget
You’re ready to build up your brand online and you know that video is one of the most effective ways of achieving this goal. The only thing holding you back, except for a bit of fear of the unknown, is that you’re not really sure how to budget for video marketing. Video requires strategy, production, and momentum to keep the campaign moving forward - and you have no idea where to even begin in calculating how much this is going to cost your business, or if you can really afford it.
This is a challenge many businesses face, but it doesn’t need to be one that stands between you and the results that video can generate. Ready to dip your toes into the world of video but aren’t sure how to budget? Here’s what you need to consider.
Calculating the Real Costs of Video
Before you can get down to the business of determining your budget for video, it’s important to take a step back and consider how much video production really costs compared to what you’ll gain.
Is it true that video requires a heftier upfront investment than other forms of content? Yes, but too many businesses focus on the wrong number when considering the cost of video production.
You’ll find a more accurate representation of the cost of video by examining the return it will generate for your business. Video production is rarely a break-even venture, especially if you’ve partnered with a professional production company. In fact, video trends toward producing one of the highest ROI of all marketing strategies.
Video builds your brand, makes you more memorable, and inspires action. The upfront investment doesn’t matter nearly as much as the return.
Determining Your Budget for Video
Determining the video budget that works for your business starts with strategy. You don’t want to pull an arbitrary number out of the air when setting your budget. Instead, you want to look at a few key factors that will help you set a budget that you’re comfortable with and know will hit your target ROI.
Define your goals. Your goals are going to drive your video strategy, including the length and quantity of video content you need. Think about both short term and long-term goals here. For instance, are you looking to generate more leads from a specific campaign or is your goal to extend your brand into untapped segments of your audience?
Consider working with a professional video production company that has experience working with diverse budgets and knows exactly how to maximize your ROI with high quality video branding services.
What Goes Into the Cost of Producing a Video
To better understand the true costs of creating a video, we’ll use an analogy. A donut shop sells donuts but there’s a lot of elements that go into selling even one donut. The shop needs equipment to make the donuts, supplies to craft the donuts, employees to sell the donuts, marketing to draw customers, and so on. This scenario also applies to video. Videos aren’t produced in one day with one person and one camera. There are four main aspects to produce a single video:
- Creative: This is where the brand, audience, and marketing strategy come together to create a piece the client will want to show their customers, internal staff, etc.
- Pre-Production: The time spent finding locations, casting talent, and sourcing props. This also includes gear prep and rental, crew booking, and lining up craft services and catering for the set.
- Production: The shoot day or days, when we capture everything we need to make your video.
- Post Production: We spend the majority of our time in the editing suite crafting the perfect video including timing, sound, coloring, and more.
The cost of a video depends on the project, the need, and the numbers of days and hours it will take to create and craft the video.
Video Branding Services in Atlanta You Can Trust
Remedy Video provides corporate video production in Atlanta, and we’re here to help you achieve your goals and produce the returns your business needs. Contact Remedy Films and let us help you develop a video budget and strategy today.