I already know you're wondering whether it’s worth it to invest in video as part of your marketing strategy in 2023? Well, let me tell you – the answer is a resounding “yes!” In fact, if you’re not using video to promote your brand, you’re missing out on a huge opportunity to connect with your audience and drive sales.
But budgeting for video production can be a tricky beast to tackle. Fear not though, for I have 5 tips to help you navigate those murky waters.
First things first, when budgeting for video production, you’ll want to consider your goals. Are you looking to create a flashy, high-production-value video to promote your brand, or are you okay with a more low-key, DIY approach? This will dictate how much you need to invest in equipment, crew, and other production costs.
While the length of the video may be a factor in the overall costs, consider that a 60-second video may take more work to produce than a 3 hour piece of content. It really depends on a few factors that you should talk through with your production team. Longer videos may require more resources, but it could also give you more opportunities to create multiple pieces with various cuts.
It’s very important to think about where your video will be distributed. Will it be shown on your website, social media, or broadcast television? Each platform has its own technical requirements and distribution costs, so make sure you do your research and budget accordingly. This may or may not be part of the full production budget depending on who will be responsible for the execution of distribution.
Once you have a rough idea of your production costs, be prepared to get creative. There are plenty of ways to stretch your budget without sacrificing quality. For example, you can reuse footage from previous videos or work with influencers to create content.
Try not to low ball the production team. We know that everyone wants high quality content. It’s why you hire a great video company to help tell your important story. And you know you needed it like yesterday so there are only 3 ways this can go. Below is a graphic to help demonstrate how to think about it.
In the end creating high quality video with a production company is like a relationship. The better it is the more you’ll be happy to do great things together and trust the other to have your best interest at heart. Think about these 5 things as you move forward with your steps to reach your existing and new audiences in unique and creative ways with video. Contact us to today to see how we can help you navigate this precarious condition for the best outcome.
PS. Don't be one of these...