Budgeting A Corporate Video: Tips for Businesses in Allocating Marketing Dollars
Video marketing continues to be on the rise. Many businesses are starting to realize how effective video production can be. As a business owner, you need to leverage the power of videos and use it to your advantage because that is what your competitors are doing.
Statistics reveal that video marketing can grow revenue by 49% faster as opposed to those who do not use videos. In addition, 64% of consumers make a purchase after watching videos. These two statistics may help convince you to include video production in your marketing strategy.
One reason you may be having second thoughts with video marketing is the budget. You may think that it may cost you a fortune to create a video. It was a few years back but thanks to new digital technologies, the cost of video production is more affordable now. In this article, we will breakdown the things that you need to consider when creating a budget for your corporate video.
This includes the expenses that will be incurred in the planning stage such as writing the storyboard, hiring the actors for the video, and salaries of the people who will be rendering their time in the preparation. Script writing is the most important element in the pre-production stage. If you are accurate with what you like to see and hear in the video, you will save time and money.
During the production of the video, you will be hiring a crew for the camera and sounds. Unless you have your own video production equipment, you may also have to set aside a budget for renting equipment.
In your budget, you may also have to include the rental fee for studio space or location. Keep in mind that the more location you use, the higher will be your production cost. In connection with the later, you may also have to cover the travel expenses going to and from one location to another.
During the shooting of the video, you may have to feed your crew and actors. A happy team will be a productive team. If you are using presenters or actors, you will have to pay their talent fees.
When the video has been produced, there are still costs that you need to worry about. You will need to pay for an editor. The cost for the editor is easy to plan because they usually have standard fees depending on the amount of time they will edit your video. To save up on editor fees, you can use video editing websites. You can do the editing yourself as the process from these websites is easy to follow.
Graphics and animation can be great for carrying information across that cannot be said or seen. However, if you have a presenter or voice over, you might not need them for your videos. You may opt to use the graphics instead of the presenter. You may also have to allocate budget for deliverables like DVDs or tapes.
Other fees to consider
It can make sense to allocate a budget for unforeseen expenses that might come during the video production stage.
Watch out for markup costs to cover production company overheads. This is especially true if you decide to work with a production company. A certain percentage of your budget will go towards production company overheads. You should clarify with the production company beforehand.
Get What You Pay For
When deciding on a corporate budget, you should always make sure that you get value for your money. Most video production companies today will include all the fees associated with creating a video. The cost of post-production will vary depending on what is included.
Also, just because you have a low budget does not mean your video will be of low quality. Using video editing software, basic lighting, and smartphone can still deliver real value. The important thing is to direct your video to the right audience. When it comes to video content, there is no one size fits all.
Check The Competitor
When budgeting your corporate video, make sure that it is comparable with that of your competitors. You want to make sure that it is not too high or too low compared to other video production companies.
Reflect your company goals
When creating corporate videos, it should always reflect your company’s value proposition. They should reflect what you want to say about your company, products, and service. Your corporate video should be able to manage your viewer’s expectations. How you want customers to perceive and remember your business and what it offers should be reflected in your video.
Keep this in mind and you will be able to properly allocate your budget for corporate video production. By setting a budget, you can get some peace of mind about where your expenses go and keep track of your expenses. It also allows you to be in control making the whole process of video production more manageable and less stressful on your part.