In most areas of our life, we rely on some sort of budget or monetary parameters. We know how much we’re willing to spend on a new vehicle, house, refrigerator, shoes, etc. That choice might end up being smart or irresponsible. When it comes to the creation of digital assets, including video, the same thinking should apply. How much are you willing to invest?
Here are three reasons why you need a video content budget.
It Reveals What’s Possible
There are a number of options in play when deciding what type of content to produce. Based at that decision, other factors come into play. Here are a few examples. How many shoot days do you need? Are there multiple locations? Will we need actors? Is travel involved? With a budget, the answers present themselves much easier and narrowing your options is a good thing. It allows you to place your energy and focus into what’s actually feasible.
It Eliminates Frustration
Who doesn’t want to limit or altogether eliminate frustration? With a budget, you are armed with knowledge that is super helpful in early conversations with a potential vendor or video partner. If this is part of a long-term or annual content plan, you know exactly where the dollars are coming from. If you need to hit up another department for supplemental funds, you know exactly what to ask for. It also gives you flexibility to spread funds around on different projects. Without that, you’re stuck wondering what and when you can execute.
It Just Makes Sense
Video isn’t a novel concept and it can be a very effective tool. Humans crave it and it should be a key part of your marketing strategy. By allocating budget for it, you’re making a statement that it’s important. It’s no longer a throw-in that involves wishy washy planning, but rather a focal point where you’re looking to maximize it’s impact. In effect, differentiating yourself in the marketplace. A stat from Wyzowl heading into this year reported that 99% of people who use video for marketing plan to use it in the upcoming year. It’s a crowded space that needs your best effort.
With so many ways to promote your brand or service/product, establishing a video budget is as important as ever. Video should be placed on its rightful pedestal. Maybe not a pedestal, but you get the point. Creating video content that matters and pays dividends depends on it.