Video Budget: What should you plan for?

How much does it cost? This is a question posed by prospects and partners (clients) alike. It reveals both investment level and potential. With that in mind, video production costs vary based on the complexity and elements of the project. One way to assess the level of investment is by type of video.

Here are five common types of videos and what to expect. 

Testimonial (15-20K) 

Word of mouth is still a powerful marketing weapon. You can spend a lot of time trying to perfect your techniques, but the most effective way to instill trust in a consumer is by showcasing satisfied users of your product or service.

A video testimonial is a video driven by the experience of your customers and how you helped make their life better.

Instructional (15-30K)

What’s the best way to demonstrate how to do something? Of course, it’s video. Video content provides a fantastic opportunity for explaining new tools, processes, platforms, or products. They have the ability to relay important information to users of all kinds.

When it comes to instruction, video as the primary communication wins all day long in terms of preference and retention.

Product (12-25K)

Product videos display your product in a relevant and impactful way. This type of content sets out to create a lasting impression in the consumer’s mind. It also allows your customer to experience the product for themselves. 

When you present a consumer with information and experience, they are more likely to make a clear buying decision. 

Animation/Motion Graphics (10-40K)

This opens a whole new genre of content. A video that features animation and motion graphics can help you sell your product or service, promote your company, or share important information. In addition, it can mix well with real video.

Graphical reinforcement or solely graphical pieces work to grab the consumers attention and can effectively explain your product or company in a unique, easy-to-digest way.

Commercial (30-150K)

Traditional commercials are the top of the ladder in terms of investment. This type of production can include a number of different pieces of varying length and application. 

Commercial length is traditionally 15 seconds to 1-minute long and aims to describe your product or service. It can also represent your brand through telling someone else’s story. These videos support brand loyalty and push a call to action. 

                                                             ….

The numbers above are generous ranges and should provide you with a solid starting point. Within each range, it is certainly possible to produce multiple videos. You should always make it a priority to maximize your return while ensuring the highest level of quality.

A Few Stats to Consider

Including a video on your landing page can boost your conversion rate by up to 80%. (Unbounce)

66% of people said they’d prefer to watch a short video to learn about a product or service. 18% would rather read a text-based article, website, or post. (Elite Content Marketer)

91% of marketers are satisfied with the ROI of their video marketing efforts on social media. Indeed, 93% of businesses claim to have landed a customer because of a video on social media. (Animoto)

SHARE ON:

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Subscribe to the Spiracle Media newsletter to stay up to date and informed with all our latest content.

Please take some time to tell us about your latest project or partnership that we can help you with. You can also call us at 1-844-774-7225. If this is a job inquiry, please send an email directly to info@spiraclebuzz.com.