When you spoke up at last week's marketing meeting stating that you think your company’s website needs to add video to be more informative and engaging, little did you know that you would be tasked with figuring out the plan to pull it off. Your management responded favorably to the suggestion, and as anticipated, they want you to tell them how much it will cost to produce. Don’t fret! It’s not as difficult as you may think to put together a preliminary budget to get you on the way to producing your branded stories!
First, determine how your company will benefit by adding video content. In other words, as Simon Sinek says, “start with why?” Do you want to distill a complex message? Are you trying to create a “personality” for your brand? Perhaps you want to provide detailed responses to some of your most frequently asked questions! These are all fantastic reasons to use video, but make sure your objectives are clear before you make the investment.
The truth of the matter is, you actually need a variety of video content in this day and age of marketing to connect with your audience at various stages of the “buyer’s journey.” For website visitors who are in the beginning stage of their search (top of the funnel), they might need a quick 45 second video to answer a question. For visitors who are further along in the buyer’s journey (the “consideration” phase), their attention span is likely a little longer and you can offer a more detailed video that is longer in duration. Finally, the prospect who is ready to take action and make a purchase, may be looking to make a connection with your company. This could require a video that’s all together different. Ideally, this video would be engaging and answer important questions the viewer needs to have answered before making a final decision. The length of this video is less important than the delivery of a well thought out story.
Here are some examples of the three types of videos for the three stages of the buyer’s journey — Awareness, Consideration and Decision — and a range of budgets that you can expect for each type of project. These examples are designed to give you a place to start in your discovery process. Once you have a more concrete vision of what you want to accomplish, a detailed proposal can be put together so you have all you need to move forward.
Average Budget Range: $8,000 to $10,000
As you can see, the more in-depth your story is, the more costly your video is to produce. Why? Just like buying a car or remodeling a kitchen, the more elements you have like locations and characters, the more time it takes to write, script, produce, and edit. Hopefully, these ballpark budgets and video production rates will help get you on the way to producing your next video story!