In keeping with 2022 HubSpot Weblog Analysis, 31% of video marketers surveyed say their greatest problem is having an insufficient price range to create video content material.
On this article, we’ll cowl what it prices to run a video marketing marketing campaign and what manufacturers are investing in probably the most this 12 months.
How a lot are entrepreneurs spending on video advertising and marketing?
This 12 months, we wished to study extra about how entrepreneurs method video marketing, together with the methods they leverage, the returns they get, and the quantity they make investments.
We surveyed over 500+ world entrepreneurs and right here’s what we found.
Firstly, the info means that video advertising and marketing is a prime content material format for manufacturers – with 31% of entrepreneurs surveyed allocating 21 to 40% of their complete advertising and marketing price range to video.
One other 30% allocate 41 to 60% of their complete price range to video advertising and marketing.
Video is so essential that 52% of entrepreneurs say their price range elevated in 2022. Nonetheless, the rise is extra current in B2B manufacturers.
Now, on the subject of quarterly budgets, right here’s the breakdown:
- Many manufacturers have a conservative price range with 15% of respondents allocating solely $1K and $10K.
- 11% of entrepreneurs surveyed price range $10K and 20K.
- The preferred price range bracket is between $20K and $60K, adopted by 26% of entrepreneurs surveyed.
- On the upper finish, 16% of entrepreneurs surveyed say they allocate $80K to 100K whereas 20% make investments between $100K and $200K.
- Solely a small proportion of corporations surveyed (10%) price range over $200K.
Now that you know the way a lot entrepreneurs are investing in video advertising and marketing, let’s break down how they’re spending it.
What are video entrepreneurs spending their price range on?
When requested, “Which a part of the video creation course of is most costly?” 65% of entrepreneurs surveyed answered manufacturing.
Manufacturing is the method of filming your content material and organising the tools wanted to seize the footage, equivalent to lighting, audio, and props.
In keeping with entrepreneurs surveyed, manufacturing takes up 24% of the typical video marketer’s price range.
Pre-production (ideation, scripting, casting) and post-production (modifying and exporting) are tied because the second-highest price. Then it’s tied once more between the price of video manufacturing and distribution and on-camera expertise.
On common, 91% of entrepreneurs surveyed say they spend beneath $50,000 to create a advertising and marketing video.
Most (53%) say they spend beneath $10,000 and 16% spend beneath $1,000. Solely a small proportion of respondents say they spend over $100K.
Video Advertising Strategies to Use on a Funds
1. Weigh your choices.
In keeping with our video marketing data, 69% of video entrepreneurs surveyed personal manufacturing tools whereas 10 % hire, and the remaining group does each.
There’s an argument to be made for each.
On one finish, creating movies in-house could be cheaper. Nonetheless, outdoors companies can present higher-quality content material.
The truth is, most smaller manufacturers (these with 200 staff or much less) consider creating video content material by way of an outdoor company affords a greater ROI than doing so in-house.
Nonetheless, throughout all enterprise sizes, roughly a 3rd of respondents say the ROI is about the identical both method.
With that stated, it’s essential to weigh your choices and assess when and what it’s best to hire versus personal.
Upon first look, it would seem to be renting is the smarter (and extra reasonably priced) choice. Nonetheless, most entrepreneurs surveyed (58%) say creating content material in-house is cheaper.
To make this choice, take into account the kind of content material you’ll be producing and the tools you’ll want.
That is key in figuring out what’s extra cost-efficient.
Should you’re a make-up model for example, you’ll be able to in all probability produce nice content material sitting in entrance of a digicam merely showcasing your merchandise in motion with good lighting. Nonetheless, should you’re a journey and hospitality model, you’ll doubtless want props, on-camera expertise, location, and lots of extra parts to meet your imaginative and prescient. On this case, it might be cheaper to outsource.
2. Separate need-to-haves from must-haves.
In the case of video tools, there’ll at all times be larger and higher on the market.
If there’s one space it’s best to give attention to, it’s lighting.
Many consider that having the perfect digicam does the trick however the reality is, lighting is what makes or breaks the standard of a video.
Lighting units the tone and temper of a video, two parts it’s good to keep your viewers’s consideration in a video.
Sound is one other space to splurge on – particularly your mics. This may improve the standard of your video, particularly if you need to accept low-end cameras.
As for every thing else, (the digicam, the lens, the equipment), these are nice add-ons however should you’re on a price range, you may make do with low to mid-range choices whereas nonetheless getting a high-quality outcome.
3. Leverage user-generated content material.
In keeping with HubSpot Weblog Analysis, the primary problem video entrepreneurs face is an absence of time to create video content material.
Nicely, who stated you needed to create your content material from scratch? You’re doubtless sitting on a pile of content material out of your clients proper now.
In case you have a robust social media presence, you doubtless have a financial institution of user-generated content material starting from pictures to movies and textual content. You possibly can leverage all of those for campaigns and use them to complement your individual content material.
For example, forward of the official Fenty Magnificence fragrance launch, its founder and musician Rihanna posted what gave the impression to be an advert.
It was a video compilation of varied celebrities and influencers mentioning how good she smells – “like heaven” was a phrase heard a number of occasions.
simply sayin’ 🤷🏿♀️… pic.twitter.com/EmC4ysMdjR
— Rihanna (@rihanna) August 10, 2021
With out ever having to provide their very own video, the model leveraged UGC to construct anticipation surrounding this launch.
4. Rent pupil and beginner expertise.
In the case of on-camera expertise, that is the place manufacturers typically wrestle to think about alternate options.
They often go for an in-house creator simply to economize, regardless that their position could not give attention to this space in any respect. Or they contract expertise, which could be expensive.
Right here’s a 3rd choice: Attain out to college students and beginner actors.
In some circumstances, cash isn’t the principle motivator. It may well typically be publicity, gaining expertise, or increase a portfolio. Nonetheless, paid alternatives will at all times generate extra curiosity and may get you extra skilled expertise.
5. Use free modifying software program.
Whenever you consider video modifying, the very first thing that involves thoughts might be Adobe.
It’s the go-to software program for manufacturing professionals. Nonetheless, it’s advanced and isn’t reasonably priced. Should you personal an Apple gadget just like the Macbook or iPad, you’ll have free video modifying software program already out there.
Whereas it doesn’t have as many options and affords restricted performance, it really works properly for easy modifying and you’ll at all times discover workarounds on platforms like YouTube.
Some free modifying software program comes with free music or you will discover on-line web sites that provide royalty-free music.
Should you’re intimidated by the concept of video marketing since you suppose you don’t have the funds, hopefully, these 5 strategies will change your thoughts.
Video advertising and marketing is a vital a part of content material creation and may drive gross sales so don’t let cash stop you from staying within the sport.
Editor’s Be aware: This submit was initially revealed in March 2016 and has been up to date for comprehensiveness.