We reveal video production costs and offer top tips on how to maximise your video marketing budget.
How much should video production for advanced manufacturing and high-performance engineering companies cost?
The simple answer is as much as you are comfortable spending. But that’s much of a guide, so let’s look at the factors that might influence your decision.
There are loads of analogies, but our favourite one is the Ferrari vs Trabant argument.
Both cars have four wheels and will get you from A to B, yet one is far more expensive than the other.
Video marketing is similar. Its cost depends on what you are looking to achieve and how high its production values.
Very good, I hear you cry, but I’m an engineer. I want a figure …
Fair enough. The typical budgets we work with are between £1,600 and £3,500 per project. Of course, like anything in life you can always spend more, but for most of our industrial clients this level of spend is sufficient to meet their goals.
By the way, notice that I said budget per project, not per video; more on that later.
Before we delve into the detail let’s consider a key point. The value v cost argument – don’t view video as a cost, consider the value that it will add to your business, sales campaign, or event. Some of this value may be tangible by translating into extra sales, but there are also intangible benefits such as building brand awareness and prestige. Additionally, effective, engaging video will have a long shelf life, so value can extend over months or even years if it’s made well.
What is cost when compared to the value it might bring? Well, ask yourself how much a single sale is worth. What is your average customer lifetime value? If your video marketing brings in one or more customers, then that’s great value.
Different types of videos have different costs and qualities.
Truly original content such as customer testimonials or company films should require high production values and a longer post-production time to create films that will appropriately reflect your brand.
These will obviously cost more compared with something such as quick turnaround, short, dateable social pieces – maybe a short news item or company update or event notice. This doesn’t mean one type of film is of higher value than the other, simply that you need to consider a mixed approach to your video marketing, instead of thinking one type of film will solve all your marketing needs.
How will you tell your story? With lots of computer animation by PIXAR, A-track by the Beatles, narrated by Sean Bean? These might be extreme examples, but factors such as these will add significant cost to any film, so always bear in mind your Steven Spielberg ambitions will have costs attached.
A good idea is to create an annual budget. Understand what you are comfortable spending per quarter and have this figure in mind when developing campaigns with your video supplier. A long-haul strategy is always a better way of building up an audience that will translate into loyal customers.
Choose your video partner carefully. A top-quality specialist should always be working with you to explore ways that help you achieve your targets and minimise costs while extracting maximum value. For example, planning in advance ways of cutting self-contained snippets from the full-length video, for use in social media and email campaigns.
They should also be filming for the long-term, with an eye to capturing material that can build up your personal library for future repurposing. This approach means you can easily update existing videos, beef-up quick social media snippets, or even create new films in the future for a smaller cost than if you were commissioning a fresh project each time.
Work out efficient ways of filming with your video partner. If possible, plan ahead and film multiple films in one day. It’ll save time and costs.
Remember the key to video marketing success is finding a video production partner who values your business and is willing to invest the time and energy in a long-term, mutually beneficial relationship.