When you spoke up at last week's marketing meeting, that you think your company’s website needs to add video to be more informative and engaging, little did you know that you were going to 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 think to put together a preliminary budget to get you on the way to producing your branded stories!
Just follow this simple guide to video production rates.
Pick the Right Kind of Video
The first thing you will want to do is to ask yourself the reason you think your company will benefit by adding video content. In other words, as Simon Sinek says, “start with why?” Do you want to distill a difficult message? Are you trying to create more of 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 you are clear on the objective 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 wherever they are in their “buyer’s journey.” For those website seekers who are in the beginning stage of their search (top of the funnel), they might need a quick 45 second video to help them answer a question. For those 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 them a more detailed video that is probably a minute to two minutes in length. Finally, the prospect who is ready to take action and trying to decide if they want to do business with you or one of your competitors, might be looking for a video that’s all together different, and is wanting to make a connection with your company. This video ideally will be richer in content, and more engaging in context. The length of this video is less important than the delivery of a well thought out and produced story.
Ballpark Budgets for Various Videos
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 deigned 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.
Awareness Videos (Top of the Funnel)
(most likely you will be able to produce multiple videos at the same time for this price)
Consideration Videos (Middle of the Funnel)
Average Budget Range: $5,000 to $8,000
Decision Making Videos (Bottom of the Funnel)
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, which we have used as analogies in the past, 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!