In this blog post, I want to look at the thorny issue of budgeting in video marketing. This is often something we get asked about and keeping a handle on the growing demands of running developed video content campaigns across multiple platforms, is something that requires a lot of careful planning and often some difficult decision making.
That being said, there are some golden rules when it comes to budgeting for video marketing and I want to explore four of them here.
Plan, Plan and Plan some more
One of the absolute fundamentals of any video marketing strategy (or any kind of marketing strategy for that matter) is having a proper plan in place. The scale and scope of your planned video content will dictate how much budget you will need to allocate towards it. If your budget is limited then you must manage your expectations and this must be reflected in your planning. Knowing your budget from the outset is therefore extremely important as it will allow you to put together a realistic as well as a robust video marketing plan and content calendar.
Segmenting your Video Content
Part of your strategic planning should involve segmenting your planned video content according to the help, hub, hero content spectrum. I’ve discussed help, hub, hero before in this blog and in guest articles for the likes of Jeff Bullas and Search Engine People, so I won’t go into too much detail here.
What I will say though, is that when it comes to budgeting, content segmentation is extremely important. Regularity and consistency are key to any successful video marketing strategy. Being able to plan a detailed calendar showing your periodical hub and help videos, as well as those rarer but more expensive hero videos, will allow you to create realistic budgets that make the best use of your resources.
Identify Cost Savings and Efficiencies
One of the problems many businesses will face is the fact that the demand for video content online is outstripping budgets available to produce it. This is putting huge pressure on SMEs to find cheaper and more cost efficient ways of producing regular video content that is engaging and relevant to their audiences. We’ve listed a few ways you can realise some of these cost savings:
- In-house content production: A lot of very popular video content that companies can produce doesn’t have to have high production values. This can include interviews, testimonials, behind the scenes, how-tos, etc. Some of this content can be produced largely in-house by your own team.
- Using a video production agency: Of course, working with a video production company will have its advantages and paradoxically (given the last bullet point) this too can help you save money. Full-service video production companies will be able to help you plan and will identify cost savings you can make across the course of a campaign, such as repurposing content and filming content for multiple films in one shoot. With in-house capabilities, they also have the ability to find economies of scale.
- Repurposing content: One film shoot does not have to equal one single piece of content. If you plan carefully, a film shoot has the potential to deliver you an asset you can repurpose over and over again. Think about creating a preview of your brand film to show on social media, or using stills from the shoot on your Instagram. You could even film behind the scenes footage alongside the main shoot and then release it on your YouTube channel.
Work with a Video Production Company
There’s a lot to be said for working with an experienced video production agency, especially one that offers a complete video content strategy and video activation service. Whilst there are obvious outlays when it comes to using their services, economies of scale can be found and it’s hard to put a price on the experience, skills and knowledge they can bring to the table.
Ultimately, when it comes to video marketing, half measures are just not worth it and won’t deliver the kind of ROI you need to make your investment in time and resources worth it. Saving money is one thing but cutting costs when it comes to quality is a false economy. Working with a video production company will take a lot of pressure off your own in-house marketing function, allowing you to divert resources to where they can be better spent. They will also have the experience to be able to give you a realistic view of what you can achieve with your budget.