The average small business spends over $75,000 annually for their marketing. Less than half of that going to digital marketing. It is easy to see why so many small businesses automatically assume quality video marketing is out of their price range.
The question becomes:
- How much does video-centric digital marketing cost?
- How much does video marketing cost when you hire someone to handle the process from beginning to end?
- And what can businesses do if those costs are just too high?
Let’s take a close look at the costs of video-centric digital marketing, and what to do if those costs push your budget too far.
Simple Video Cost
Brands—particularly B2B brands—use explainer videos to introduce and explain the importance of their brand, product, or service. They typically range anywhere from 30 seconds to 90 seconds, and many are animated using motion graphics or cartoon characters like the example below:
Animated explainer videos are very effective, but do not come cheap. They’re actually one of the most expensive types of video content you can create with a 60-second video typically costing between $3,000-10,000. They can even cost all the way up to $35,000 just for one minute if you get into the more advanced computer-aided graphics. This may or may not include scripting, and it typically takes between 5-8 weeks from start to finish.
Because of the extensive work that goes into explainer videos, you really don’t want to be spending much less than that. If you do, it could put you in front of an inexperienced animator with lackluster skills.
Hiring a Video Production Crew
Videos are most effective when real, live footage is shot and edited. The cost of hiring a video production crew to direct, film, and edit your video doesn’t typically cost as much as an explainer video but it’s nothing to laugh at with an average cost of a 60-second video with all of the bells and whistles can run $2,0000 per minute of video. If you want professional actors to create a video this price will increase substantially by about $100-$500 (or more) per hour per actor.
Product demo videos, which show users exactly how to use your product will increase conversions substantially when placed on product web pages. They are a big investment up-front, however, costing an average of $2,000-$3,000 a minute, but potentially costing as much as $10,000 per minute. This will include the filming of the video, along with its editing. If you end up renting studio time as part of this package, it may cost even more.
Value of a Script Writer
Sometimes, a video production crew will just shoot the video and you’ll need to hire a scriptwriter on your own. Because your video-centric digital marketing strategy is designed to build your brand’s story and sell your products, it’s important to hire a good scriptwriter who is focused on conversions and storytelling instead of ones who only knows how to throw in a few good one-liners.
Some scriptwriters charge hourly rates of around $100-$300 per hour, It is not recommended to hire anyone who charges less than this. Many of the really good scriptwriters have flat-rate fees averaging between $350-1000 depending on the length of the video and how much research they need to do.
Importance of Video Editor
If you’ve got video content already created and you need a video editor for short marketing content, you could pay anywhere from $200 to $800, with a typical rate of $100-200 per hour. Video editors can do everything from trim and reorder video clips to enhancing the images, adding overlay effects, and incorporating sound or voice-over narration.
Since all of these adjustments require skill to ensure the video looks professional, it’s worth investing in a video editor for your marketing content. Some may even give you a small discount for regular or bulk work.
What If I Can’t Afford the $4,000+ Cost of Video Marketing?
So far, this is a pretty overwhelming blog post with a lot of big price tags. The good news is that video marketing doesn’t have to be this expensive. You just have to know where to look and which tools you want to use.
There are some businesses and freelancers out there who may be able to complete the project for less. In reality, though, many of these businesses are charging less for an inferior product.
The best approach is to have a digital marketing roadmap produced. This outlines a full year of video-centric digital marketing strategy. Spreading out the cost of videos over a 12 month period allows for even the most cash strapped businesses to afford video centric digital marketing. Plus, video production crews and editors usually will offer discounts when there is a larger volume of videos to produce. Discounts from 10% – 20% could be awarded for a years worth of video production.
So don’t feel your small business cannot afford video-centric digital marketing. The question would become…can you afford not using videos in your marketing? The answer is now…No!
Looking at all these costs for video-centric digital marketing is pretty astounding. It’s no surprise so many small businesses think that it’s just out of their price range. Instead of settling for a low-quality freelancer for one poorly-executed video, think out your marketing strategy for over a year and work a deal for discounts with your video-centric digital marketing agency like SyncLab Media