Based on 2022 HubSpot Weblog Analysis, 31% of video entrepreneurs 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 advertising marketing campaign and what manufacturers are investing in essentially the most this 12 months.
How a lot are entrepreneurs spending on video advertising?
This 12 months, we wished to be taught extra about how entrepreneurs strategy video advertising, together with the methods they leverage, the returns they get, and the quantity they make investments.
We surveyed over 500+ international entrepreneurs and right here’s what we found.
Firstly, the information means that video advertising is a prime content material format for manufacturers – with 31% of entrepreneurs surveyed allocating 21 to 40% of their complete advertising price range to video.
One other 30% allocate 41 to 60% of their complete price range to video advertising.
Video is so necessary 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 most well-liked 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 share of corporations surveyed (10%) price range over $200K.
Now that you know the way a lot entrepreneurs are investing in video advertising, 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 costliest?” 65% of entrepreneurs surveyed answered manufacturing.
Manufacturing is the method of filming your content material and establishing the gear wanted to seize the footage, equivalent to lighting, audio, and props.
Based on entrepreneurs surveyed, manufacturing takes up 24% of the common 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 underneath $50,000 to create a advertising video.
Most (53%) say they spend underneath $10,000 and 16% spend underneath $1,000. Solely a small share of respondents say they spend over $100K.
Video Advertising and marketing Strategies to Use on a Funds
1. Weigh your choices.
Based on our video advertising information, 69% of video entrepreneurs surveyed personal manufacturing gear whereas 10 p.c lease, 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.
In truth, most smaller manufacturers (these with 200 staff or much less) imagine creating video content material via 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 means.
With that stated, it’s necessary to weigh your choices and assess when and what it’s best to lease versus personal.
Upon first look, it would seem to be renting is the smarter (and extra inexpensive) choice. Nonetheless, most entrepreneurs surveyed (58%) say creating content material in-house is cheaper.
To make this choice, think about the kind of content material you’ll be producing and the gear you’ll want.
That is key in figuring out what’s extra cost-efficient.
If you happen to’re a make-up model as an illustration, 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, when you’re a journey and hospitality model, you’ll possible want props, on-camera expertise, location, and plenty of extra components to meet your imaginative and prescient. On this case, it might be cheaper to outsource.
2. Separate need-to-haves from must-haves.
With regards to video gear, there’ll at all times be larger and higher on the market.
If there’s one space it’s best to deal with, it’s lighting.
Many imagine that having the most effective digicam does the trick however the fact is, lighting is what makes or breaks the standard of a video.
Lighting units the tone and temper of a video, two components you should keep your viewers’s consideration in a video.
Sound is one other space to splurge on – particularly your mics. It will improve the standard of your video, particularly if you must accept low-end cameras.
As for all the pieces else, (the digicam, the lens, the equipment), these are nice add-ons however when you’re on a price range, you may make do with low to mid-range choices whereas nonetheless getting a high-quality consequence.
3. Leverage user-generated content material.
Based on HubSpot Weblog Analysis, the primary problem video entrepreneurs face is a scarcity of time to create video content material.
Nicely, who stated you needed to create your content material from scratch? You’re possible sitting on a pile of content material out of your prospects proper now.
In case you have a powerful social media presence, you possible have a financial institution of user-generated content material starting from photographs to movies and textual content. You’ll be able to leverage all of those for campaigns and use them to complement your individual content material.
As an illustration, forward of the official Fenty Magnificence fragrance launch, its founder and musician Rihanna posted what appeared 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 instances.
simply sayin’ 🤷🏿♀️… pic.twitter.com/EmC4ysMdjR
— Rihanna (@rihanna) August 10, 2021
With out ever having to supply their very own video, the model leveraged UGC to construct anticipation surrounding this launch.
4. Rent pupil and newbie expertise.
With regards to on-camera expertise, that is the place manufacturers typically battle to consider options.
They normally go for an in-house creator simply to save cash, regardless that their position could not deal with 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 newbie actors.
In some instances, cash isn’t the primary motivator. It might typically be publicity, gaining expertise, or build up 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.
Once 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 complicated and isn’t inexpensive. If you happen to personal an Apple system 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 nicely 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’ll find on-line web sites that provide royalty-free music.
If you happen to’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 is a crucial a part of content material creation and may drive gross sales so don’t let cash stop you from staying within the recreation.
Editor’s Be aware: This submit was initially printed in March 2016 and has been up to date for comprehensiveness.