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How to Create A Video Production Budget

In today’s world of marketing, having video content is no longer an option. Videos help you build your brand, capture leads, and gain customers. But how do you budget for it? In this post we help you understand the things you need to think about in order to understand how much your video content will cost.

 
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In today’s marketing, having video content is no longer an option. Videos help you build your brand, capture leads, and gain customers. But how do you budget for it?

The first question marketers have about video is, “how much will it cost?” Unfortunately, because every video is different, there’s no easy answer. But there are guidelines to help you figure out how to budget for your specific video production. 

When budgeting for all the creative assets your brand needs, the best approach is to start with the tactic that will bring you the best return. Today, that's video. Divide the rest of the budget up for other outlets.

So how much should you allocate for your video production budget?

A study by Magisto reported that most businesses spend more than 25 percent of their marketing budget on video. This is a good baseline for anyone.

To determine how much your video production will cost, consider these factors.

Strategy

Determine your goals. Are you looking to raise awareness with commercial production, improve engagement with animation, raise investment capital with a personalized message, or earn more conversions with a demonstration? Knowing your goal will help you decide which type of video you need.

The type of video you need determines the assets, equipment and skill set required to make the video. Animation and special effects can require designers, artists and animators. A demonstration video may need an actor or actors, voice over artist and a lot of planning. Commercial productions may need actors, locations, vehicle rentals and more.

The quality of your video content will have an impact on your budget as well. Do you want the cheapest actor available, or someone with experience? Do you need a beautiful location, or a simple office in your building? If you’re creating an animated explainer video do you want readily available template graphics or custom, personalized graphics?

Where you’ll use the video determines the format(s) and, to some extent, the length it will be. You should know beforehand if your video will be seen on YouTube, Vimeo, Instagram, television, social media, etc. Different video platforms have different requirements for video. In addition, if you plan to use your video on multiple platforms, the multiple formats and various cuts required may require additional work that will increase the cost. And generally speaking, longer videos cost more.

Once you have the strategy, move on to the creative assets by determining what you already have on-hand to give the production team (images, previous video content, style guide, branding elements, etc.), what assets the production team will need to create themselves, and how soon you need your video.

When making these decisions remember the axiom: “Fast, Cheap, and Good… pick two. If it’s fast and cheap, it won’t be good.”

The script

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The script for your video can be a good indicator of how involved your video production will be. Generally speaking, the more complex the script is (one interview with a team member vs. having multiple actors, filming in your office vs. needing a location) the more the video will cost to produce.

To determine the cost of your video, do what a video producer does and break the script down scene by scene. Identify all the elements that could add to the cost. Consider the actors, the location, the amount and type of graphics you envision, locations or special effects.

Do you already have footage, or must it all be filmed or created in the studio? If you want something in the video, it must come from somewhere.

In conclusion

The cost of your video production is in all these details. Once you have an idea of everything you need, the price will start to become apparent. Try to keep that cost to about 25% of your total budget and you’ll be on track for a successful project.

https://www.magisto.com/reports/video-market-size#:~:text=The%20new%20rules%20of%20engagement%20%2D%20Belonging&text=Video%20marketing%20already%20dominates%20marketing,instead%20of%20hiring%20ad%20agencies.

 
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7 Reasons Video Marketing Works on Facebook

Look out YouTube - Facebook is coming for you! With new improvements and new offerings, Facebook is making it easier than ever to advertise your brand with video. From algorithms to native file types, and from stats to strategies here are 7 reasons video marketing works on Facebook.

 
Whatever it is, the way you tell your story online can make all the difference.

Whatever it is, the way you tell your story online can make all the difference.

We all know that video has become the new king of content and, with continued investment, it looks like Facebook aims to be the one that rules them all.

The social media giant is pushing hard to be the number one video marketing platform on the internet and they’re almost there. If you’re a digital marketer today, it’s the perfect time to take advantage of Facebook’s expanded video reach before it’s gone.

Facebook Video Enhancements

In 2016, Facebook CEO Mark Zuckerberg said the platform could be mostly video by 2021 and he hasn’t backed down. Since then, they’ve invested in their video services at a voracious speed and have the results to show.

Facebooks “video first” strategy has led to new video formats such as Facebook Watch, IGTV, Live, Feed, Stories, and Reels. These products give marketers more innovative ways to reach their audience with ever-important video.

In fact, Facebook has done so well with their video marketing services they’re now in direct competition with YouTube and are quickly closing the gap in being the most-watched video platform.

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Facebook Video Views

Over 4 billion video views happen on Facebook every day, just 1 billion fewer than YouTube.

According to the global market research and consulting firm Ipsos Group, 84% of video viewers surveyed say they watch video on YouTube, 68% on Facebook and Instagram and 60% on Netflix.

Not only that, Facebook is the world’s third most visited website, outranked only by Google and YouTube. So, when people spend time online there’s a good chance they’re spending it on Facebook.

If that’s not enough reason to invest in your Facebook video marketing strategy, here are a few more reasons.

Video Marketing Engagement

According to Facebook user behavior studies, app users look 5x longer at video than at static posts, with video posts generating 59% more engagement.

On average, the engagement rate for Facebook posts is 0.18%, while the average engagement rate for video posts is 0.26%. That stat alone should be enough to have marketers creating video.

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Native Video Boost

If you’re creating content for Facebook, it makes sense to create the type of content that Facebook wants. Why? Because the algorithm promotes it more.

Not only do videos already garner more engagement than other posts, but if you upload video directly to Facebook, versus linking from another platform - such as their competitor YouTube - they will show it to more users than they would a static post.

  • Facebook native videos get 478% more shares

  • Native videos start playing automatically in the Facebook app, meaning more attention immediately

For these reasons, directly uploaded native videos have a 1055% higher average share rate and 300% better engagement. That’s a strong case for creating video marketing for Facebook.

Diverse Formats

Because Facebook wants users to create and share native videos on the platform, they’ve created multiple options to make it easy.

Facebook says they created formats such as Facebook Watch, IGTV, and Live to help marketers who have longer-form videos build connections, while shorter formats such as Feed, Stories, and Reels help them capture attention quickly.

These multiple formats provide enough options for almost any type of business, content, or creator.

Facebook’s Continued Investment

The social media giant recently announced they’re launching a global test of In-Stream Video Topics. These topics allow video advertisers to place ads on specific video topics to align with other relevant non-ad content.

If you look at any of the news Facebook has announced in the last five years, it almost all involves video. Facebook always adds reach to its investment projects and is not investing in anything as much as video.

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Video Content as Commerce

As shopping moves online, brands with something to sell can now guide people directly from watching their video to social shopping or signing up for information or events. It’s just one more way video is at the forefront of smart marketing.

With its reach and scale, video marketing on Facebook has evolved into a mainstream ecosystem of its own. It is a tactic with multiple uses that can help marketers achieve more outcomes than ever before.

 
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