If there is one digital strategy that has taken the world by storm, it is video marketing.
Here are some stats from Wordstream to prove it:
- 33.3% of online activity involves watching videos
- YouTube clocks more than 500 million hours of videos watched every day
- 87% of online marketers make use of video content for branding and boosting engagement
- Half a billion users watch videos on Facebook each day
- Videos generate more engagement than other types of content on Instagram
Videos are not new to multimedia. But they have definitely grown as a marketing strategy over the years.
In today’s digital space, however, it is not enough just to publish a video. Boosting brand awareness and growing engagement depends heavily on producing quality content. Poor branded video content might leave a permanent black mark on your brand image or worse – it could be forgotten.
While not everyone might be savvy with the camera and editing tools, using professional video services could help you articulate key brand messages coherently and engagingly. Creative consultants would also be able to assist by providing timely advice and translating brand messages to the screen.
A video showcases your products and services. But branded video content that has been professionally edited and put together reflects high brand value and gives viewers a unique experience. It will be remembered for years.
Then again, spending more money on production doesn’t necessarily entail a high return of investment (ROI) nor will it get you the results you want. So how should one go about allocating budget when using production services?
Read on to find out.
1. Decide on an Objective
“If you fail to plan, you plan to fail.”
This saying might be old-fashioned, but it is a useful mantra to have when devising strategies.
Before any production or work officially starts, you would need to have an idea of what you want to get out of your marketing budget.
Do you want your video to generate likes?
Do you want the content to be thought-provoking and generate comments?
Having an objective helps you better allocate your production and advertising budget on social media platforms like Facebook and Instagram.
Furthermore, having a goal in mind helps your creative consultants better advise strategies and directions.
2. Settle on the Duration of Your Campaign
As one would expect, the length of your campaign could make a huge difference in your budget.
Decide whether you want your campaigns to be long-term or seasonal. For instance, if you have ongoing promotions, your creative consultant would have to channel effort into making your videos relevant throughout a designated period whilst avoiding depleting your video marketing budget.
Similarly, if you have one-time campaigns like Christmas or New Year’s Day promotions, the production house would have to adapt the budget accordingly.
3. Be Realistic About Your Budget and Expectations
One has to be realistic and honest with the production house when deciding on a budget so that they know how much to work with. The production house will also be willing to advise whether your vision is feasible within the given budget.
Bear in mind that filming and editing makeup only a fraction of your video marketing budget.There might be other hidden costs depending on the concept proposed. This includes elements such as scriptwriters, studio or location rentals, actors or talents, and various other departments such as art, makeup, wardrobe, etc. Your creative consultant would be able to share more information about miscellaneous costs.
Communicate your expectations to avoid delays and additional charges.
4. Do Some A/B Testing
The ROI of your branded video content depends heavily on trends, the preferences of your target audience, as well as the power of your stories.
Within the first 1-2 months of your campaign, play around with timing, content and style to find out which suits your target audience best.
Settle on a strategy and adjust it according to trends and other changes in your demographic.