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Does Video Marketing Have To Cost You Lots Of Money?

We discuss video marketing cost, and how business owners and entrepreneurs can start video marketing as smartphone filmmakers, to keep costs down.

As the title suggests, this is where I answer a real question from an actual person to delve deep into the world of video marketing to unearth hints and tips to help business owners and entrepreneurs to get the very most out of video to help their businesses grow.

What are the costs of creating an effective video?

And today’s questioner asks quite simply, “Does video marketing have to cost you loads of money?”

Now the simple answer is, “No it doesn’t.” You can start creating effective video content for your business by filming on a smartphone with some elementary kit. I’ve actually created a video that lists the sort of equipment you need to get going on your video marketing journey.

To get decent audio, tripod and maybe a light plus some editing software will cost you around 300 to 400 pounds or $500 or so.

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Understanding Customer Lifetime Value (CLV)

Now if you’re a small business owner that might appear to be quite steep but I would encourage you to consider how much a new customer is worth to your business. If you create video content that is valuable and useful to your target audience and you do it on a consistent basis, then after time you will start to generate inbound inquiries into your business. Actual customers coming through your door.

Now, depending on your customer lifetime value, i.e. how much a customer brings into your business over the time that they interact with you, that will determine how quickly you will pay back the monetary investment you make in video kit.

The bottom line though, is that any marketing for your business should not be a net cost, it should always bring in more business and therefore more profit than the cost of the marketing activity itself. For example, if you’re running a print ad and the ad costs you £300 but it only brings in £200 worth of business then clearly you wouldn’t be doing that again as a business.

Investment for video creation

Now, in the case of video marketing, the investment is required in equipment and generally the platforms on which you will post your videos are free. It costs you the same money to produce one video as it does four videos, assuming you’re creating and editing that video content in-house.

So, the amount of investment you want to commit to creating video content is something that you as business owners need to weigh up depending on your situation. It could well be that a new client is worth thousands of pounds to the bottom line of your business.

So, in this case, it would probably be worth investing at a higher level than it would be for a one-man band operation, for example. The other thing to bear in mind is the expectation of your target audience. If your business operates in a market where significant amounts of resources are typically invested in marketing materials, then it would follow that perhaps you may want to do the same in terms of the creation of your video content.

This could be simply investing in higher end production kit, getting a team member trained up to create your content in house or choosing to commission an outside production company to create your video content for you. The point is, if your competition is producing high-end video content that oozes production value, it might not say the right thing about your business if you then create content shot on a wobbly old iPhone.

You need to remember that the video content you produce is representing your business to the world. It’s a video version of printed material, like a brochure, for example. It’s all part of your customer-facing marketing collateral, so the quality level needs to chime with your brand look and feel.

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Video equipment investment

If you want to create slightly higher quality video content then the next step up from smartphone filmmaking is to invest in a vlogging camera like the Sony ZV1. This level of camera produces a much better picture than by mobile phone. So, your video content should look markedly better as a result.

An entry-level setup with decent audio, basic single lights set up and entry-level tripod would require an investment of around about £800 or $900 or so.

One-day video filming

The key to maximizing the value you get from a day shooting is all about the planning. An experienced production company should be able to create a number of videos from one day shooting depending on the nature of the brief obviously. For example, if you’re wanting to create a series of two to three-minute videos for socials, it certainly isn’t beyond the bounds of possibility to expect anything from four to five films to be produced from a single day’s shoot.

The main factors that will affect the number of outputs possible per shoot day, will be the experience of the production company and the actual nature of your brief to them. The more complex the video you require the longer it will take to produce and the less you’ll get per day of filming.

Final thoughts

So, does video marketing have to cost you loads of money? No, it doesn’t, but it will require investment in time and money to make sure it is as effective as it possibly can be in driving new audiences of potential customers to your business. So, think about how much a new client is worth to your business, work out your CLV and then set your video marketing budget accordingly. I really hope you found this post of value.

We’ve got a free YouTube resource, obviously which is a Bitly link there Business Growth With Video. If you’d like to download a Business Video Guide, go to that URL and ping us your email details, and we will be really chuffed to rush you a copy of the 20 page PDF, that’d be fantastic, I’d hope you’d find that super useful.

To dive into more detail about how to create video for your business, do check out the other videos on our YouTube channel.

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Create Video Content That Drives ROI For Your Business

Get in touch now to discover how we can help you.