Video content has had an unprecedented boom in consumer consumption, making it one of the most effective marketing channels in the digital age. With that being said, many brands are looking to create a video marketing strategy if they haven’t done so already. This can be done either in-house or by hiring a video production company to create professional video content for their business.
Hiring a video production agency means that they will typically run your video marketing campaign for you, but some brands are wary about the cost of video production. Historically, creating video content was an expensive method of marketing, with simple video ads costing hundreds of thousands of dollars. However, this is no longer the case since video content is now incredibly diverse.
Due to advancements in technology and greater accessibility to creating a video, a big budget is not a requirement for the video production process. Despite video production costs going down, there is still not a set price for marketing video production. This is because the cost varies based on factors such as the concept and goals of your campaign, whether your video is animated or live action, and the desired length of your video content.
Although there are no fixed prices, we can offer an average range of costs related to each factor. For example, live action videos can fall between an estimated amount of $1,000 to $50,000. This is dependent upon the equipment used during shooting, how many actors must be hired, the price of renting a location or building a set, and wardrobe and makeup costs. Typically, a professional live action video will range from $5,000 to $25,000, although outliers do exist.
When it comes to animation, these prices can range from $1,000 to $45,000, depending on the length and complexity of your video concept. Factors that can affect this price include character design and animation editing. With animated videos, editing is a much more difficult process because it can involve changing aspect ratios or redoing a scene entirely to make it flow seamlessly with new changes. To avoid an inflated budget on this type of video, it’s important to describe your concept and campaign goals fully in the pre-production stage so you don’t run into costly edits during post-production.
The length of your video will also play a role in determining the cost, as longer videos will cost more than short form videos. Other factors that can affect the cost of your video production include whether the agency you hired is also planning to market and run analytics on your video campaign. While this will add to the cost, it will also give you a higher ROI as the video will be boosted towards a larger target audience and promoted on social media.
Additionally, letting the agency collect analytics on your video marketing campaign performance using metrics such as video views, consumer engagement rates including sharing the content, liking the video, or commenting on it, and generation of organic traffic to your website will allow your brand to determine what is working in the campaign and what isn’t. This can help you decide if you need a stronger call to action or better messaging to build trust with consumers.
Overall, though the cost of marketing video production can vary and increase in price based on additional services, it may be worth it to receive a greater amount of people watching your videos which can lead to an increase in sales. If you’re looking to start the video production process for a marketing video campaign, team up with us at Frenik Marketing Group and let us handle the hard stuff.