By Neil Perry and Bill Goldsmith
Recently I posted the results of a study by Mondo of more than 1,000 creative and digital marketing decision-makers which indicated that 76% felt that video marketing was their top priority for 2019-2020. 76%!
Of course, we all know that video can be very expensive when done professionally. This makes things quite challenging for small to mid-sized companies that recognize the importance of video in their marketing mix, but their purse strings are pretty tight.
Here’s an overview of what you can expect in the wonderful world of video.
- TV Quality Videos by National, Big Name Agencies – Video production costs can average $250,000 – $300,000 on average.
A Super Bowl commercial can easily top $500,000 in production alone, and then you’ve got to pay to put it on the game! Ouch!
- Crowdsource Videos – There are a number of start-up companies that are producing videos by crowdsourcing your creative brief to a network of beginner videographers, many of whom are pretty darn talented. Typically, these crowdsourced videos can cost up to $50,000, but the quality of submissions can vary greatly.
- Locally Produced Videos – While prices will vary depending on the size and experience of the marketing & production company in your locale, you should expect a minimum of $15,000 to a more likely average range of $30,000 – $50,000.
- Animated Explainer Videos – Including scripting and conception, an Explainer Video could cost $2,500 – $7,500, depending on the length and complexity. Factors like the level of graphic detail; the voice talent desired; and the time frame needed to produce the work will all play into the final cost.
- Mary’s Nephew Matt – Matt’s a high school senior with an abundance of equipment is convinced he could be the next David Ogilvy, even though he’s not sure who David Ogilvy was. The cost for production will be remarkably low, but the likelihood that you’ll actually end up using Matt’s work is similarly very low. This is your company, your “baby” if you will … don’t waste your time and money on amateurs.
If you’ve got another approach, feel free to share it in the comments section.
Many of my clients are making their first foray into video marketing with these Explainer Videos. They are effective and obviously cost efficient versus the alternatives. These animated videos are ideal for website placement but can also perform well in social media placements like Facebook or LinkedIn.
Neil Perry Associates is based in Philadelphia and specializes in Explainer videos. To learn more and to see a sampling of our work, visit our website at www.neilperryassociates.com