Finally we come to the much anticipated question of what all this is going to cost. How do you budget for video?
If you have considered and answered every section of this process, you should already have a budget range forming in your head. You know your audience and message. What is the desired outcome worth? Can you increase your revenue by half a million with a fifty thousand dollar video project? Will you attract the best people from a global talent pool to come live and work in your city with an eighty thousand dollar project? How can you convince governments to sign a memorandum of understanding with a twenty thousand dollar project?
If you skipped forward to this section or you have gotten through this entire process without a budget in mind, then I have some bad news. You haven’t planned for this project and just don’t have a budget.
Now some of you might be saying, “Aw, come on! Throw me some numbers!” To which I say, I don’t have a deep understanding of your business or your objectives. It would be unfair to you and me, if I just started throwing random numbers into the air.
Plan your budget for video
Your video budget doesn’t come out of thin air. It has to be considered in your marketing plan, which includes Key Performance Indicators and other measures of success. You also need to think about distribution channels, ad buys and social media management. The video production budget is part of your marketing mix. If you fail to plan, you plan to fail.
To those of you who have completed this series with insightful answers for each section, congratulations! You have set the foundation for a successful video production. With this document, everyone involved is clear on what we are doing and why.
If this was your first time watching this series, you should start with our introduction to video marketing success.