Establishing the right budget for a marketing campaign is a challenge most of us face when trying to generate new leads. Once the campaign starts you are able to track things such as your cost per acquisition, the quality of your leads, and the total number of new leads, but when you’re in the planning stages and still comparing options, you need to have an estimation of how much things cost. This article will break down the cost associated with different types of video content marketing campaigns, so you can make an informed decision. This is for video content marketing, not traditional video advertising. Content marketing usually lives on the web instead of mediums like TV and is designed to answer your clients questions. If you are looking for pricing on a traditional video advertising campaign this article from Beverly Boy does a great job of breaking down your options.
Free to $500 per month
When considering how to price anything the best place to start is always with what you can do for free. With cell phone cameras becoming more and more advanced, non-photographers now have tremendous opportunities to be media creators. Options in this price range could include walk-through videos, behind the scenes videos and vlogs, Instagram stories, and live streaming. These tools are often more effective business to consumer than business to business, but when done well they can be used to connect with any kind of audience. The main things you need to consider when choosing these strategies are: “Do I have a team with enough time and skill to make them work?” and “Can I effectively answer my clients’ and potential clients’ questions with the media I create?” If the answer to both questions is yes then you are in a good position to do high quality content marketing without a production budget.
$1,500 to $4,000 per month, or per piece of content
If your organization has a strong understanding of content marketing and art direction, as well as connections to the local videography community you may be able to create high-quality content at a low price. A budget under $5,000 per month is perfect for working with skilled freelancers and talented students. Your team will likely need to set the art direction for whoever you hire, but you will be able to get great work at an affordable price.
$5,000 to $15,000 per month, or piece of content
In the $5,000 and up range you can start hiring experienced consultants and freelancers, plus small creative firms. These individuals and organizations will be able to take the lead on your creative project, smoothly transforming your ideas into content. These organizations won’t be able to provide research for you within this budget, but they can help you understand the information you have and develop clear goals for your video. Within this budget you will also be able to get assistance with storyboarding and video placement.
$20,000 to $50,000 per month, or piece of content
Organizations working at this budget likely have internal marketing knowledge and specialize in connecting with decision makers in an industry. Many mid-sized to large marketing firms with production staff would fit squarely into this demographic. Independent studios are also likely partners in this price range. At this budget you can rely on your media partner to help you identify your target market, understand their needs, and craft content that inspires them.
$75,000 and up per month, or piece of content
At the highest range you get top notch organizations capable of doing everything from research, storyboarding, content creation, placement, and even monitoring the results of your campaign. These organizations can take you from idea to content with very little support. Hiring a partner like this is perfect for large organizations that are looking to expand into a completely new market. Companies trying to penetrate an international market or switch from government contracts to private sector sales are perfect examples of organizations who might need full service content marketing support.
All of the prices I’ve quoted are for content and services directly related to the content such as storyboarding, research, sourcing actors, studio fees, and permits. Depending on the goals of your campaign and your industry you may also have to pay for advertising. If you are working with a specialist or agency they should be able to give you a sense of advertising cost for your industry; otherwise, you may need to consult with a marketing firm.
Video content marketing is possible at a variety of costs, depending on your needs and the expertise of your team. While the quality of your video may vary depending on your budget, an important determiner of price is the amount of research and planning you are asking an outside party to provide. If your firm has a really strong concept you may be able to engage with lower cost options to create the visuals. The higher cost options are better for teams that are new to content marketing or trying to use content marketing in a new market.