How Much are Companies Paying for Business Video Marketing Services?
Insights from leading video production companies
As one of the top New York City business video marketing companies, we wanted to better understand how B2B video marketing is being adopted nationally. So, we decided to conduct a survey of other leading video production companies across the nation, and other marketing agencies that leverage B2B video marketing for their clients, to hear their experiences in their markets.
The first part of our series is to better understand how much companies are paying for business video marketing services. As well as what value video brings to justify the cost.
For many businesses that do not yet have experience with working with a business video production company, the imagination tends to run wild when estimating cost. As price varies, there is a large mis-understanding in the market as to what variables make up the cost of business video production. Not to mention, the challenge of aligning client expectations of the final video deliverable within budget This is also sometimes a challenge for the professional video production company as well.
How Much Does a Business Video Production Company Cost?
A great way to help businesses get started is for them to see what others are paying for their marketing and sales video content. Similar to our experience in the New York video production market, the range is anywhere from 5k to 20k per project. However, it is important to note that the video deliverables may vary from project to project. For example, the budget may output one (1) video deliverable or many (2+) video deliverables.
The Average Cost of Video Production
While budgets for a professional video production will find it hard to be lower, budgets can certainly be higher depending on the scope of the project. For example, a five day shoot with high end cameras will be a higher budget than a one day shoot with the same cameras. That being said, most of our experts at leading video production companies across the nation, agree that a professional video production can be executed between the ranges of $5,000 and $20,000 per video project.
One of our respondents, Torrey Tayenaka, explained video budgeting best.
The question still remains, why should businesses spend valuable capital on video?
These are the biggest value propositions for video according to our digital marketing experts:
But…for those of you that have missed it or just want a recap, here’s the bottom line. An online business video is about HOW you can communicate to your audience. Video allows businesses to build credibility and trust with their buyers early in the buying cycle before salespeople can even talk to them.
As Kelly Waffle explained, you can “humanize” your company and connect to your audience passively! Not to mention the effectiveness of this medium to convey information that is FAST and EASY to digest. Another point is the ability to narrow marketing efforts targeted at highly specific audiences through social channels. This allows businesses to utilize video to advertise more efficiently and cost-effectively.