Deciding your video production budgets far in advance can be frustrating. Here are five tips to make it easier.
Planning Video Budgets
Every year at this time marketing management spends far too much time in needless frustration planning video budgets for the upcoming year. This process should be systematic, but to often becomes one of hit-or-miss guestimation.
According to contently.com:
• Daily digital video viewing jumped from :39 seconds in 2011 to a 1:55 in 2015, a nearly 400% increase.
• So it’s no surprise that 78% of U.S. marketers plan to increase their annual spending on video next year.
Here are some tips to guide you in planning video budgets.
Tip 1, +10%
Look at what your production budget was for this past year and consider a straight 10% cost increase for the upcoming budget. This works well if you intend to produce roughly the same number and kind of videos in the coming year and need to anticipate routine production cost increases.
Tip 2, +10%+ (plus, plus)
While you are planning video budgets if you plan on producing more videos or more complex videos in the coming year, apply the +10% rule to last year’s budget number and look through your list for a video or two that represents what you believe you will add in the coming year. Now add the budget for that video or those videos into the new estimate and you should be in a close range for your new estimate.
Tip 3, Consolidation
Look at how you might be able to combine several products, services or special offerings into pods or short videos that can be mixed and matched on your website, or as presentation pieces. By creating shorter video segments, you may be able to stretch your dollar by amortizing your footage and graphics across several videos.
Tip 4, Dating
Consider all text (i.e. script or on-screen graphics) used on your current videos that will date your project. Dates of any kind, especially used within the charts and graphs, can require re-editing if you intend to continue using that video. The same holds true for voiceover tracks. Consider when developing new video productions how important the use of a date really is and can it be avoided. Most videos should be good for 2-3 years before most of the information and scenes become dated.
Tip 5, Based On
Look at some concepts or videos that you like (or that you might want to do something similar to) and call your video producer to get some upfront year out estimates. Here at CRM Studios we are used to being asked to bid projects with very little direction or even better, a general range i.e., $35K-$50K you can work within is immensely helpful.
Planning video budgets is neither rocket science or a set of magic formulas. Every situation, every organization has differing needs and resources. These tips will help you plan, organize and save on your video production budgets for the coming year.
Read more on digital video growth at contently.com (http://contently.com/strategist/2015/07/06/the-explosive-growth-of-online-video-in-5-charts/)