If you are a small to medium business owner or marketing manager (oftentimes it is the same person), your marketing resources (budget and employees) are limited. Your challenge is to have that marketing budget work for you as hard as possible. You most likely already know that the best way to spend your budget to reach more people is through digital marketing (the exception to this rule exists, of course, if your target audience is not digitally savvy, which is increasingly hard to find nowadays).
Why Digital Media over Traditional Media?
It simply costs a lot less than traditional (Print, TV, Radio) media, it can be better targeted, and there is a lot of 'free' media exposure to be gained through search engines and social media, through what is called "earned media" in the communications world.
When I was in corporate marketing managing million-dollar budgets, the mantra always was to spend your budget most efficiently, and in many ways that meant reaching the most people possible for the cost of the media buy. Usually, this is measured in CPM (or Cost per Thousand) of individual visual impressions. So, even if you have large budgets nowadays, a large portion of it should go to digital marketing, since it helps you reach more people at a lower CPM.
Relevant Digital Content Increases Your Reach
Digital media revolutionized marketing in many ways. One of them is the ability of any business to be discoverable on the internet through the use of relevant content on the website that helps with Search Engine Optimization (or SEO), the other is putting out consistent content on a website and social media that is shareable and helps to build and keep your brand top of mind. The type, quality, and relevancy of this content will play a role in its distribution, sharing, and ranking in the Search Engine results.
A website with SEO-Optimized Content– Step # 1
If you don't have a website yet and have never heard of the term SEO (Search Engine Optimization) before, then you should stop reading this immediately and set up a website, and get educated on SEO as soon as possible! Because SEO is the #1 free marketing tool that is available to you. Through continuous SEO-optimized website copy, you can make your business more discoverable through Search Engines (such as Google, Bing, etc.), bringing your website up in the search results when a prospective customer is searching with a term specific to your business. This should always be the starting point to establish your digital presence: building a website that has SEO-optimized copy and content that will help your website to be discovered.
How to get started with SEO? Since you or your employees are most likely subject matter experts in the service or product you provide, and you have access to clients who you serve and who share their needs (pain points) with you, you are perfectly capable of developing some basic content (copy, photos) for your website. You should also have a plan to keep current on relevant keywords of how customers/consumers look for the services/products you offer, perform a routine (quarterly) audit of yours and competitive website keyword ranking, and update the copy and content accordingly.
There is a wealth of online information and tools on SEO and of course plenty of SEO professionals who can help you to manage this if you are not inclined to do so yourself.
Establish Social Media Presence – Step #2
If you have a website, you need to have a social media presence as well to help you get exposure to prospective clients via content you put out. You can also join and participate in relevant to your business groups on those social platforms, commenting and posting your content there.
The choice of which social media platform you should join depends on your target audience, and where it will be most receptive to your message. If you are a consumer-centric business (Business to Consumer, or B2C - think e-commerce or local services and products), you will most likely get more exposure on Facebook and Instagram. If you are a Business to Business (B2B) provider, then you should probably look into LinkedIn and Facebook more closely. There are other social media platforms (YouTube, Pinterest, TikTok, etc.) that could be useful, but, of course, their usefulness to you will be dictated by the type of product or service you offer, and the type of customers you are targeting.
Whatever social media platform you choose, you should have a consistent posting strategy (a few times a week on certain days, for example), and experiment with the type of posts to learn how you can engage prospective clients (and only your imagination is the limit of what you can try out). This is also something you can outsource if you have the budget to do so.
Video as Digital Marketing Content – Step #3
If you have a good grasp of SEO and have established your social media presence, you should seriously consider developing video content as the next step in making your website content easier to digest and more engaging.
It is not easy to keep your website visitors linger on the website and contact you for business, and video is one of those things that can help you to get there! Good video content on your social media channels will also help to break through the feed and 'earn' free media exposure through catching prospective customers' eye that may cause them to engage with it on a social network, making the reach of your content go further. Video is becoming one of the most effective ways to break through the social feed clutter, and you can read more about the reasons behind it in our Why Video for Your Marketing Content blog post.
But whatever industry your business is in, and whether you have an established marketing strategy or not, get started with a few powerful videos that help a prospective client understand what you do, how you do it, and whether you are trustworthy. You will need this type of basic information for your website anyway, and if you publish it in the video format, it will help to increase time spent with your content on your website (this helps with improving search engine ranking, as mentioned above), and you can reuse the footage you got by posting it on social media platforms to get that coveted 'word of mouth' through social sharing.
Video Production Investment
Video production requires an investment of considerable resources. Over the years the cost of video production has come down significantly with the democratization of video production when skilled video-makers with affordable high-quality gear are establishing video production companies, but it remains an expense, nonetheless. In the marketing communications field this is what's referred to as "non-working dollars', and what this means is it is dollars spent on creating content, i.e. creative development, video production, and agency fees. 'Working dollars" is the budget spent on actually 'showing' the content to prospective customers (i.e. dollars you spend on buying media in form of TV, Radio, Print, Billboard and Social Media).
The rule of thumb in the organizations that spend millions out of their budgets on marketing communications is that the 'non-working dollars' to 'working dollars' ratio should be no higher than 20/80. However, this isn't always realistic and depends on what type of content you are developing. If this content will be reused a lot (also sometimes called 'evergreen' content), and that will permanently on your website and other digital channels (i.e. one that will work for you longer than for 1 year, such as About US video, Product or Service showcase video, project documentation, customer testimonials, as examples), it is certainly worth investing more into producing professionally. If you don't spend any budget on advertising, then you should only think about developing 'evergreen' video professionally for the time being.
What kind of budget should you plan on for video production?
The cost of video production depends on the # and types of videos you want to make, and the number of resources needed to produce them (read # of the crew, equipment, days of shooting, and editing time). If you want to educate yourself more on what it takes to produce a video and learn about the stages of video production, refer to our Video Production 101 blog post.
If you are working with a small agile video production company, you can establish starting budget for your project at $2500 for a simple production with minimal editing and crew, and the budget will go up from there if you require specialized equipment, additional crew, and extensive editing in post-production. If you need creative support from a video production company, such as scriptwriting and ideation in the pre-production stage, then you should plan extra funds for that as well.
If your video requires hired talent (actors), extensive scriptwriting, built sets - this will require a much bigger budget and can run into tens or hundreds of thousands of dollars easily for a couple of days shoot.
Are there ways to reduce the cost of video production?
Yes, there are several ways to control the cost, and many of these levers are within your control. You can limit the cost with careful planning in the pre-production stage, which should dictate exactly the amount of resources (crew members, equipment, production, and editing time) you need to produce the video and give you an idea of what you want to do is within your budget. It will be most helpful to establish the expectations of the production process details between you (the client) and the video production company you hire and formalize them through a written contract.
So, if you are a small to medium-sized business with limited marketing resources, there is enough information here for you to jump-start your digital marketing efforts. If you are ready to get started with video marketing (and our specialty, aerial video), check out our video portfolio and contact us to evaluate and quote your video project.
