The average small business spends about $400 a month on marketing, with less than half of that going to digital marketing. That’s a pretty tight budget, so it’s easy to see why many small businesses automatically assume that quality video marketing is out of their price range.
The question becomes how much does video marketing cost? How much does video marketing cost when you hire someone to handle the process from beginning to end? And what can businesses do if those costs are just too high?
We’re going to take a close look at the costs of video marketing, and what to do if they’d push your budget too far.
Cost of Animated Explainer Videos
A lot of brands—particularly B2B brands—use explainer videos to introduce and explain the importance of their brand, product, or service. They typically range anywhere from 30 seconds to 90 seconds, and many are animated like the example below:
Animated explainer videos are effective, but in general, they do not come cheap. They’re actually one of the most expensive types of video content you can create with a 60-second video typically costing between $5,000-10,000. They can even cost all the way up to $35,000 just for one minute. This may or may not include scripting, and it typically takes between 5-8 weeks from start to finish.
Because of the extensive work that goes into explainer videos, you really don’t want to be spending much less than that. If you do, it could put you in front of an inexperienced animator with lackluster skills.
Cost to Hire a Film Team for Recorded Video
Some videos are most effective when real, live footage is shot and edited. The cost of hiring a film team to direct, film, and edit your video doesn’t typically cost as much as an explainer video but it’s nothing to laugh at with an average cost of $1,000 per minute of video. If you want professional actors to create a video like the example below, this price will increase substantially by about $100-$500 (or more) per hour per actor.
Cost of Product Demo Videos
Product demo videos, which show users exactly how to use your product (whether its CMS software or a new coffee maker), can increase conversions substantially when placed on product pages. They are a big investment up-front, however, costing an average of $1,000-$3,000 a minute, but potentially costing as much as $10,000 per minute. This will include the filming of the video, along with its editing. If you end up renting studio time as part of this package, it may cost more.
Since you may not see a storyboard with product demo videos like you would with animated explainer videos, be as involved as possible.
Cost to Hire a Script Writer
Some times, a film crew will just be a film crew and you’ll need to hire a script writer on your own. Because your marketing videos are all designed to build your brand’s story and sell your products, it’s important to hire a good script writer who is focused on conversions and storytelling instead of ones who only knows how to throw in a few good one-liners.
Some script writers charge hourly rates of around $100-$300 per hour (I wouldn’t hire anyone who charges less than this). Others (many of the really good ones) choose flat-rate fees averaging between $350-1000 depending on the length of the video and how much research they need to do.
Cost to Hire a Video Editor
If you’ve got some video content already created and you need a video editor for short marketing content, you could pay anywhere from $200 to $800, with a typical rate of $100-200 per hour. Video editors can do everything from trim and reorder video clips to enhancing the images, adding overlay effects, and incorporating sound or voice-over narration.cost-
Since all of these adjustments require skill to ensure the video looks professional, it’s worth investing in a video editor for your marketing content. Some may even give you a small discount for regular or bulk work.
What If I Can’t Afford the $4,000+ Cost of Video Marketing?
So far, this is a pretty overwhelming blog post with a lot of big price tags. The good news is that video marketing doesn’t have to be this expensive. You just have to know where to look and which tools you want to use.
There are some businesses and freelancers out there who may be able to complete the project for less. In reality, though, many of these businesses are charging less for an inferior product. Make sure you ask to see samples before you jump head-first.
You can also use video editing software like Shakr. Shakr was designed to make professional-quality video marketing accessible to businesses of all sizes. It’s quick and easy to use, and all of our designs have been tested and proven to be high converting templates. You can continue to make a year’s worth of gorgeous, high-converting videos for a fraction of the cost of one decent explainer video from a mid-priced company.
There is a free trial, so you can check it out and see if it’s a good fit for you.
Looking at all the costs and four-digit price tags for the cost of video marketing is pretty astounding. It’s no surprise that a large number of small businesses think that it’s just out of their price range. Instead of settling for a low-quality freelancer for one poorly-executed video, use professional quality software like Shakr so that you continue to maintain the kind of video output needed for true success in marketing.
Invest your money in a long-term strategy instead of throwing it away on something you’ll regret. Learn more about Shakr here.