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What is video marketing? Video marketing is, to keep it simple: using video to promote and market your product or service in an engaging and creative way using the world’s largest medium.

Video marketing also can be a powerful tool when used to educate your target audience. This education can often be the best way to sell your products or services, especially in the form of brand videos or FAQ videos.

The Growth of Video Marketing

In the past few years as we’ve seen technology grow and adapt, we’ve also seen marketing adapt to this medium. In 2015 if you had asked me, “Well, how many companies use video marketing and how good can it possibly be?” The number would be around 60 percent of all businesses using video marketing.”

However, a recent 2020 study by Wyzowl has shown that 85 percent of all businesses use video as a marketing tool. What’s more, out of those companies an astonishing 88 percent of new video marketers reported that videos alone gave a five percent increase to their ROI of the previous year.

Why Video Marketing? It works.

What is video marketing doing to companies to help them grow?

Well, there are a couple reasons. The first is that people are just watching more online videos than anything else. It is estimated that in 2021 people will spend at least 100 minutes a day watching online videos. That is a 19 percent increase from just 2019!

Secondly, studies done by NGData show that videos boost information retention. Meaning your audience is more likely to remember you. They found that 65 percent still retained information from video for up to three days later. Even emails with “video” in the subject line have a 19 percent increased chance of being opened.

Customers are 73 percent more likely to make a purchase after watching a video about a product or service.

Plus, video is what people want to see. Reports done by HubSpot Research showed that 54 percent of consumers want to see more videos from brands more than any other type of content. But it’s not just about your numbers and view count. It’s about making a human connection with your audience, and if you aren’t reaching them where they are, how can you make that connection?

Video Marketing, Done Right.

We’re happy to help show you the power video marketing can have for your business. If you’re new to video — don’t fret. We’ve worked with clients big and small, new to video marketing and experienced with it. No matter what, we’re excited to chat about what video can do for you.

As always, if you want to learn about how to gain more customers and stop losing out on capturing new clients please reach out to us at JL Video and we will be happy to learn more about you. Please like us on Facebook, follow us on Instagram and Linkedin, and subscribe to us on YouTube and click the bell notification.

JL Video produces videos for all types of brands trying to connect to their audiences in the greater Tampa area and the entire country. We produce engaging, professional, and creative videos that generate revenue and build brand awareness. Schedule your free consultation with one of our team members to see begin your project today.

Video marketing has quickly become the marketing go-to, as corporations large and small have seen its effectiveness to capture audiences. With professional video marketing, businesses are finding a significant increase in their return on investment. Video has become king. But how much does corporate video production cost?

Ultimately, how much your business should spend comes down to your overall marketing budget. When it comes to individual video productions, costs can range from $2,500 to $100,000 or even more.

Video Production Budgeting

How much does corporate video production cost? Well, the true answer is, it depends. Corporate video production can range anywhere from $1,000 for a simple video or professional video editing to over $50,000.  With such a wide range it can be difficult to try to budget accordingly. Well, we want to introduce you to the budget model for video marketing.

The Bucket Model

The bucket represents the annual revenue of your business. In this example, the annual revenue is $5 million and from that revenue, 10 percent  — or $500,000 — should be allocated as your marketing budget. With the rise in social media usage across all generations, the importance of digital marketing is steadily increasing and should be reflected in your annual budget. Over half of that 10 percent should be reserved for digital marketing, rather than in-person events.

Ultimately, that means about 2-3 percent of your annual revenue should go into video production and marketing.

Factors that influence Video Production Cost

The reason for the wide range in video production costs is that there are many different factors that can contribute to the final price. Most importantly, the quality and experience of the video production studio you’re working with can influence the cost.

For JL Video, most of our video projects cost a wide range to produce, anywhere from $2,500 to over $100,000. However, for a video project where our team is on-site, the common video production cost ranges from $10,000-$25,000.

Type of Video

Is this a product or service promo? Or are you filming testimonials? The type of video you intend to film will have some influence over the price as it affects factors such as the length and location.

If you’re doing a brand overview or a video about your office space, you need to decide how many employees will be shown. The more people, the more complicated and expensive the production can become. Based on the type of video, a video production team may need more hands and rentals for the set, props, and equipment. And, for larger productions, don’t forget the catering!

Not sure what video to film? Check some of our blogs such as three video content ideas for business. The first thing to consider is what do you want the video to do for you and your business? That can help decide what will be most effective to reach your goals, and a professional video production company can help with that.

Length and Location

The length of the production is another big contributor to the final price. Obviously, a two- or three-minute video will most likely cost more than a 30-second teaser. However, you should also consider what is being filmed and where.

A video with different settings will require more editing than a video that has an established backdrop. Additionally, a video production company may need to rent out space for the live production or move from location-to-location. Suddenly, that simple 30-second video is more complex if it needs to be filmed in five different locations. Ultimately, when it comes to the length of the video, the time and skill it takes to edit the video are what you’re paying for.

Professional Editing

Often many forget about the extra touches that come with creating a professional video to make it look great. These editing features can be anything from editing hair and make-up, narration, and licensing fees for music. No matter what kind of video you are filming, you’re going to find the fees for this added editing.

That being said, these editing features and hours poured into making it look great can switch a video from something cheap to a more expensive, but also more-recognized, video marketing campaign.

If you’re going to spend the money on a video production, don’t try to skimp out on special effects. If you want the video to capture your audience and increase click-rates, quality is key. Ultimately, once again, the cost for editing will change depending on the type of video in production and the experience editors have.

Trust the Video Production Professionals at JL Video

JL Video is an award-winning video production company in Tampa, Florida, telling creative stories that customers remember. We’ve worked with billion-dollar companies such as Duke Energy and 3M. When it comes to investing in an experienced and professional video production team, look no further than JL Video.

Whether you’re looking for a video production company to film or edit your video, we can help you reach your goals with video marketing. Contact us today to discuss how we can move your audience to action with video.