Only 34% of small businesses invest in video marketing, according to a recent survey on The Manifest.
This leaves an opportunity for small businesses to improve their engagement with the customer. Considering that 85% of US consumers watch videos every day, small businesses can benefit from investing in video production as a channel to generate awareness, leads and sales.
Small businesses with sparse resources and no video experience understandably hesitate to approach video. However, there are affordable ways to approach video production and returns can far exceed the initial investment.
Use this article to review how your small business can create and maintain a video marketing budget.
Determine Your Audience and Goals
Start your video marketing strategy by researching your customer's preferences and your competitors.
Based on this research, you can determine the type and format that will be most effective and evaluate how to structure your video strategy to achieve overall business objectives.
For example, you can use video as a resource to
- Generate brand awareness
- Grow your audience
- Explain your products and business
- Develop your brand personality
Each video you produce should have specific objectives that align with your overall goals. For example, Which types of social videos drive the most engagement? How well do your videos convert? Have you seen an SEO boost since you began your video strategy?
Answering these questions will help you to refine your video strategy to focus on your strengths. Determine which video formats will best engage your customers, then budget in a way that will maximize your goals.
Experiment With Video Formats and Approaches
Videos both educates and entertains your audiences, thus are ideal for communicating your value proposition. Depending on your product, certain video formats allow you to engage your audience better than others.
Review the following formats to determine which best fits your brand and audience:
- Narrative: Showcase your brand history, employee profiles, or behind-the-scenes operations at your company. Revealing your company culture generates trust with customers by demonstrating the human element of your company.
- Testimonials: Provide visual evidence that your customers are satisfied with your services. Viewers consider reviews and testimonials as authentic, and videos add a visceral element to that.
- Explainer videos: Educate customers about your product and how it solves business problems, According to Social Media Today, 4x as many people would rather watch a video about a product than read about it.
Moz’s Whiteboard Friday is the gold standard for engaging videos that work to address customers issues that are highly relevant to Moz’s clients.
Craft your budget with room for experimentation with different video formats and consider creating videos to support various functions of your business.
As you refine, though, always A/B test your video strategy to determine what works best. Examples of areas to experiment with include:
- Landing pages and platforms
- Video length
- Thumbnail images
For example, Wistia swapped out their static image in their newsletter with a video and experienced a 300% increase in conversions. Rather than shooting new footage, you can also repurpose video content to suit each channel.
Determine Video Production Resources
Quality video production takes time and resources. Subpar videos can undercut your messaging and give an impression of sloppiness or low effort.
Fortunately, there are cost-effective solutions for video production. You don’t need to match the resources of high profile advertising agencies to create an effective video marketing campaign.
If you have video experience in-house, you can spend $100 for an audio microphone and lighting set-up to create a production studio in your office and shoot the video using a smartphone.
There are also various inexpensive or free resources and software available that you can use create professional-level video content:
It also doesn’t cost anything to host a video on a YouTube channel or embed it on your website.
You can find affordable freelancers on marketplaces like Upwork, Fiverr and of course, ProductionHUB. If you find a quality freelancer, consider a partnership to keep your video production on track for the future.
It can also be valuable for some small businesses to hire a video production company in order to preserve time and resources towards other mission-critical tasks, especially if your staff has no background in video production.
How Small Businesses Can Budget for Video Marketing
Video marketing can benefit small businesses with well-optimized and considered campaigns.
The cost of video production rewards those who strategize prior, monitor their performance as they go, and optimize often. Video production agencies and inexpensive tools help small businesses optimize their video production efforts.
Emily Clark is a Content Writer for The Manifest, a B2B news and how-to site in Washington, D.C. Her research focuses on mobile app development, digital marketing and video production agencies.