Video Marketing Budgets - Where to Start?
There is no one-size-fits-all answer for how much to spend on video.
It can be hard to know how much to spend on B2B video marketing, even if you plan for the year. If you don't plan or understand the process, you won't get good results. For example, corporate video production costs range from a couple hundred dollars to tens of thousands of dollars. Your marketing budget priorities determine the types of videos you can make.
Understanding how much other marketers are spending on video is useful.
According to a HubSpot survey (1), over 500 global marketers discovered these things. Overall, the survey suggests that video marketing is a top content format for brands. 31% of marketers surveyed allocate 21% to 40% of their total marketing budget to video content. Another 30% allocate 41% to 60% of their total budget to video marketing. Video is so important that, in 2022, 52% of marketers say their budget increased. However, the increase was more present in B2B brands.
From the data, this is how the quarterly budgets breakdown:
Many brands have a conservative budget with 15% of respondents allocating only $1K and $10K.
11% of marketers surveyed budget between $10K and 20K.
The most popular budget bracket is between $20K and $60K, followed by 26% of marketers surveyed.
On the higher end, 16% of marketers surveyed say they allocate $80K to 100K, while 20% invest between $100K and $200K.
Only a small percentage of companies surveyed (10%) budgeted over $200K.
The next logical question is what are video marketers spending their budget on?
According to marketers surveyed, production takes up 24% of the average video marketer's budget. If you are unsure of what video production is, it is the process of filming content and setting up the equipment needed to capture the video footage.
Pre-production and post-production are tied as the second-highest cost. The next set of costs is tied again between the cost of video production and distribution and on-camera talent.
On average, 91% of marketers surveyed say they spend under $50,000 to create a marketing video.
91% of marketing companies spend under $50K to create a marketing video.
Most (53%) say they spend under $10,000 and 16% spend under $1,000. Only a small percentage of respondents say they spend over $100K.
Video marketing is an important part of content creation and can help drive sales, so don't let money prevent you from adding video to your mix.
1 https://blog.hubspot.com/marketing/video-on-budget