The first question that most of my customers ask is, “how much does video cost?”
The answer is “Depends.” Is like you asking a realtor how much a house costs. He’ll tell you that this depends on the size, the location, and the quality.
In the video, quality is an essential factor. Some people underestimate the quality issue and prefer to spend less money on more videos. But this is wrong as the quality factor is undervalued. We will see further down that low-quality videos can hurt your brand image and business.
But first, let’s answer the question: “Does video worth it?” “Should I invest in video?”
Let me tell you the reasons I believe video marketing is so crucial to your organization. Why it worth every euro spent on it.
By 2020, 82% of the world’s consumer internet traffic will be video. This is an increase from 70% in 2015 (Cisco)
Also, a study made by ReelSEO showed that 73% of B2B marketers have stated that video has generated positive marketing results (Tubular Insights).
In Cyprus, large organizations with in-house marketing departments had welcomed video. However, it is still an afterthought for small and middle business and I can understand this, as they may not be aware of how video can help them enhance their business story.
If the statistics do not convince you (link), think of your consumption pattern, and you will realize that that video is the king when it comes to digital communication.
We used to say that a picture worth 1000 words but “a single minute of video is worth about 1.8 million words” (Forrester)
Recently the charge of video production dropped significantly as video production technology come down in cost, and the number of corporate video production companies increased. This has given business more options regarding the content and quality. And business, since they don’t have the experience of a corporate video, usually they based their decision on the price tag. Nobody likes to spend money, but if you spent any amount in a low-quality video, you will pay it multiple times in the future. Here are some essential statistics on how low-quality video has a negative impact :
62% of consumers have a negative perception of a brand after experiencing a poor-quality video. (Brightcove)
60% no longer want to engage with the brand, and 23% hesitate to make a purchase. (Brightcove)
Publishing a low-quality video is worse than not publishing video at all. A cheap video will make your brand look cheap.
A quality video is an investment, which means it will give you an increased conversion rate that could pay for itself a short time.
A good video should have a story with the best visuals, sound, personality, and voice. A strategy must be defined, research must be done, and a marketing plan must be decided before the production.
If you are a start-up, or you have an established company with a respected brand then use the quality, not quantity, model.
Deal with a professional company that not only has knowledge of production but also knows how to build a strategy, and a marketing plan. Because they can give your company an air of luxury, prestige, and sophistication without surprises and overspending.
For serious companies, there is no dilemma quality vs. quantity. You’ ll either publish a quality video that meets your goal or don’t do it at all.
