Should I Get A Video Done For My Company?
Video plays an important role on your website and social media. People that watch just a 3 minute video are 85% more likely to purchase your product or service. This means your business can grow just from getting a video done. A video can be a big investment, but you have to break it down to determine if it is worth it for your business. A simple 3 minute video for you business can cost anywhere from $1,200 to upwards of $30,000, but the average costs sits at $3,500. All the costs are completely dependent on the company you choose to work with, just because you pay $30,000 doesn’t necessarily mean its a better video than the $1,200 one, it really just means they have better gear, more employees and more experience so its going to be more reliable. If you are shooting a simple video to display what your business is and does, you don’t really need to spend too much if it’s not in your budget. Set out a budget and look for a videographer that sits inside that budget. Most videographers will also let you pay in installments to help distribute the cost over a couple months.
Although cost does play a role in whether or not you are ready for a video, it’s also vital to know what value the video will bring. Most videos done for a business are “evergreen”, which means it is content that will last as long as the business. You can repost it over the years on social media and you can always use them on your website. There are a lot of variables to figure out what your ROI will be on the video. The first question is, are your customers one time customers, or are they mostly repeat customers? This is important because if you have a lot of repeat customers, video is going to have a greater ROI. The next question would be how much does the average customer spend with you? You may have to pull out some of your order forms and do a little math to come up with an average, but it’s worth knowing to discover your goals.
Now we will put it all together. Let’s say you are a cleaning service and you charge $75 to clean a home. From the video you only get 1 new customer, bummer… but what’s the ROI? As an example, people usually have their house cleaned once a week and your average customer stays with you for one year. That is a total of $3,600 for that one customer. Just one person seeing your video and hiring you not only pays off your video, but brings a new walking advertisement for you!
Videos can really benefit some companies in great ways, but don’t rush to get a video without having a clear vision of your goals with it! Creating goals will help you understand whether getting a video is worth it, or whether you need to take other avenues!