No matter how you slice it, video marketing needs to be an important piece of your marketing plan. The majority of the world's web traffic comes from videos already, and that number is only going to continue growing. By reaching such a large audience, a Boston video marketing campaign is going to help grow your brand, increase conversions, and help educate prospect more effectively.
Below, we'll take a look at exactly how much of your precious marketing budget should be allocated towards video marketing.
Taking a Look at Your Competition
If the rest of the marketing world is any suggestion, you definitely need to carve a larger slice of your budget out for video marketing. Take a look at some of these recent trends:
- Over $10 billion is being spent on video advertising this year, a year-over-year increase of over 40%.
- In 2014, marketers spent an average of 36% of their budget on video marketing, and plan to spend even more in 2015.
- Two-thirds of marketers believe that video marketing will be just as effective and television advertising by 2020.
Clearly, more of your budget needs to be allocated towards video marketing. The only question is 'how much?'.
If you want to know how much you need to spend on your video marketing, your competition is a great place to start looking!
Evaluating Your Marketing Strategies
Video marketing is important, but every business is unique. Some businesses might need to invest primarily in video marketing, while other businesses might need to only dabble a tad.
The first thing you need to take a look at is your target market. The younger your audience is, the more you should rely on videos. Younger generations are more connected and more mobile than ever, making online videos the perfect media to reach them. If you're targeting a larger, less connected market, you can consider dialing it down a bit.
Another thing you need to look at is what types of videos you want to create. Animated videos, for example, can be made quickly and inexpensively. Demo videos can also be made without a lot of expenses. If you're looking to film professional advertisements with actors and actresses, however, you'll probably need to set aside a greater portion of your budget.
Monitoring Your Performance
Another easy way to see how much money you can set aside for video marketing is by taking a look at your other marketing medias. Are you spending money on ineffective direct mailers or wasting time on a blog that doesn't generate any traffic? A good way to get started with video marketing is simply removing your least effective tactics and replacing them with video. As you continue to build expertise and experience success, you can start setting more and more of your budget aside for videos.
If you aren't carefully monitoring your performance, it'll be easy to spend more than you should!
If you're looking for help planning your entire marketing strategy out, reach out to us here at Blue Wave Marketing. We're experts at helping our clients figure out the best ways to reach their audience. We'll figure out the appropriate budget for your video marketing initiative, and then help you plan and implement the videos.
You can contact us by visiting us at our website or calling us at 617-576-3100.