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3 Tips to Get Buy-In for Your Video Budget

The most foundational ingredient of any B2B video production is money. Yet, as any financial or horticulture expert will tell you, money doesn’t grow on trees. So, receiving video budget buy-in from the appropriate stakeholders is the first step in getting production up and running.

But, how do you convince those stakeholders that video marketing is worth investment? To do so, you’ll need to be ready to answer their questions while also making a positive case for the power of B2B video marketing.

Prove the Need for Video Marketing

The first question you’ll probably need to answer is “why?” There was a time when using video for B2B marketing was something new and shiny and only used by tech-focused companies with names that lack vowels.

That time has long passed, though, and companies that forgo using video in their marketing strategy are finding themselves left behind. According to a recent survey of 582 marketers by Wyzowl, 86% of respondents use video as a marketing tool, and 92% say that video is an “important part” of their overall strategy. Both numbers are up double-digit percentage points since 2015.

If that still doesn’t convince stakeholders that video is a tool used by practically everyone, consider this additional statistic: 79% of respondents who currently don’t engage in video marketing expect to begin doing so in 2022. That’s an increase of 10 percentage points over the previous year.

But, video marketing isn’t just a matter of keeping up with the Jones Incorporateds. Part of the reason more companies are using video is that it’s easier than ever to do so. Perhaps even more importantly, video offers measurable benefits that allow companies to hit their sales and marketing goals.

Show How Video Marketing Helps Your Company Hit Its Goals

Going back to the Wyzowl survey, there’s a panoply of data that demonstrates video’s ability to help marketers hit key goals or the return on their marketing investment:

  • 94% of marketers responded that video helped customers better understand their product or service
  • 93% said video increased brand awareness
  • 87% said video improved website traffic
  • 87% said video had a positive ROI
  • 86% said video increased the number of sales leads
  • 82% said video boosted the amount of time viewers spent on the company’s website
  • 81% said video directly led to an increase in sales

The stakeholders you’re trying to convince may see those numbers and think the surveyed marketers are simply guessing as to the benefit. After all, no one will say, “Yeah, my work doesn’t benefit my company.”

That, of course, is not the case. Video can give you critical, measurable insights into the behavior of those watching your content. Then, with these valuable video analytics at your side, you can better refine your goals and drive towards them.

Create a Realistic B2B Video Marketing Budget

Okay, you’ve hooked the stakeholders, but now you need to reel them in. They may be willing to buy into your video marketing budget, but what does that budget look like?

Video is an investment. It’s not cheap to produce a high-quality content library, upload it to the right hosting platforms for your needs, and promote it to your targeted audience. Fortunately, there are ways to save money on production, such as crafting an effective strategy and utilizing economies of scale.

If your company is brand new to video, it can be initially overwhelming to create your first production budget. However, it only takes some research to find accurate rates for crew, on-screen talent, and equipment and space rentals. You can even outsource the production to an agency with experience in B2B video marketing, and asking for quotes is only a matter of making a phone call or sending an email.

Ultimately, the goal is to find a way to balance financial considerations with the impact you’re looking to drive. For example, a simple shoot with a single camera, some in-office talking heads, and the corner conference room will be inexpensive, but it may not be an effective way to engage your audience. At the same time, an all-out narrative-driven extravaganza with multiple shooting locations and a cast of dozens may look great but make it challenging to achieve a positive return on your investment.

Partner With the Right People

Of course, once you finally receive a “yes” from your stakeholders, you now have to do the hard work of actually doing the thing you said you would do. You may have some of the tools already in-house, but it can help to partner with professionals experienced in video production as a creative yet data-driven endeavor.

So, if you’ve received buy-in and are wondering where to turn, reach out to Storyboard today for help producing your video content!