Including Video in Your 2021 Budget

When it comes to planning your budget for the next year there are so many things you need to consider. People often start by examining their revenue, or subtracting fixed costs, and then determining variable expenses… the list goes on and on, but one thing that businesses overlook when planning out next years budget is accounting for video expenses. Forgetting to allocate funds for video is a classic mistake made by many new businesses. Especially knowing that, in the world of video, you usually get what you pay for – and with today’s competitive market, it leaves little room to spare any expenses. While creating a budget can be a daunting and thorough process, it is extremely beneficial to allocate some of your marketing funds for video.

Recent independent studies conducted in 2018 have concluded that the majority of a businesses’ advertising budget is spent on video. Some of the findings included anywhere from 50%-90% of their marketing budget being spent on digital video advertising. Some of you may be thinking that with the current pandemic in play you’ll need to cut down your budget or potentially pull funds from your advertising campaigns. While this may seem like a smart short-term solution, the pandemic has only increased the need for video, allowing events to continue virtually and for business to still be able to spread their messages in a socially distant way.

Still not convinced that you need video in your 2021 budget? Check out these statistics to remember how helpful video can really be!

  1. Video is expected to make up 82% of all internet traffic by 2021
  2. Facebook gets over 8 billion video views per day
  3. Social media video generates as much as 1200% more shares than text and image content combined
  4. 60% of Instagram Stories videos are watched with the sound on
  5. Video campaigns are generating view rates as high as 50% on platforms such as Facebook and LinkedIn
  6. Personalized videos are 35% more likely to retain viewers than non-personalized video
  7. Video ads on social media are the most common way for consumers to find new brands and products before purchasing
  8. Social Media Examiner found that 57% of marketers use live video
  9. Video drives can generate an increase of 157% in organic traffic from SERPs (Search Engine Results Page)
  10. As much as 83% of marketers say video helped them generate leads

The next time you sit down to plan out your budget for the next year make sure you include vide0. Video truly does amplify your businesses message and spreads awareness efficiently. Harness the power of video in your favor and elevate your campaigns!

For more blogs on how to better your business visit us here