How Much Should You Spend on Digital Video?
We all know that video is growing rapidly as a way to reach, educate and influence target audiences and stakeholders. How much should you invest in your digital video?
The quick answer is a lot more than last year. In the chart from eMarketer, you can see that the forecasted share of total spending is high, but only 18% at the high and 1.5% at the low.
To me, this is low. Also surprising is that retail is leading the way in percentage of budget. With a shift in e-commerce and contactless sales, video is a powerful medium as close to a personal call as you can get. Video has so many uses in social media, on websites and in email that you must have all your key products covered with information videos and sales videos.
So how much should you spend? We’d like to see allocated 15% to 20% for collecting video storytelling. This budget should be spread out over the year so you spend money and effort each month on telling great stories.