With marketing budgets tight in 2024, iStock has revealed the average cost savings of editing a one-minute video using footage compared to creating and editing the same video from scratch.
Marketing budgets have has not yet recovered to pre-Covid levelsWhich means business owners and entrepreneurs across the country are having to make tough decisions about where to best spend their budget.
To help businesses of all sizes create powerful marketing content, iStock conducted research to reveal how marketers can save an average of $5,015 on their video marketing.
The survey asked entrepreneurs to share their marketing strategy plans in 2024 and after finding that more than half of business owners (59%) plan to create video content for their business, less than 2% were able to correctly estimate the cost of In a one-minute video, we wanted to share how you can create the same marketing impact for your business, for less.
Why you should create video marketing content for your business
But what are the benefits of creating and sharing video content for your small business? Here’s what business owners highlighted as their top five motivations for creating video content.
- Increase income (58%)
- Build brand image (54%)
- Improve website traffic (51%)
- Influences customer purchasing decisions (50%)
- Increase brand awareness (48%)
The main motivations make sense: video-based marketing content offers impressive reach for businesses and captures the attention of potential customers, with 95% viewer retention.1 of a message when watching it on video. Video content also generates 1,200%2 It shares more than text and image combined, but it can be expensive.
How You Can Save Over $5K on Your Video Marketing Strategy
With nearly 60% of business owners citing lack of resources, including budget, staff, and time, as their top marketing struggle heading into 2024, we identified our research to address this top concern with a significant shift in production. cost-saving video marketing.
Taking into account the production elements involved in creating a one-minute marketing video, including script development, actors, music, crew, and editing costs, we reveal the potential cost savings below.
Editing with archive video
| Production element | Total cost |
| Video File | $635.00 |
| Script development | $400.00 |
| Music | $100.00 |
| Edition | $300.00 |
| Total | $1,435.00 |
Filming and editing from scratch.
| Production element | Total cost |
| cameraman | $1,600.00 |
| Script development | $400.00 |
| Actors/Models | $3,200.00 |
| Music | $100.00 |
| Production studio rental | $700.00 |
| Crew members | $1,750.00 |
| Edition | $300.00 |
| Total | $6,450.00 |
Utilizing stock footage not only allows small business owners to save when it comes to creating engaging marketing content, but it also helps disrupt the major remaining marketing struggles identified in the study.
- Lack of resources: budget/people/time (58%)
- Increase visibility and generate quality leads (35%)
- Produce and deliver content (34%)
- Stay up to date with trends and technology (32%)
- Consistent execution of marketing activities (28%)
Figuring out what type of marketing content works for your business is a process of testing and learning. By incorporating stock video footage into your marketing, you can test and learn at a faster pace, allowing you to produce more content, maintain consistency in your messaging, and react to current trends.
Some entrepreneurs are looking for alternative avenues for creating video marketing content, and more than a quarter (26%) of business owners reported that they are considering hiring an in-house content creator for their business.
If you’re wondering if this could be an option for your business, check out which industries are turning to the creator economy to support video marketing content creation:
- Finance/Economics (42%)
- Technology (34%)
- Health (32%)
- Entertainment (31%)
- Digital Marketing (28%)
Why You Should Use Stock Videos to Market Your Business
With over 185 million assets, iStock is the original resource for premium, royalty-free stock images, videos and audio sourced from the crowd, with a network of over 413,000 contributors worldwide (including non-exclusive and the exclusive ones). With such a wide range of assets to choose from, you can produce powerful marketing content for your business that suits every occasion.
1 https://biteable.com/blog/video-marketing-statistics/
ABOUT THE AUTHOR
Matthew O’Such, Vice President of SEO and Digital Marketing at Getty Images and iStockPhoto
As Vice President of Digital Marketing and SEO, Matthew O’Such is responsible for overseeing and designing the brand’s global digital marketing and SEO strategies for Getty Images and iStock.
In this role, Matthew leads tactical planning and execution to drive growth through organic search, as well as guiding audience development and traffic growth through technical and non-technical opportunities. As a data-driven leader, Matthew leverages analytics and data to drive new market expansion globally and prioritize SEO projects within the product roadmap to improve the overall health of company websites.
With over 20 years of experience, Matthew has developed marketing solutions, led client engagement, and driven growth and innovation for agencies and large in-house brands including WeWork, Ziff Davis, and Razorfish. While working on the agency side, Matthew led SEO teams and strategies for multiple brands, such as American Express, Marriott International, Patron, Smart Car, as well as many pharmaceutical companies.
In 2016, Matthew was selected for the Publicis90 Award for his innovative research and planning of a new technology for presentation streaming software, SnapDeck.