A quick Google will reveal a huge price range for an explainer video. You could spend as little as $350, and as much as $35k. But the bigger question is, do you get what you pay for?
You shouldn’t get a cheap video for all the same reasons why shouldn’t get cheap anything. Purchasing a cheap product you might get a low quality product. something that doesn’t work good right from the start, or if you are lucky enough it’ll work for some time then it’ll break down. Same with explainer videos. A cheap explainer video may be of low quality, or it may contain ad of the company you got it from. This is not a good sign if you use the video as an ad or promo.
Cheap Videos are Bad!
Your Ad, for most potential customers, is the first time they are introduced to your business and a bad first impression could scare them away costing you business and revenue as well as lost brand value.
It’s a Long Term Investment
A lot of businesses use an explainer video for a few years before feeling the need to update it. And these updates as well usually come not because the last video was bad, but because it is outdated in terms of the portfolio and scale of the business itself. So it is better to spend slightly more initially and stay tension free rather than spend little and then have to pour more and more money to salvage a bad situation.
It’s a part of your Marketing Budget
Many businesses still look at an online marketing campaign as a luxury but in these times it is an absolute necessity. A lot of shoppers now look up any new business or product they hear of on the internet and a strong digital presence can persuade a customer in your favor in a major way. And a good explainer video can be considered the foundation of your digital marketing campaign in addition to good user reviews and customer interaction. Even the Government recognizes marketing campaigns and advertisements as a legitimate business expense, meaning you do not have to pay any taxes on the money you spend on a video.
Quality Takes Time!
There are literally hundreds of hours that go into producing a 1-2 minute explainer video. A good chunk of that time can be chewed up during pre-production, just getting to know your company, understanding the industry you play in, and developing the right concept, messaging, and story.
It’s the face of your company
If your explainer video does what it should do – explain your company, product or service in a clear, concise, and compelling way – it will likely live in a visible spot on a prominent web page (like your homepage), be shared by sales reps, screened at conferences and trade shows, and ultimately become one of the first things your potential customers see about your company.