How video production can save money and time in 2023

It's no secret that everyone is facing potentially tough times in 2023.

Officially we're in a recession, there's a cost of living crisis and you've probably spent all of your Christmas money by now.

But it's not all doom and gloom for businesses. Opportunities are still out there and there are ways to grow your business.

Henry Ford once said “A man who stops advertising to save money is like a man who stops a clock to save time” and we couldn't agree more.

Going into your shell and shrinking away from spending means that you're going to vastly reduce your chances of being seen and you'll effectively begin to rely on return business to get by.

We'll take a look at how video production could not only change the game, but save you money in 2023.

Think about the following points and how you can apply it to your marketing spend.

Customers retain 95 per cent of the information contained in videos

If you create something visually appealing, you will engage people who see it. Putting out strong messages, or something that reflects your brand values is key to people retaining information. A solid video that can be reused saves money across the rest of your marketing efforts.

80 per cent of people prefer videos over written text

Although copy has its place in the world, the days of massive paragraphs going into detail about what you do and offer are on their way out. Video production is, if it hasn't already, replacing it.

The same applies to your website or social media channels. Such is the way of the world, attention spans are at an all time low and people prefer to be shown rather than told.

To illustrate this point, according to best guesses, George R.R Martin has made about $10m from the Game of Thrones books.

By season 8, which is best discussed elsewhere really, HBO earned an average of $88m per episode just from HBO subscriptions.

50 per cent of internet users view videos before making a purchase

This number is only going to increase too. With the availability of information around products and services, people are going to try and find real life examples of something in action before they part with their money.

If a competitor has used video production to make this information available and you haven't, who do you think the customer is going to pick?

Having a video on your landing page increases conversions by at least 80 per cent

You might have a great PPC or social media campaign that's garnering lots of attention.

People are impressed and click through to your website. They get there and they're met with a bland page and walls of text.

What's the next logical step? We say this from our perspective, and imagine we speak for a good few other people, you'll probably think something to the effect of ‘can't be arsed with that'.

You might find that the bounce rate on a landing page is really high, or your website heat maps show people are scrolling half a page's length then leaving.

At this point you need to ask yourself if you're doing enough to keep people engaged.

84 per cent of people declare that they have been convinced to make a purchase as a result of video marketing efforts

Think about this for yourself. How many times have you had your eye caught by a video or seen an advert on tv that's made you think deeply about buying something.

Then, think about how many times the same has happened for a big block of text, or bland website images.

Save your PPC and social media ad money, by using it for impressive video posts and ads. We aren't saying image posts are a complete waste of money, but if you're looking for effective ads and trying to reduce spend; video production is the clear winner.

Making customers laugh results in a 92 per cent increase in purchase intent

Being funny always helps, in any scenario. Take the Museum of English Rural Life as an example. You've probably never heard of them, nor does the history of rural life in England likely interest you, but they've built a following of over 150k on Twitter, simply by being funny and sharing pictures of massive sheep.

Think about that objectively; if images of livestock and 200 year old farmyard machinery can be made funny then just about anything can, so don't write yourself off.

By using video production on your social media channels and letting your personality shine through, you can dedicate time to a meaningful social media push, completely free of charge!

According to HubSpot, if your business produces video content that your target audience likes, 83 per cent of consumers will share it with their friends

Growing your audience organically by creating engaging video content will save you money. Naturally, as more people gather around you, a few of them are going to ask questions or take the next step. Crowds bring crowds!

88 per cent of all global businesses utilise video marketing in their branding and PR strategies

If you aren't, you're in a significant minority of businesses. Simply having video at all is required to put you on a level playing field.

A stitch in time saves nine; catch up now to avoid spending money you don't have on enormous marketing campaigns in the future.

Business video viewership has increased by 250 per cent in the last 5+ years

Again, this is probably going to be on an upwards trajectory for the next few years at least.

Video content will become more of an expectation from consumers. If you haven't had the pleasure of meeting people from the next generation, they spend a lot of time on screens. Like, a lot. As they start to become the bulk of the market, marketers will need to adjust their efforts to stay onside.

Reusing and repurposing video productions

If you have a lot of video content filmed, there's a lot of ways to make the most of it.

Video content can be used a million different ways, and with context, the same bit of footage can be applied to videos with completely different purposes.

Don't end up spending lots of money on different shoots, or filming individually for each video; simply repurpose.

It's an effective way to save money, as well as making consistently good content.

To conclude

If you are looking to save on costs in 2023, use your marketing spend for meaningful content through video production.

It's the most versatile form of content and not only does the same jobs as images and text, but more.

It can be used across all digital platforms, ads, emails, on tv's in your lobby or on even grander scales if you so wish.

A marketing attack on all fronts is obviously the best option for everyone, but in these times where there's more attention on budgets, spending smarter on video production is the way to get the most bang for your buck.