Six tips for getting the most out of your B2B video marketing budget in 2023.
As you are planning how to use your video marketing budget for 2023, you likely want to get as much value out of your dollars as possible. In this episode, Guy and Hope share six tips for getting the most out of your B2B video marketing budget.
For more on each tip, listen to the episode or read the transcript below.
(Hey listeners: Please take 5 minutes to fill out our listener survey and tell us what you think of the show. One lucky respondent will win either a $50 Amazon gift card or a donation to their local food bank.)
Hope Morley: Hi, Death to the Corporate Video listeners. Before we get into the episode today, I want to ask you for a quick favor for just $1,000 a month— No, I'm kidding. We have a listener survey in the show notes today. We would really appreciate anyone who listens to the show regularly if you could please just fill it out, let us know what do you think of the show, what kind of content you like, what you'd like to hear more of in 2023. It'll really help us with our yearly planning. One lucky respondent will get either an Amazon gift card or a donation to the food bank in their local town. So please fill it out, and thanks for listening. On to the show.
Guy Bauer: I'd rather see you just get out there with an iPhone and execute a good idea rather than using top-notch equipment to execute a stinky idea.
Hope Morley: Hello and welcome to Death to the Corporate Video, a podcast with tools and advice for how to make B2B video ads your prospects actually want to watch. I'm Hope Morley.
Guy Bauer: I'm Guy Bauer.
Hope Morley: And welcome to 2023, our first episode back after a little break. So thanks, listeners, for coming along with us into the new year.
Guy Bauer: Yes, we hope your wishes come true this year, and may your B2B marketing dreams and caviar wishes to you and yours.
Hope Morley: So it's January. I think all of us are in annual planning mode right now. We are here at Umault, I'm sure you are at your own companies. And we wanted to take a moment to talk to everyone who's in that annual planning mode and who's planning out their marketing budget for the year and share six tips for getting the most out of your video marketing budget this year in 2023. So before you get started on any projects, as you're planning out what you want to do for the year, here's the way to optimize that budget and get the most video marketing bang for your buck.
Guy Bauer: Make sure the juice is worth the squeeze, and when you squeeze the juice, it goes into the correct container. That's basically the metaphor, right?
Hope Morley: Sure. Yeah, that makes perfect sense.
Guy Bauer: All right, so who wants to do tip number one?
Hope Morley: Why don't you start?
Guy Bauer: All right, just a general guideline, but if you haven't heard of it, here it is, getting the most out of your video marketing budget tip number one is, remember the 60/40 split and the 95/5 rule. So the 60/40 split is just a general budgeting guideline, 60% of your budget should be spent on brand and 40% should be spent on activation. And what we mean by brand is stuff that isn't meant to sell anyone now. A brand activity to us would be some kind of long-term play where there's no hard call to action where it's really just, "Hey, here's our logo, here's our company, this is what we stand for." But there's no direct call to action. There's no buy now, there's no 20% off coupon stuff. 60% of your money should be spent on branding, and then 40% should be spent on activation. And activation is that stuff that's like, buy now, it could be more like spending money to get into directories or Google Ads. That's a great way to think about activation. It's like people who are actively looking for your thing who will convert or are in a buying mode. 60% spend on branding, 40% spend on activation.
And then the 95/5 rule is, 95% of your buying audience, of your potential customers ever, like in a lifetime, are out of market at any given point. Only 5% of them are in market, actively looking for your solution. So just those two guidelines as you line up money. 60/40 is how you spend money on your video marketing. And then 95/5 is just that whole idea of having realistic expectations that most people are not in market, and that's why more money is spent on branding than it is on activation.
Hope Morley: Right. That's how you can justify it up to your higher ups when they're asking why you're spending so much money on people who aren't going to buy now. And the answer is because most of your customers aren't interested in buying now, potential customers.
Guy Bauer: And the trick is, the branding thing is a long-term play. So when some of that 95% does move into the 5%, that means they're going to be exposed to your activation. Well, if you've done a great job branding, the activation money will be more efficient, so you'll get more bang for the buck out of that 40%. That 40% will actually go a lot farther if you've done the pre-work in branding, but that takes years. There you go. Tip number one.
Hope Morley: Yep, keep that in mind. All right, tip number two. So this is specifically if you're planning to do a lot of video projects this year, a lot of video marketing projects. You can find great budget efficiencies if you batch your video production projects together. So if you know, for example, that you have a big commercial campaign that you're doing, and then you wanted to do one in Q2 and another one in Q4, if you can make them all at once, you can find a lot of production efficiencies and spend a lot less money on the production itself. And then you'll have more money left to do things like promote the ad on LinkedIn, and then you can get a lot more juice. Are we just using a juice metaphor here? Should I stick with juice? You get a lot more juice.
Guy Bauer: It's a juicer.
Hope Morley: Everyone, I hope you got your wheat grass juice for breakfast. You'll get a lot more juice out of your budget if you can find some production efficiencies.
Guy Bauer: Yeah, what I would say too is, if you're planning on just doing one thing like, we have a shoot in March, we're going to do this one thing, put your thinking cap on and see what else you can get out of it. What are some simple, creative things you can get out of it? Like sometimes what we'll do, we did this a few times, but there's one time I remember, we had this kind of big production. It was a one-day shoot for one ad, but then we made a little 15-second direct to camera commercial, and we had the talent just look into the camera, the camera didn't move, but we had all of our background extras, we had our location, and the actor just looked into the camera and said the line, and it was its own little commercial. So we had a nice minute and 20 spot, but then we also had a 15-second commercial.
A lot of people think in terms of cut downs, right? Cut downs are one thing, but doing a different creative, that's a great way to de-risk your production and also just get more bang for your buck, more juice in that juicer. You put the carrot in there and you want to get as much juice out of that thing as possible. So man, now I want to go to Jamba Juice. You said wheat grass. I remember I'd never seen wheat grass before 2002 and I was like, what is that? I used to love Jamba Juice. But juice is really bad for you. It's bad.
Hope Morley: No, don't moralize food like that.
Guy Bauer: It's bad. It doesn't have the fiber, Hope
Hope Morley: Food is not good or bad. Food is neutral.
Guy Bauer: When would you ever eat four bananas, six apples, two pineapples? You know what I mean? When you take the fiber out, Hope.
Hope Morley: That doesn't make it bad. Don't moralize food.
Guy Bauer: All right, I won't. I'm sorry about that. I'm learning. So batch as much as possible. Honestly, at this point, when we make ads as an agency for both ourselves and clients, I cannot remember the last time we just did one thing.
Hope Morley: That could be another tip of its own. It's kind of a sub tip, but if you have limited budget too, don't make one thing because-
Guy Bauer: Wait, that's my tip. That's number six.
Hope Morley: No, it's not.
Guy Bauer: Wait, no. Oh, that's number seven.
Hope Morley: Oh, we have seven. Yeah.
Guy Bauer: Should we just go into that next?
Hope Morley: Sure. I thought that was a sub tip.
Guy Bauer: Well, we can make it a sub tip then. It's like a shot. You know how you could get shots at Jamba Juice of wheat grass?
Hope Morley: That's like immune boosters.
Guy Bauer: Yeah, yeah, yeah. All right, so this is a shot. Don't do one thing, do many things. That's how you can really get the most out of your video marketing budget. Stop thinking that the equation is one ad per one shoot day, or even that the equation is one ad per three shoot days.
Hope Morley: Like per project, yeah.
Guy Bauer: Yeah. When a production crew comes together, that's a kind of a magical moment and we need to maximize every bit of time with that crew. So what we'll do too is we'll just set up camp at a house for a day. And when you're not moving locations and stuff all the time and you're just at one place, you can literally just, all right, we'll do a commercial in the living room, commercial in the kitchen. If you look at the Umault ads, that's all the same house. We just go into a different room and you get a different spot. And you know how little time it takes? It's crazy. It's so efficient. But that's the hack there, don't do one thing, do many things, and that's how you can really maximize your budget because not everything I do, not everything you do, not everything anyone does is guaranteed to be a hit.
So the more at bats you can give yourself, the more chance you have of hitting on something. It's kind of like the Blumhouse method, the guy that does horror movies. I'm not sure if this is true anymore, but when he was starting up, he would fund 20 movies a year. You would not hear of 18 of them, but the two that became hits paid for the 18 that weren't hits, and then some. It's the same thing with ads. Not everything is going to be a hit. Usually, what I find is there's probably a 10% hit ratio, 60% average ratio or good, and then 30% dud ratio. That's usually how it breaks down. So if you only do one spot, most likely the odds would say you're just going to make an average or good spot. If you do two spots, three spots, then your odds start going up that something will hit. So that was a sub tip for tip number two.
Hope Morley: All right, Guy, what's tip number three?
Guy Bauer: So that was tip two A. Okay. Tip number three, if you're keeping score at home, this is critical, and maybe this should have been first. You got to do things in order. So if you're going through messaging and brand house stuff and trying to figure out what your strategy is and anything to do with messaging or brand, do not make a video before that's done. Don't make an ad before that's done. And don't do them simultaneously. A lot of companies want to do them at the same time. We wouldn't recommend that. Just focus on the brand house, just focus on the messaging, whatever you call it, that needs to be in order before you start doing ads. I mean, I know why companies like doing them simultaneously, so that they can get stuff going, but it's way more inefficient and expensive to be putting the cart before the horse.
Hope Morley: Yeah, you risk expensive rework by having to redo scripts or, worst case scenario, you shoot something that then is not aligned to updated messaging, it causes your agency to scramble, you're scrambling. I understand why people want to release everything at once, especially if you're doing a website refresh and you really want to have all the assets at once. But really, you're going to cause yourself a lot more heartache and probably cost yourself more money if you don't have that messaging all buttoned up before you start creating those expensive creative assets.
Guy Bauer: And you touched on, Hope, with that website refresh. There's this thing, you just have to have this whole thing, this army of content ready to go all on day one. And A, I've never seen a website refresh thingy ever delivered on time. I've never seen it done ever. I've never seen a launch, in my 12 years, when a client says, "We're launching the site on this day." It's actually never happened. I'm not being mean or exaggerating. It's never happened. So don't do that. Just be realistic.
And the other rule that we always have at Umault is, no one thing is going to make or break your company, period. The fact that your ad comes out a month after your website refresh will not break the company. And I hate to break it to you, but no one's going to notice. You will. But it's kind of crazy how much stuff goes over people's heads and how much people just don't care. We've done podcasts about this, but no one's going to notice. No one's going to write an angry letter like, "Dear company, you released your website refresh on December 20th and your ad didn't come out till February the 14th. What gives? I am not ever going to use you. Go rot in hell." No one's going to say that. No one cares. No one cares. It's kind of like a Jurassic Park where like, "Dodgson, we have Dodgson here." No one cares. Nobody. Sorry.
Hope Morley: I think a lot of us can be guilty of falling into short-term thinking of thinking that a delay of a month is going to make or break your entire company and your entire year. But I think we all need to break ourselves with that short-term thinking and really look at the year as a whole and think, okay, if we can get this right, why would you not want to wait four weeks to get it right and on budget? If you have to delay or redo anything, you might end up taking longer.
Guy Bauer: We have a saying too like, yes, there is that thing to deliver, because it sucks going to your boss and saying, "Actually, it's going to be a month late," or whatever. Yes. So there's this high degree of pressure to get things done exactly on some arbitrary date that someone made up in a meeting.
Hope Morley: Probably at the end of the quarter. It's always the end of the quarter.
Guy Bauer: But a year or two later, when the whole thing fails or flops, no one's going to remember that you delivered it on time. When you have to answer to the powers that be why this thing isn't working or whatever, one of your things can't be, "Well, it was delivered on time." Getting a pat on the back of delivering it on time only works on the day you deliver it because the T plus one day. And the thing starts flopping, no one's going to still applaud you for delivering it on time. So time is all arbitrary. It's a construct, okay, Hope.
Hope Morley: There's nothing magical about March 31st that somehow disappears on April 2nd.
Guy Bauer: Correct. And I know it's tough, you know what I mean? It's easy for us to say this. Anyway, to get back on this tip, just make sure all that messaging stuff is at least like 90%. I'm not saying you have to have your brand house graphic slide. Your designer needs to be done with the brand house slide. As long as you have the bullets of what it's going to be. And if you're still finessing the copy, that's okay. You can move forward as long as you have the gist of your messaging. I don't think it all has to be proofed and put into a nice deck thing. But you definitely have to have your messaging, or at least 90% of your messaging of where you're going done before you start making ads. All right. So it's tip three. So we've had tip one, tip two, tip two A, tip three. And now, Hope, tip four.
Hope Morley: And now tip four. All right. So when you're facing down, hopefully, a big bucket of money for a video marketing budget for the year, we recommend that you align your budget proportionally to the sales funnel. So that means that you spend the most money at the awareness. I'm opening my hands as if anyone can see me, even though this is a podcast. But I think most of our listeners know what the sales funnel looks like, it's widest at the top and it's narrowest at the bottom. So think about your video marketing budget in the same way. Spend the most, in terms of production budget, on those awareness level videos, those high level, top level spots, and spend less as you go down. That doesn't mean to get sloppy or messy with the content down at the bottom of your sales funnel. It means to be more efficient and get more bang for your buck. That can be user-generated content or animations that are cheaper than a live action commercial.
That's where we've talked about, for example, demo videos don't have to be fancy animations. You can have your salespeople screen record them for essentially free. People will get what they need out of it from that. They just need to see your platform in action, for example. If you're planning a full funnel of videos and you're like, how am I possibly going to afford to do things throughout my entire funnel or my entire customer journey? You can, just don't imagine that each video gets equal weight within your budget.
Guy Bauer: Yeah. I'll just say yes, exactly, Hope.
Hope Morley: All right, tip number five.
Guy Bauer: Tip number five. Oh, okay. All right. So there's a show that I love, called Alone. If you haven't watched it, they take contestants and they dump them in the woods alone. They get only eight items. You can't bring food or anything. It's basically a survival contest. The winner is the last person to tap out. They each have a satellite phone, at any moment they can tap out and go home. And you basically watch people try to survive. The thing that I've noticed that each winner does is A, they have a good shelter, but B, the most important thing is the source of food. And they each have to develop systems and processes for getting food. That's going to be the main thing that keeps you alive and in the contest.
And so where am I going with this? For each survivor, there's always one channel or one source of food that is their primary place. So for one person, it may be that deer, they found some kind of patch where deer passed through on a consistent, reliable basis. Okay, well now they're going to start bow and arrow hunting at that spot. That's like a channel. Think of that as a social channel or digital channel. That's a good channel to hunt and find leads. Some people use lakes and they've found that fish are generally there. But that lake is their channel. That's like where they hunt to find those leads.
So it's the same thing with your marketing and your video marketing. There's all different kinds of channels, and each one of those digital channels has its own set of rules and its own kind of vibe. So LinkedIn is much different than OTT, which is much different than YouTube, which is much different than YouTube Shorts, which is different than TikTok. And so the way to think about it is, instead of trying to create video content for all channels, think of it in terms of, what's the channel where your leads do come from on a consistent, reliable basis? And that's where you should make content for primarily. And then maybe there's two sub-channels. So think of that kind of hunting method and hunting grounds as your digital channel and choose a primary channel, choose just one where most of your attention and spend will go. And then that's how you're going to get the most out of your video marketing budget because you're not overspending on all these side channels that may or may not yield fish or rabbits or whatever. You want to go to where there's consistent food.
Hope Morley: To sum up the tip in a sentence, it's to understand what channel you want to dominate, and that's where you're fishing for leads. And then make your video content specific, tailored to that channel. From there, you can distribute it out in other ways or find ways to re-edit or resize potentially, depending on the channel. So if for example, your channel is TikTok, TikTok has a very different type of content than works on LinkedIn. But just be smart and focus on the channel where you get the most leads.
Guy Bauer: I think what I'm trying to say is, don't make content specifically for LinkedIn if it doesn't work. Abide by the rules of TikTok and focus your energy and budget on TikTok rather than, well, it has to be for TikTok and LinkedIn. That's a fool's errand. That's not going to work. But yeah, you could cross post. I mean, we put everything on YouTube. Our YouTube channel only has 392 subscribers, not that I look that much. And then our LinkedIn channel has, as of now, I don't know, over 1,500. So for sure LinkedIn is our primary hunting grounds, but we still do post the stuff to YouTube. It's just more of like, well, we'll try trapping rabbits around. But we've found that trapping rabbits really doesn't work for us on a consistent basis, but we'll still try. But our attention and money goes to LinkedIn. That's where we get the deer. I'm hopping metaphors around.
Hope Morley: Yeah.
Guy Bauer: Okay. All right. So that was five hope. Hope, bring us home. Number six.
Hope Morley: All right, tip number six, our last tip for getting the most out of your video marketing budget this year in 2023. Tip number six is, invest in creative, not production. So when you're trying to get the most out of your video marketing budget this year, to really stretch it and get the most bang for your buck, the most juice from your squeeze, you got to invest in the creative first. So Guy, can you explain a little bit more about that?
Guy Bauer: Yeah. Let's just assume you have a $10,000 budget. It's just a round number, arbitrary round number. This year we have $10,000 for all of our video marketing efforts. So I think what a lot of folks would do is they would say, all right, well, let's make one video and we'll just find the cheapest vendor and have them do one video. And usually with a $10,000 budget, if you go to a video production company, 10,000 bucks will buy you a pretty decent crew for a day to come to your office, interview the CEO, interview people, walking down hallways and writing on whiteboards. You're going to get a standard corporate mini documentary for that 10K.
But if you've listened to the show any more than one minute, we are totally anti that. It doesn't work. It worked 10 years ago, it doesn't work now, and no one's going to get excited. That's not going to build your brand or activate anybody just watching another corporate mini documentary. So here's what I would do. If I only had 10 grand for the entire year, I would actually not hire a video production company. I would engage a copywriter and potentially a storyboard artist and have them write me six scripts and do storyboards for six things for that 10K. And then I'll shoot it at my office with my iPhone. And those six spots, even though it's not going to look pretty, and the audio's not going to be great, there will be some magic in there because you've had now six spots. You've gone along with tip two A, which is don't do one thing, do many things, and you've invested in the idea. Those scripts are going to have nuggets of really good stuff in there. And it's a way to get started.
So instead of 10 grand for one corporate mini doc, spend the 10 grand with creatives and just do the production yourself. No one is going to care that the video quality is low. A video is just a medium for an idea. It's just a transmission device for a concept. I can guarantee you, if you spend $10,000 on a corporate mini documentary, you're not going to get hate mail, but you're not going to get fan mail. You will just get indifference, it's white noise. It's nothing. Potentially, with those six spots that you make, you may get, again, that percentage rolls in, 10% of those six spots may be a hit, 60% will be good, 30% will be duds. So you've given yourself more chances.
So invest in creative, not production. I'd rather see you just get out there with an iPhone and execute a good idea rather than using top notch equipment to execute a stinky idea. Case in point, our most viral, successful social media video ever as an agency was still to date a thing shot on my iPhone with my two daughters. There's no lighting, there's no crew, there's nothing, and there's no audio, there's no professional audio. Everything was done with my iPhone. And at this point, the iPhone was an iPhone X or whatever.
Hope Morley: Yeah, that was like two years ago.
Guy Bauer: Yeah, it was old iPhone. So now the tech that they're putting in the cameras is even better. And no comment was like, "This quality is terrible." No comment was that. Every comment was like, "Holy moly, this is amazing." Marketing Week @ mentioned it. Marketing Week was in the comments. You know what I mean? No one cared that the quality was sub Hollywood. Nobody. They just related to the idea.
Hope Morley: I think you can give a lot of credit to the rise of TikTok and platforms like that for people being used to seeing cell phone video. And if the idea is good and if it's entertaining, no one's watching TikTok and usually thinking too much about the video quality. We all know that it's a cell phone video. So if you're sharing something on social, it's okay to be cell phone video.
Guy Bauer: The medium is the message. Now, it depends on what your channel is. Netflix isn't going to start making cell phone shows, right? It's got to be acceptable within the acceptable tolerance of the medium and the channel you're in. But most of us are playing in the channels of YouTube, LinkedIn, TikTok, social or, at highest, OTT. Again, just make sure you're on the acceptable tolerance, on the spectrum of acceptable quality. But it's idea first, I promise you. It's idea first. No one is ever making comments on the production quality of any of our spots.
Hope Morley: All right, let's sum up our six tips for getting the most out of your video marketing budget in 2023. Tip number one, keep in mind the 60/40 split. So that's spending 60% of your budget on branding activities, 40% of your budget on activation. And along with that is the 95/5 rule, which is that only 5% of your target audience is actually in market for your product or service at any given time. 95% are not in market, but you can still reach them with branding activities. Tip number two, find budget efficiencies by batching your video production projects. Do as much as you can in one fell swoop and you'll save money. Tip number three-
Guy Bauer: Oh, two A.
Hope Morley: Tip number two A, if you have limited budget, don't just make one thing. De-risk yourself by making several different things that you can use, and find what works best. Tip number three is reduce potential timeline delays and expensive rework by having your strategy and messaging all lined up before you start creating video or any other expensive creative assets. Tip number four, align your budget proportionally along the sales funnel for video production. So that means spend the most on production at your awareness level. Spend less as you go down through consideration, decision and sale, post sale. Tip number five, understand what channel you want to dominate in terms of getting leads. Create content that's working specifically on those channels, and then go from there into finding other channels. And tip number six is invest in creative, not production.
Guy Bauer: Love it. Honestly, if you were to follow just one or two of those, you will unlock a lot of value. And that's our whole thing, unlocking value in terms of juice and juicing activities.
Hope Morley: Yes.
Guy Bauer: And hunting rabbits.
Hope Morley: Hunting and juicing.
Guy Bauer: Hunting and skinning and juicing. I mean, we've got it all. Come on. This is what 2023 is going to hold for us on this podcast. We're going to turn into a survival show, but it's B2B survival. That's a great show idea, actually.
Hope Morley: So what, you're just surviving in an office park?
Guy Bauer: No. We bring in 10 B2B marketers, throw them in the woods and see if they can survive at all on B2B marketing skills. Do B2B marketing skills translate to avoiding grizzly bears?
Hope Morley: So everyone is writing white papers, setting up their trade show booth as their shelter in the woods?
Guy Bauer: When I watch shows like that, I'm like, I've developed a skillset that is completely useless and impractical in the actual grand scheme. My skillset and what we do, Hope, is only possible in this day and age, modern. We are useless if it actually ever, like post-apocalyptic or survival situation. Completely useless. I've developed no actual life skills to survive. So I'll give you a tip, Hope. You know who to hang out with?
Hope Morley: Secret tip seven for 2023.
Guy Bauer: In a survival situation. Say you're on set on a B2B video ad shoot and you're on set, and there's some kind of apocalyptic event. You know who the person you're going to want to cozy up to, get next to?
Hope Morley: Who?
Guy Bauer: The director of photography. All directors of photography, they have survival skills. They all camp. They all have those pants where you can tear away the bottom. They got lots of pockets. They all have pocket knives.
Hope Morley: They do all have pocket knives, yes.
Guy Bauer: You get next to the DP, the cinematographer, that's who's going to lead you through that. So that's what I would do. I just know who to get next to in a survival situation on a B2B video ad shoot.
Hope Morley: There you go.
Guy Bauer: There you go.
Hope Morley: Tip number seven.
Guy Bauer: The survival.
Hope Morley: Thank you everyone for listening today. I want to shout out that we are going to be sharing a survey for our listeners in the show notes today. It was on our last episode of the year, but I didn't actually mention it in the episode. So please, if you're a regular listener of the podcast, please answer our survey. There is a gift card or a donation in your name that will be made for one lucky winner who fills out the survey. So please let us know what you think about the show. We'll use it as we plan out our content for the rest of this year. If you want to know more about us and Umault, you can visit us on our website Umault.com. That's U-M-A-U-L-T.com. You can also find us across all the social media channels. But our hunting grounds is mostly in LinkedIn, so that's the best place to find us.
Guy Bauer: But watch out. If you're a potential client, you may be trapped.
Hope Morley: There's no bear traps on our LinkedIn page.
Guy Bauer: There's no bear traps. No.
Hope Morley: No.
Guy Bauer: Cool. Well, thank you. I'm going to go check out Umault.com and see what Umault's all about.
Hope Morley: All right, please do. You can find all of our contact information on that website. Cool.
Guy Bauer: Thank you.