Today we’re gonna talk about how much companies spend on testimonial videos.
Depending on the industry, pricing can be all over the place.
Some industries don’t see the value in social proof so businesses in those industries rarely think about investing in these types of videos.
Other industries are built around social-proof videos, so they dump tons of cash into them.
So to start putting specific numbers on this, I did a little digging around.
And I found a survey that showed the average amounts that companies were willing to spend on testimonial videos.
Now, before you see what the costs were, it’s important to know that the survey (Vocal Video) collected a very broad mix of companies to participate.
They ranged from self-employed (10%) to enterprise (8%).
37% were medium-sized companies
23% were small
21% were large businesses.
13% were very small.
Knowing the size of the companies can get us thinking about what they spend on testimonial videos.
But even then…
It was eye-opening, to say the least.
So How Much Do Companies Spend On Testimonial Videos?
Well, here ya go…
44% spend more than $15,000.
And that’s for only ONE video.
Yup… just one single video.
But here’s where it gets crazier.
11% pay more than $50,000.
It’s no wonder why we don’t see more testimonial videos created.
The costs for a lot of businesses are just way too high.
That’s Not The Only Hold-Up
The other big deterrent is…
The amount of time it takes to create the videos.
This survey revealed that 78% of “marketing teams” take over a month to complete just a single testimonial video.
55% take over two months.
That’s quite a bit of time to wait for a single video.
So when you combine the cost and the amount of time it takes…
It really keeps companies from wanting to create social-proof videos.
But Here’s The Interesting Part About This Survey
72% of marketers end up with a 50-500% ROI from the testimonial videos they use.
Plus, they get a significant boost in conversions.
With my own clients, I’ve seen conversions increase by over 90%.
So even if they cost more and take time to produce…
The ROI and conversions can be significant.
So it can be worth it to invest in them.
All Of That Being Said…
As someone who runs a business creating testimonial videos for companies, these numbers surprised me.
Although, the ROI and conversion numbers didn’t…
The costs and amount of time it took to produce one video did.
When you start seeing these types of numbers, that usually means quite a few people are involved in the process.
In fact, the survey said that 32% of companies had 4-6 people involved in producing a single video.
The more people involved in the creation and production process, the more it costs.
Knowing that, the money these companies will spend on testimonial videos may not be so crazy after all.
What If You Want Videos, But These Costs Are Crazy?
Let’s say you want to have some high-quality testimonial videos created for your business, but after seeing this, there’s no way you can afford those amounts.
Well, the good news is…
You don’t have to pay those kinds of prices.
Hell, even I wouldn’t pay $50,000 for a testimonial video.
What if I told you that you can get MULTIPLE testimonial videos done for a tiny fraction of these costs?
Like, way less than $15,000.
Or how about less than $10,000?
Even less than $5,000.
Would that make it easier?
And what if it didn’t take two months to get your videos, and you didn’t have to do any of the work?
That would start to sound better, wouldn’t it?
Well, what I’m describing here is how I (and my small team) can do your videos for you.
You can get multiple videos for basically pennies compared to the prices listed above.
There are no hidden costs, no massive teams to bloat a budget, and no wondering what is taking so long.
I can get you multiple high-quality, high-converting testimonial videos that won’t take months and cost you 50 G’s.
All it will take is for you to choose who you want in your videos, and I’ll handle the rest of the process.
So if you’d like to know more and not spend a down payment on a house for a single video, click the button below.