How Much Should My Benefits Video Cost?
Are you thinking about purchasing a benefits video?
Getting overwhelmed with the options? Not sure how much it should cost?
There are a few different directions you can go in, all with different price points.
We’re going to break down the differences in cost between the following three categories of benefits videos based off of our own costs and what we see in the market:
“Off-the-shelf” benefits videos. Videos that are pre-made and consist of universal benefits topics and information.
“Hybrid” benefits videos. Videos that are pre-made but have the ability to incorporate specific plan details and other custom information.
“Custom” benefits videos. Videos that are created just for you from scratch.
“OFF-THE-SHELF” BENEFITS VIDEOS
What they are: These types of videos go by many names… “off the shelf”, “generic”, “universal.”. They all have one thing in common:, they are pre-created and meant to be delivered to the masses. These videos typically use universal language and concepts to help educate employees on benefits at a high level.
Average cost: “Off the shelf” benefits videos are normally licensed to you directly or licensed to other firms involved in employee benefits such as a brokerage firm or technology firm.
The cost varies in the market between $500 and $1,500 per video per year.
Some benefits technology providers include benefits videos with their offering. However, if you’re looking for more relevant and engaging content, the free version may not be the best way to go. A vast library that’s utilized properly will certainly provide you significant ROI.
“HYBRID” BENEFITS VIDEOS
What they are: These types of videos are a mix of “off the shelf” and “custom” benefits videos. The foundation / core of the video is already created, but elements are left open ended to allow for specific plan details to be placed within the video. The design and voiceover of the script does not change, but the plan details and contact information does change.
What they cost: “Hybrid” benefits videos are similar to “off-the-shelf” in that there usually is an annual fee.
The cost varies in the market between $2,400 - $7,500 per year.
“CUSTOM” BENEFITS VIDEOS
What they are: These videos are built from scratch specifically for you. Everything from style and design, copywriting, music, voiceover, etc. Are created specifically for you and your organization. These videos can be animated or live depending on your needs.
What they cost: There is a wide range of cost for “custom” benefits videos. It’s important to understand what comes with your cost. For a completely “custom” video that you own the rights to, the market usually does a “per minute” cost.
This can vary between $700 and $15,000 per minute.
This cost usually coincides with the quality of product and level of expertise in the benefits field.
Still need help narrowing down your options?
Take our quiz below!
As you know, there is much more involved in this decision than cost. We ask you specific questions to get to the root of which benefits video would work best for you and your organization.