How Much Does Video Cost?01/20/2016
So you want to make a video but you don’t know what to budget. First things first: what’s your goal? Are you looking to attract new customers or build loyalty among old ones? Do you want to increase brand recognition or sell your product or service?
Before you balk at high video costs, consider how much money you’re hoping to make from your video. Don’t confuse the price tag with your video’s value – a big-budget production is an investment that will yield results when planned correctly. Similarly, paying for an inexpensive video doesn’t necessarily mean you’re saving money.
You’ll encounter countless factors that can influence the cost of your video, but typically, the overall cost will be influenced by your answers to these five main questions.
What kind of production value are you looking for? Many people associate high production values with a more polished product, although you might be surprised what a talented producer can do with a small-to-mid-sized budget. Many factors contribute to a video’s production value, including the quality of equipment used, the number of locations needed, and specialty props or stunts. Ask yourself what you need – and what you can do without.
What kind of video are you making? Although many other factors contribute to the overall cost, if it’s a simple 2-minute testimonial, you can expect to pay much less than a longer featurette or a high-quality television commercial.
How much time do you have? As they say, time is money. In the case of video production, there is a correlation of more time to greater cost saving. Well planned projects cost less. To complete a last-minute project, you may find yourself shelling out extra cash for overtime and rush fees.
How much expertise do you need? Consider everyone you need to hire for your production – and how skilled you want them to be. Will a fresh-faced recent graduate meet your production needs, or do you need a proven professional team? This is often unvalued and it shows in the finished product! Do your actors need to sell emotion or a product, or just be a likeable face?
Make sure to consider the (not so) little things. It’s easy to overlook many of the little extras that add up to an effective marketing tool. Take into account costs for b-roll, stock footage, props and set design, licensing music, and location fees.
Choosing the right video production budget to meet your marketing goals may seem like a daunting task, but after considering these questions, you’ll be in better shape to create a budget that fits your need. Production companies and video producers are usually more than willing to tell you what is feasible within a budget range (and how far they can stretch production value and dollars).
Have questions about budgeting for video production? Contact us and we’d be glad to assist.