It is not uncommon for a new client to come to us with no idea of the likely cost for their video production. As more and more marketing departments and internal communications teams realise how effective video content can be, and how competitors are often using it to their advantage, the need to include video in their budgets is becoming the norm.
In the past, commissioning video was considered an expensive one-off production, something that you would expect to leverage for a substantial period of time. Now, with the cost of production being more affordable as a result of new digital technologies, video is something that businesses can factor into their budgets on a more regular basis.
In this post I look at the key considerations that can determine your video budget. Sorry to disappoint if you hoped for a ballpark figure – but with so many variables, that would be impossible to do here. However, I hope the information below will give you a good indication of the various elements you need to consider when budgeting for your next video.
Ask A Video Production Agency!
If you want to cut to the chase and get an estimate of how much your video is going to cost, the best route would be to ask a video production agency like Sightline directly! You could start by looking at examples of the agency’s work and find something comparable that you would like to achieve, and then ask them for a rough estimate of how much a similar video would cost. If you can’t find a video in their portfolio that reflects what you want, you’ll need to give them a brief to use as a basis for your quote. My blog Writing Your Video Production Brief: Step-By-Step could help with this. Also, take into account the points below to help you write this brief so the agency can give you a good idea of the likely cost.
You Get What You Pay For
This old adage is generally true when it comes to shooting corporate video; high production values will result in a high impact and high quality film. Production costs are fairly standard across the industry, and will include all the fees incurred during a shoot as well as the production crew’s time. The cost for post-production (editing, etc.), will vary depending on whether you require voice-over, music, sound effects, motion graphics or animation.
The difference you may see in price between video agencies will often be down to their experience and skill in creating really engaging and effective video communications. It’s important to remember that without this expertise, any savings you make by going with a cheaper option could compromise the end result.
Value For Money Vs. Your Value Proposition
Video can be cheap and still deliver real value, but only in the right context. You could commission Vlog-style content to promote a product or engage your audience, using basic lighting and a smartphone, and it could be very effective – but this only works if it’s targeted at the right audience with the right message, not as a one-size-fits-all approach to cheaper video content!
What you say about your company, your products and your service should be reflected in your video’s production values. So if your value proposition is based on ‘creativity’, ‘cutting-edge technology’ and ‘quality’, your video should reflect these too.
Similarly, would you sell a luxury product using a video that has obvious low production costs unless you were trying to be ironic? Video content should, therefore, manage your viewers’ expectations and ensure that it correlates with your company’s value proposition.
Benchmark Your Competitors
If your video is for external use you should also look at how it will sit alongside content being created by your competitors. Benchmarking your competitors is also a very useful exercise to see how effective their video communications are. This gives you an opportunity to differentiate your business from the rest of the pack by either improving on what they are doing, doing something completely different, or bucking the trend entirely.
Taking these factors into account, now is the time to pick up the phone and explore how much of your marketing budget you need to allocate to video content. If you would like to do this with Sightline contact us on 01483 813311 or email email@example.com.
Keith Thomas | Senior Producer, Sightline