Budget for a business video
Undoubtedly video is a powerful tool to convey your message to your audience. While its true that planning and creating a business video can be time consuming, it doesn’t have to be expensive. Only you have full control over how much you plan to spend on your business video. The cost of producing a video will depend on:
- The purpose behind making a video
- How you plan to use the video
- The production and editing content and process
- The length of the video, etc.
In the production industry, you generally get what you pay for. In order to keep your spending under control, it will help to create a budget and stick to it. However, your budget for a business video must be reality based. For instance, we often get calls from people requesting us to produce a music video for $500! Do a little research and call around to become educated about pricing for professional, quality work.
- Set your budget keeping in mind your video objectives – is it for marketing? If so, that means a lot of strangers will be watching it and will be judging your company based on the quality of your video. It has to be a top notch product.
- Set fixed and variable expenses required for video production – plan which ones you can drop.
- Prioritize – give priority to the expenses that are crucial for the project and cannot be ignored.
- Keep track of your spending – make sure you stay within your budget and don’t overspend.
Determining Your Budget
A reputable production company will help you reach your video production goals while understanding your budgetary constraints and objectives. They will seek answers to the following questions from you:
- What is your budget?
- What are your key objectives for the video?
- What do you plan to promote with the video?
- Is there any existing idea that you might want to use for the video?
- Do you have any reference videos to show how exactly you want your video to look?
- Will you be changing the video content in the future?
- What are your expectations? How much ROI do you expect from the video?
- Do you require video shooting at any specific site?
- What is the timeline for the video completion?
By identifying your key objectives and budgetary constraints, a professional company will suggest how much you should invest for the project. They should also go over what, if any, limitations there are. This information will enable the company to design a final solution that fits your available budget. Accordingly, they will adjust their services, breaking the structure down into multiple price categories so that you get the video you want within your budget.
Remember, your budget is the key factor in your video production project. Video One Productions has the expertise to help you make informed decisions about your video production and budget for a business video.