Business video budget
Now that you want to jump-start your video marketing efforts by producing a video, it is important to first determine how much you can afford to spend. Video can contribute toward making your business memorable for customers in addition to a host of other benefits. The objective is to leave a positive, lasting impression. Undoubtedly, using video will help improve your conversion rate and increase brand awareness, but it comes for a price. With video being a crucial medium to promote your business, you need to plan a budget for your video production project.
Video production costs
Before you can set a video budget, it is important to be clear about your video production goals and determine the resources available to you. One of the biggest reasons some projects fail to deliver expected results is starting the project without clarifying the goals. Unless you clarify the goals for the video, you won’t get the quality results you’re seeking.
It is important to practice caution when it comes to choosing your video production company. Cost may go up if you fall in inexperienced hands and end up with a failed product. The experience of the video producer is crucial to determining the quality of a product. An experienced producer will have access to quality equipment, resources, and expertise to create a video as per your expectations and your video budget. They will also understand your industry and have good knowledge of how products fare in your marketplace. If a producer doesn’t understand the broader concept and simply shoots the video, your product may miss the point. Money spent on any video production that doesn’t have the goals identified will be wasted. Make sure both of you are on the same page so you get exactly what you are paying for.
Get a detailed plan of action from the video producer so that you are sure they know what you are trying to accomplish. When it comes to video production, the producer may charge you a fixed fee or a la carte rates for their services, starting from planning to pre-production, production (the video shoot), and post-production.
Three primary factors that drive cost of video production include:
- Time: The more time spent in the different stages of video production, the greater the cost.
- Talent: The greater the talent and experience of the producer, the better it will be for your video production project. While some talented producers tend to charge more, you can still get a better price by researching the market and requesting quotes from different producers. If your video requires performers or presenters, this will raise your production cost.
- Tools: The better the video production equipment, the higher the cost. Sophisticated video production tools may cost more but the end product will more than make up for the initial investment.
Depending upon the scale of the video production project, you may also have to consider other costs such as set design, studio rental, special effects, motion graphics, makeup person and wardrobe among others. At the end, if you shop around and learn the market, you’ll get what you pay for. Take the time to do your research.
