Understanding the basic components to production will help your company create an online video that fits your marketing budget
You’re ready to invest in branded digital video content for your business and you’ve contacted a production company for an estimate. When their proposed budget comes back, you feel like the cost is way too high, but aren’t sure why.
This is a common scenario for many businesses, both large and small. Most business owners understand that the transition from film to digital video has significantly lowered the cost of video production. It has also brought opportunities to create affordable user-generated content and production demonstration videos, as well as increased the likelihood of online videos going viral.
But how much is too much when it comes to your digital video marketing budget?
One golden rule we always tell our clients is that video costs will increase exponentially with the number of people involved in the production.
For example, a creative concept that requires script development, several actors, multiple filming locations, original music, and jaw-dropping animation is going require a much larger budget than a one-on-one studio interview with a CEO or company founder.
This is why a basic understanding of video production can help companies invest their marketing budget more wisely.
Value for services provided
Production services typically fall into three stages. These are the kind of details you should see in a pitch document or budget estimate:
This stage involves all the work that needs to take place before filming actually starts. You can expect to work with a producer and director at this stage.
A producer “produces” the video, which including securing the budget, insurance, and crew required to complete the project. The director is typically the creative genius behind the project and will be responsible for getting the best performance out of the talent and crew.
For smaller productions, these roles are often combined. Depending on the production company, pre-production may include working with a client to craft a creative concept.
Other services that may be required in this stage include: script development; equipment rentals; casting talent; scouting locations; production scheduling; renting or purchasing props and wardrobe; and hiring a crew.
This is the stage where filming takes place. Depending on your creative concept, it could require one afternoon or several days or longer to shoot all the footage required to make your creative concept come to life.
As mentioned earlier, the number of cast and crew involved here will impact your budget significantly.
This is often the longest and most misunderstood component to video making. Post-production involves reviewing all the production footage and piecing it together into a sequence that looks fantastic and makes sense.
Look closely at your favourite online videos, television shows, or movies. Are they dark and moody? Flat and modern? Vintage and bright? These are all elements that require the hard work and expertise of a talented editor or editing team.
Additional costs you can expect to see in this stage include purchasing music rights or working with a composer, stock photography costs, animation, and sound design.
Plan for success
Always work with a production company that can clearly explain what they are charging you and why.
There are countless user-generated videos produced on small budgets that achieve millions of views online, which is why a clearly defined creative concept will pay off in the long run.
Whether you have a $2,000 budget or a $50,000 budget, in terms of creative formats, digital video is the most flexible and versatile of them all. Working with an innovative, knowledgeable, and professional production company will ensure that you make the most of your marketing dollars.
So…how much should your digital video cost?
No two videos are exactly the same. A project that requires a two-person crew shouldn’t cost as much as a project that requires a 40-person crew. This is why we negotiate our costs on a project-by-project basis. Please contact us here so we can learn more about your video project and provide you with a quote.