Many businesses today include video production costs in their marketing budgets. Video production used to be very expensive, but new digital technology has made it much more affordable. It’s possible for businesses to produce a strategic range of videos to promote key messages and different products or services.
Many variables come into play when working out a video marketing budget, such as the time it takes to make the video, the tools used and what is outsourced. It’s certainly not as simple as giving the exact amounts you can expect to spend on every video you produce.
Consider what drives costs of videos
The cost of making videos is affected by numerous factors such as the amount of time taken, whether you produce it in-house and what equipment you use.
Time: When a strict deadline is involved, you cannot expect to make a high-quality video without driving up costs.
Talent: The more you outsource, the higher your production costs. Employing freelancers is cheaper than using production companies. Consider using your employees for various tasks, such as scriptwriting, where possible.
Tools: Video production tools include filming equipment, props, and video editing and marketing software. Think about how cost effective it would be for you to rent equipment and hire freelancers.
Consider different ways to produce videos
When considering ways to make your videos, remember that you get what you pay for. Compromising on cost may be counterproductive when it comes to an end. For instance, it doesn’t make sense to use a cheap, low-quality video to promote a luxury product.
It is also true, however, that lower cost video production can deliver real value in certain instances. You could use basic lighting, a smartphone, and vlog-style content to engage your audience effectively – but this would only work by targeting your specific audience with the right message. There’s no one-size-fits-all approach when it comes to video production.
Do-it-yourself video
This type of video is quick to shoot, low in cost and you don’t have to rely on too many other people. The quality will often not be that good, and this may put off your customers. You may make some amateur errors, and editing will probably take longer.
Freelancers
The quality will depend on the skill of the freelancers and rates can vary considerably. Costs are more affordable than using production houses, and the quality may be better than a do-it-yourself video.
Professionals
High-quality video can reach a wider audience at a moderate cost. A videographer will conceptualize, capture and edit footage. You can hire a scriptwriter to produce a script and a designer to create animations. The script is often the first item to require approval before production goes ahead. The budget is then determined by the approach laid out in the script.
Video Production Agency
High-quality video can reach a vast audience using effective video marketing techniques. Filming costs are relatively standard across the industry, including the expenses of the production crew and other costs incurred during the shoot.
Cost for editing etc. varies, depending on whether sound effects, animation, music, and voice-overs are included. The difference in price between agencies usually comes down to the level of experience and skill in creating video engagement.
Consider types of videos
The type of video you want to make will affect how you choose to make it and what you want to spend on it. A high-end, quality production with special effects and professional actors will cost far more than a simple how-to video.
If your company offers ‘creativity,’ ‘quality’ and ‘innovative technology,’ this is what your videos need to reflect.
Top of funnel videos
Explainer videos, how-to videos, thought-leader interviews, and live-action videos are all top of the funnel type videos. With each type, you will need to consider whether the video will be made in-house or outsourced, whether animations will be used or whether live actors will be required and whether you will use B-roll footage.
You need to figure out whether you have the right equipment, where the video will be recorded and whether you have the proper lighting and backdrop. You will need to think about whether you want to use music, voice-overs, animation, etc. and how much these will cost.
Middle of funnel videos
Product features, webinars and event marketing are middle of the funnel type of videos. You need to consider various factors, such as whether you already have product shots, how a webinar will be hosted, who will film an event and whether equipment needs to be rented or transported.
Bottom of funnel videos
Customer testimonials and product demos are bottom of the funnel type of videos. You need to consider whether you have product demo software, whether you will have to travel to customers, and if you’re going to capture B-roll footage or use stock footage.
Consider your competitors
If your video is for use on your website and social media, you need to consider how it will look alongside those of your competitors. You can use your social video to differentiate your business by improving what your competitors are doing.
Breaking it down
Once a script has been created, it’s possible to break it down and identify all the elements that need to be included in the budget. These include locations/sets, actors, props, wardrobe, transport, specialized equipment, and crew.
Special equipment may consist of special lighting or an extra camera. Once you know exactly what’s required, you can begin making up a production schedule. This is an itemized plan of what will be shot, where, and for how many days and this has obvious implications on your budget.
Think about where you plan to spend money and where you want to try and save. Factor in all your expenses. Many websites have free video production cost estimators. This helps to give you a much better idea of what to expect. Creating your budget is just the first step. Sticking to it is usually much harder!
Create a high-quality video on a low budget
Rethink your idea and find creative ways to change your screenplay to suit your resources. Make sure you have a great script. All the visuals in the world won’t make up for a bad script.
Try to make use of what you have already where it doesn’t affect quality instead of buying unnecessary new equipment. Sound quality is as important as visual quality – investing in a quality microphone should be a budget priority. Good editing can make all the difference when it comes to video engagement.
Conclusion
To formulate a realistic video budget, you need to take into consideration many different factors, from scriptwriting to editing. There are many variables at play when putting it your budget together. Will you outsource or do it in-house?
Will you hire professional actors? What music do you want to use? Do you have someone to write the script or will you have to hire someone? Will you buy equipment or rent it? These are just some of the questions to ask before production. They can make a big difference to whether you manage to produce a good quality video with the budget you have available.
