A brief answer to the question “What is the cost of video production?” is – it depends. If you do not have a substantial amount to spend for video production, with an iPhone you can still make a video and you can make it for free. If you are skilled chances are you might make the video good enough that it works and delivers results – particularly in platforms such as your YouTube channel or your blog. If you have a limitless budget, well, the sky is the limit (you know budgets for movies, don’t you).
It is important to begin to with a simple question to understand the concept of determining video production costs. And the questions is “What type of video do you need?”
Understanding what type of video is needed is in itself a broad subject which would deserve a whole separate blog post or article. On this platform, we will provide some suggestions to help you start your decision process.
Begin by specifying your target audience. The type of video you have to produce should be determined by the type of audience you wish to target with your video. (This is in addition to many other details of the process of producing the video). As a result of targeting your video to different audiences there will also be a variance in the cost of the video.
For instance, if your target audience is people visiting your website, then a motion graphics based explainer video depicting your product or service can be a good choice. In another instance, your target audience can be your own employees who need to undergo some training; then it will be necessary to produce videos aimed at training staff.
These two kinds of audiences require different videos, and thus the costs will vary as well.
What you need to think about next is the goal you intend to achieve with your video.
If your goal is to raise awareness for a brand, you can, for instance, begin with creating a TV ad.
On the other hand, if you aim to impart knowledge on your audience, it is advisable that you begin with a few simple “how to” videos concerning your products or service. Again – the goal you chose will impact the type of video chosen and as a result – the cost of the video as well.
As it stands, you now have a comprehensive idea concerning the target audience and the aim of your video. Now the next thing to think about is the quality.
As referred to earlier – videos can be shot on iPhone, and in some cases it But can work very well. But it is very important you remember that – similar to other advertising methods – the whole of your business is represented by your video. It can be likened to a salesperson without holidays. It is always present – in your website, your YouTube channel, TV – all of the time. And it will keep selling your product, brand or cause non-stop. You would not want your leading salesman to be unreliable and inept.
An effective way to decide on the level of quality is to look at videos of competitors. You wouldn’t want your video to have a lesser quality compared to theirs. You want it to be either equal or higher in quality.
There is a probability that you will realise some more extra features you want after checking out your competitors concerning your video such as special effects, presenters as celebrities, use of cranes or drones for nice top shots, etc.
Reviewing all of these questions will enable you to have a clearer idea regarding what type of video you need. Thus, you will be able to liase effectively with your video production company. Since you’ve decided as to what type of video you need, you can now ask yourself the final question that specifically focuses on our quest much more effectively than the question “what is the cost of video production,” and that question is:
The amount that should be spent on a video, to a large extent depends on what your total marketing budget is. However, take note – a video can serve you for years to come, so it should be regarded as a long-term investment instead of a simple expenditure. First of all, it is advised – again – to go online and surf videos concerning same products and services as yours. Take note of the ones you find very attractive and show these examples to your potential video production companies. Seeing an example video will make it less difficult for the production company to tell you the amount this type of video costs and why. If you send your quote request (with included example video URL) to several various video production companies, it will enable you to get multiple quotes and thus enable you to make an informed decision.
The more educated you will be about the costs of video production in general, the more effectively you can negotiate prices with your chosen video production company. That is because you will be able to identify when they are making a budget for things you do not need to spend on.
One way to educate yourself on the cost of video production is to read this blog post regarding components driving the cost of producing videos.
To get a more accurate understanding of the costs of various types of video production projects, you can as well use this video production cost calculator London developed by CineEye.