It’s easy to think that video production is inherently expensive. And when thinking of video sets, people tend to envision the huge movie sets of Hollywood, with all that they entail. But that’s not the whole picture.
Sure, videos can be very costly. But they don’t have to be. And if you put the cost of producing great video in relation to the return on your investment, you will often find that video is one of the most price-worthy types of marketing you can produce. As many as 51% of marketing professionals consider video to be the type of content with the best ROI.
How Much Will Your Video Production Cost?
An increasing number of companies see the benefits of video marketing, and digital video ad expenditure is projected to increase 41.9% in the period from 2017 to 2024. But the question remains – how much should you spend on each project? Deciding on the scope and size of your production can be tricky, and it’s usually a good idea to discuss your options with an experienced production agency.
The size of budget you will need for your video production depends on a number of factors, including who the video is for, where it will be consumed, and its purpose. But also what kind of story you are aiming to tell and what visual style you are looking to create.
In this article, we’ll look at some of the things to consider in relation to video cost and production budgets.
Related reading: How Much Does Video Production Cost?
Different Messages Call For Different Approaches
Before you start thinking about the budget and the size of your production, you need to define exactly what the purpose of your video is. Will you be creating a brand video? An educational video? A video ad? Or a corporate video for internal purposes?
You also need to specify what message you want to convey and what action you want your video to inspire. Another thing to consider is where your video will live. Will it be consumed on social media or your website? All these things affect what production style is best suited for your project.
Related reading: Corporate Video – Dos and Don’ts
Bigger Isn’t Always Better
A large-scale production is not always the best choice. If you’re looking to create work with a more intimate vibe, or have a creative idea that requires thoughtful execution with a strong sense of presence, then a smaller team is often a better choice.
If, for example, you’re planning to interview people with whom you need to build trusting relationships. Or if you want to be part of a real-life environment and film it without disrupting it. Then a smaller team will be able to do that much easier than a large one. Sometimes an idea can be more thoughtfully executed with a smaller unit that has time to work through the execution of the concept methodically.
Smaller Teams Are More Agile and Great Docu-Style Videos
Another advantage of a smaller crew and more nimble production is the agility it brings. A small crew is easy to move and can adapt to and make the best of changing circumstances. Small teams are especially beneficial when you’re shooting docu-style videos. Then you want to be able to go with the flow and capture interesting B-roll all along the way.
Related reading: How To Produce A Docu-Style Video – A Case Study
Larger Teams Are Good For Polished and Controlled Productions
If you’re looking to create a cinematic experience or a polished production where the creative vision is hyper-specific, you will usually need a bigger team and setup. Larger teams are great when you know exactly how you want the end result to turn out, which may require extensive art direction, dynamic lighting, detailed scripting, or visual effects.
Related reading: The Difference Between AR, VR and VFX Video – And How To Pitch The Right One For Your Brand
Set Your Budget Before You Plan Your Video Production
Before you let your creative juices start flowing, it’s crucial to get clear on your budget. Only when you know how much you are willing to spend will you be able to get the most out of your investment. And while a smaller budget by no means equates to a production of lower quality, it does mean you’ll have to plan accordingly.
There are many ways to save money on your production, and planning every part of it in detail is a great way to keep costs down. For example, if you’re creating a series of videos, it may be cheaper to shoot the videos at the same time and in an order that is not chronological.
Regardless Of Size, Video Is Always a Good Idea
Whether you opt for a large-scale production with a big team and ambitious visual effects or a small and agile docu-style production, you will not regret it. No other medium has the same power to convey your message and show what your brand is all about.
Research shows that viewers retain 95% of a message when they see it in a video compared to a measly 10% when reading it in text. 86% of people state that they would like to see more video content from brands. And 68% of consumers would rather watch videos to learn about new products or services than reading articles, infographics, ebooks, and presentations.
To learn more about video production and the price points for different production styles, get in touch!