So you know you want video – and now you want to know how much it costs. Well you’re in luck, we’ve put together a video production pricing sheet breakdown to better understand how to invest in this medium.
Video Is The Most Efficient Format For Communication
We live in an age of information overload, where people are bombarded by hundreds of marketing messages, whichever way they turn. Social media, TV, billboards, and newspapers – marketing is everywhere and filtering out and ignoring all the noise has become a survival skill.
Related reading: How to Get People to Pay Attention to Your Corporate Video
Simultaneously, attention spans are growing shorter, leaving us with a mere 2.7 seconds to capture the audience’s attention. This is one of the reasons an increasing number of companies are investing in quality video production. Because no format does a better job at keeping and retaining people’s attention than video. The benefits of using video in your corporate communication are numerous.
- Video increases conversion rates
- Video can help you boost customer retention
- Video is excellent for SEO and helps you drive traffic to your website
- Video makes it easy to explain complex products in an accessible way
- Video is the media that drives the most social shares and virality
- Video can help you build trust and credibility
- Video enhances your overall marketing communication campaigns
More than 2 billion people are active monthly users on Youtube, and 85% of people who view product videos state that the videos influence their decision-making process. In his light, one may wonder why not every company has already committed to ambitious video campaigns? Well, one reason for that is cost. Video production will always cost more than writing a blog post or creating a still image, which makes some companies hesitant about diving in. This is a shame because the opportunity cost of not diving in is, well, huge.
Related reading: Corporate Video Production Essentials
How Much Does Corporate Video Production Cost?
“So, what’s the price?” or “Do you have a video production pricing sheet?” are two common questions. But as always, there’s no simple answer. Because, of course, it depends. The cost of corporate video production depends on a lot of things, and in this article, we’ll have a look at what some of those things are.
We’ll also dive deeper into the business case for corporate video production and how to make the most of your budget. Because as any savvy marketer knows, it’s not just the price of production that matters – it’s your return on that investment that determines if it’s worth your time and money.
Related reading: The Real Value Of Investing In Video Marketing
Why Does Video Production Pricing Differ So Much Between Agencies?
Corporate video production often involves collecting bids from different production companies and comparing different options to find the best fit. And many times, you’ll find that the pricing differs quite drastically between different video production companies. It’s actually quite common to find yourself with estimates for the exact same project at entirely different price points.
So why is this, and what should you do about it? Well, the first thing is not to get carried away and just opt for the cheapest one. Tempting as it may be, there’s a risk that will lead you down a road of additional costs down the line. Because while you may have sent the same brief to all the bidding agencies, it’s not sure that they interpret it the same way and calculate based on the same scope of work.
A wide range of factors affects the price point. And sometimes, a cheaper proposal may indicate that the production company is less experienced, not very busy, or hasn’t really understood everything your project will entail. And following this logic, a more expensive quote may indicate a higher level of experience and level of ambition. This is not to say that expensive is always better; it’s just a word of warning not to just opt for the initially lowest quote.
To be able to choose the right provider, it’s essential that you know exactly what’s included in the price. Some of the things to consider are:
- Production Fees
- Talent casting and fees
- Hair, makeup and styling
- Catering for the crew and staff
- All technical equipment
- Art and props
- Post Production
Whether things like these are included or not will have a significant impact on the price of your video production. And even if an initial low bid can be tempting, most would agree that it’s better to know the total cost beforehand than to be surprised by additional charges along the way.
Other questions to ask the video production agency include:
What does the pricing model look like? Some agencies charge per hour, some charge a day rate, and some will give you a flat rate for an entire video project.
Has the agency created content for your type of target audience before? There is a difference between videos for TikTok advertising FMCG-type products and B2B videos where every sale is worth thousands or even hundreds of dollars.
Does the agency have all competencies in-house? The more skillsets a company has, the less you will need to pay for in-sourcing extra people. Do they have motion graphics artists? Experienced camera operators? Can they create the types of videos you need? Will they manage the whole production and post-production, from video shoot to video editing?
Related reading: Why Bids From Video Production Companies Vary So Much
Video Production Pricing and Budgeting
The general conception is that video production is inherently expensive, but that’s not necessarily the case at all. Many people envision Hollywood’s huge productions and movie sets when thinking of video, but that setup is far from how most corporate videos are created. In fact, there’s often a case to be made for more agile crews, filming in a much more flexible and cost-efficient way.
But before you start pondering the budget and the scope of your production, you need to know the exact purpose of your video. You also need to get ultra clear on what message you want to convey, what actions you want to inspire, and in what channels your video will be seen. All these things are factors that affect what production style will be the best choice. For ambitious and highly creative projects, you may need a large-scale production budget that affords the resources and crew necessary to accomplish capturing the vision. Other times, you want to create videos with a more intimate vibe or a docu-style approach, and then a smaller team can be both less costly and a better choice.
Some factors that will affect your final cost:
How long will your shoot last? A full shoot day is 10 hours (or more), and a half-day is typically 4-7 hours. You should note that half days don’t equate to half of the cost. Contractors bill through a ¾ day rate to factor in opting out of a full day of work with another job. Planning is done for each shoot day, including planning gear for video recording, lighting, and sound recording.
How big a crew will you need? The size of the crew will depend on your project. While some projects require a 20+ person crew, other times a smaller team can get the job done. The number of people in the crew affects the total cost.
Will there be a need for transportation and accommodation? Some video productions may require the director and crew to travel to the shoot location. If you hire a video production company that is not local, they may subcontract parts of the shoot to a local crew to keep the cost lower.
The Business Case For Video Production: Getting Management Onboard
Most marketers today are well aware that video is the way to go. A good video will set your brand apart from the competition and is engaging and memorable in a manner most other formats never come close to. As a marketer, you probably know this in your gut and understand the power video holds in communication. And yet, it can sometimes be a challenge to get management buy-in. If you work in a traditional and conservative company, your ambition to introduce video may have been met with skepticism.
The key to getting management buy-in is to focus on the business case and present some hard facts and figures. Sure, producing a blog post is cheaper than shooting a video, but that’s a way too simplified way of looking at marketing spend. You need to illustrate that the additional value video brings in corporate communication far surpasses the additional cost. Video is the marketing medium that delivers the highest ROI, and with that in consideration, it’s really not expensive. The important thing to remember is that cost on its own doesn’t tell you the whole story–you need to consider every cost in relation to the value it brings.
Related reading: Convince Your Boss To Be Bold With Corporate Video
The Key To Getting More Bang For Your Buck
The truth is, it’s not your budget that will decide the level of success your video will have. It’s perfectly possible to spend tons and tons of money and time and create something extraordinarily polished and well-produced… that nobody cares one bit about. Because the idea behind the video simply isn’t strong enough.
So instead of despairing because your budget may be limited, you should consider your budget a frame. And as all artists know, the frame – or the limitations, if you will – is a prerequisite for creativity. And that’s important. Because at the end of the day, it’s not money but rather the creative concept and execution of your video production that will determine how well it performs.
This is why teaming up with an innovative video production agency and letting them get creative and make something that stands out is the best way to get some serious bang for your bucks. In fact, one truly great idea and a creative execution can completely transform your business.
Related reading: Invest In Creative To Optimize Your Video Production Budget
Partner With An Award-Winning Video Production Agency
Covalent is a Pittsburgh-based creative video production company catering to B2B, B2C, and D2C companies of all sizes and in a wide range of industries.
At Covalent, we’re known for creating the best corporate videos on the market by combining experience and creativity with a strong marketing mindset. We can help you film and produce everything from brand videos and TV commercials to explainer videos and documentary-style shoots. We produce videos at different price points, always with a focus on creating the content you need to reach your business goals. Combining years of experience with cutting-edge creativity, our productions have received numerous awards and accolades over the years.
Get in touch to explore how we can help you get started with corporate video production and more exciting and engaging corporate communication!