Do you have a budget in mind?
That question seems more often than not to be met with skepticism and apprehension. It is not asked by a reputable video production company to determine ”how much they can take off of you”, but rather as a starting point to formulate the best, most effective plan of action to meet your needs and capture your clients or prospects attention. A video can be made for almost any budget, so it’s best not to ask “how much does it cost to make a video?”. The answer is inevitably “how much have you got to spend?”.
There are differing so-called industry standards that people use. Some say a £750-£1,000 per finished minute rule should be used. This is not a bad standard of measurement, as it will come close to end cost for the majority of professionally done basic videos, but is by no means all-encompassing.
The truth is, it all depends on what will most effectively convey the message you are trying to get across to your target audience. There are so many variables. Do you want a one camera or two cameras on the shoot (or more!?)? Do you need actors, presenters, voiceover artists, a director, scriptwriting, … animation? There is a tremendous growing trend towards animation as businesses are looking for ways to stand out from the basic presenter led videos and grab peoples’ attention, but with animation come myriad choices on types, styles (2D, 3D, fractals, flocking, etc.)and of course, costs.
Ask yourself if this is a long term investment or a short term solution that will only be used for a short period of time. Looking at this will help mitigate “sticker shock” when you think of shelf life and long term return on your investment. Large corporate groups, global conglomerates, and governments have video budgets ranging anywhere from £35,000 right up to the £millions. Most corporate videos cost between £3,000 — £35,000, with a wide range of possible outcomes. Good planning is critical to optimize your return on investment. That is what a good production team should bring to the table and ultimately, what you are paying for!
Practical means of establishing a budget:
a) Ask for a range of price options. Describe your project and ask for basic, standard, and deluxe proposals.
b) State your budget up front. This will allow a video producer to get creative without scaring you off by getting too creative.
Of course you need to get the best quality and value for your money, but you should have realistic expectations of production value. If in doubt, find a couple of videos that you like and ask your production house for an estimate to duplicate that style.
A good production partner will always be transparent about resources versus cost. Once you’ve established your budget, it’s on to the fun stuff!!