When it’s time to start considering video production, the first question many people ask is, “how much will it cost?” Especially for small companies with limited budgets, the assumption is typically that the best way to approach video production is to spend as little money as possible to produce as many videos as possible.
Unfortunately, this approach to video production cost doesn’t consider quality, which means it’s almost always the wrong approach.
While considering video production cost is an essential aspect of making great corporate videos, the price isn’t the only factor you need to consider. Video production costs are coming down, which means you can afford to produce higher-quality videos without breaking the bank.
Here’s what you need to know.
How Much Does Video Cost?
The short answer to this question is it depends. Many people assume that video production costs more than other content mediums, which is often true. Despite this, video is a real “you get what you pay for” medium. If you want a high-quality commercial video production effort, you need to be willing to put in the time, energy, and budget required.
Luckily, the cost of commercial video production is starting to decrease steadily, which means it’s more accessible now than ever before for brands to create high-quality videos for their marketing efforts.
The Cost of Video Production are Coming Down
While a great video is still an investment, commercial video production costs are coming down because people are starting to undertake planning and storyboarding in-house. Additionally, people are beginning to hire freelance videographers, which is an excellent way to decrease video cost – although we’ll discuss that more in a moment.
First, let’s break down the various factors that impact video cost.
What Impacts Video Cost?
So, why is the cost of commercial video production so variable? The answer is simple: there are dozens of different factors that impact commercial video production and have an effect on its finalized cost. Here are a few factors to consider:
One of the biggest things that impacts commercial video production cost is the type of video you’re trying to produce. An animated explainer video, for example, will require different production skills than a full-blown cinematic commercial with actors and a script. As a general rule, higher-quality videos cost more than videos with lower production requirements.
Related Reading: Getting Started: Event Video Production.
As you can imagine, a five-minute video will cost more than a thirty-second video. While the crew and equipment required for both will likely be the same, a longer video requires a longer script, more time from voiceover actors, or a greater investment on the part of your animator. While the change in cost likely won’t be massive, it will be noticeable.
The investment of time on the part of the crew has a direct impact on day rates. Since most videographers charge daily rates, video production costs go up as you add shooting days. While working with a freelance videographer can help reduce some of these day rates, this is an integral part of video production costs, and is pretty standard across the industry.
Pre-production costs are a very real ingredient in video production costs. Things like writing a script, scouting locations, obtaining permits, and scheduling shoots can all eat up time and budget quite quickly. Additionally, the more frequently you change your script, the more costs you’ll rack up in the process.
This is why so many people are deciding to write the script in-house. In addition to limiting changes to the script, this also helps lower pre-production costs across the board.
If you’re hiring a crew to participate in your video, you’ll have to factor in the rates of the crew. Depending on which crew members you want, you can expect to pay between a few hundred and a few thousand dollars. Fortunately, you probably won’t need to hire talent unless you’re conducting a big commercial production designed for television.
The equipment you use for your video production will have a significant impact on cost. While most modern commercial videos can be shot on an iPhone, some applications may require professional-grade equipment, such as professional cameras, lighting, grips, mics, and other film gear. Adding these elements to the commercial video production effort will increase the cost significantly.
Much of the work that goes into a great video takes place during the post-production period. This is when your video editor will confront things like story editing, coloring, grading, sound, and more. While the video should be pretty well established by this point, simple things like cutting scenes and similar approaches will increase your cost.
How to Save on Video Production Costs
If you don’t have a vast video budget, don’t worry – you can still decrease the cost of developing high-quality corporate videos. Here are a few insider tips:
Work With Freelancers
If your team can handle even a few of the production efforts in-house, you can lower your video production costs by hiring a freelance crew to help you with the things you can’t handle in-store.
Bringing in a freelance videographer, for example, is an excellent way to create a stellar video without exploding your production cost. Depending on your needs, you can likely also find freelance drone crews, scriptwriters, and more.
The more effectively you prepare for your upcoming video shoot, the less you’ll spend on preventable expenses. Instead of winging it, prepare for your video in advance. This means…
- Understanding the purpose of the video
- Writing and editing the script
- Having a vision for the content
Once you have the direction of your video defined, you can play with elements that will impact your budget. For example, you can lay out everything you need and make a plan for how to get those things without spending additional funds.
Pick Your Location Carefully
If you’re shooting with real actors, you can save a lot of money by using a location you don’t have to pay for. Instead of shelling out for a studio, shoot the video in your own space. Even better, do away with locations and crews entirely, and shoot an animated explainer video, instead.
Keep it Short
Short videos have a few significant benefits. In addition to being more engaging, they’re also cheaper to produce. To avoid shelling out massive amounts of money, keep your video between 1-3 minutes. This will force you to be creative with your video, while also reducing the amount you spend on the video overall.
Keeping Your Video Production Costs in Check – the Smart Way
When it comes to video production, you don’t have to break the bank. By taking a few quick steps – like working with freelance videographers – you can reduce the cost associated with producing a video and keep your budget intact, while also ensuring a high-quality finished product.
Ready to find the freelance videographers you can trust? Check out our selection of videographers and photographers today.
Related Reading: New to Corporate Video Production? Here’s What You Need to Know.