Corporate Video production can cost as much or as little or as your budget allows.
You can borrow an iphone , shoot some video and upload it to YouTube – all for free. Or you could hire James Cameron to write, produce and direct your video where you’d be looking at a budget just shy of half a billion dollars when you include marketing costs and Hollywood accounting. Both options would result in a finished video but you’d probably need special glasses to watch the the more expensive option.
The good news for businesses looking to engage a corporate video production company is that many of the factors that affect the price of a video have been going down over the last few years. Some dramatically. Assuming you find a company that does great work (this is a critical first step by the way – if the company doesn’t do great work it’s not worth paying anything for) the first question to be answered is ‘how much does a video cost?’ There is no simple answer to that question but here are 25 factors (ranked in order of importance to the overall quality of the video) that affect the price of a web video:
Taking all of the above into consideration there are reasonable ballpark figures that you can use as a guidepost for budget purposes. A two to three minute web-based corporate video presentation might cost between $2500 and $10,00 if you consider the mid range of variables mentioned above. For most professionally produced web-based corporate videos you should consider between $2,000 to $5,000 as a starting point, that will give you a reasonable idea of where to begin in the budgeting process.
Budgeting Tip # 1: A reference video is a great place to start.
The best way to get a quick estimate is to have a reference video to compare to. (I.e. “How much would something like ‘this’ cost.”)
Budgeting Tip # 2: Share your budget
Every business has a budget and yet most businesses are reluctant to share budget figures hoping they will get an amazing deal if they don’t disclose anything. I’ve been on both sides (client and agency side) and I always had better results when I said ‘Here’s my budget, here are my business objectives, what can you do for me?” If you don’t declare a budget then the production company will have to guess at a budget. (I recently lost a job because the budget I guessed at was too high – even though the client really liked the concept that I had proposed. Does the company that guesses closest to your undeclared budget win?}
Budgeting Tip # 3: Be open minded.
Many businesses begin the video development process with; 1. A specific video type or style in mind, 2. A prepared script and/or 3. Specific creative approach in mind. That said, it’s still a good idea to listen to alternative approaches – presumably you are hiring a video production company because of their experience and expertise.
Sam Casey is the Chief Creative Officer and Managing Partner at Banyan Creative.