Budgeting for Video Production & Marketing
Now that you have a few chapters under your belt, it is time to dive into the financial aspect of videos. At first glance, video production and marketing at a business level may sound like a lengthy or expensive undertaking. But when it comes to a realistic video production cost breakdown, we are ready to put our money where our mouth is.
How Much Money Do I Have to Spend?
Your video marketing budget affects the quality and type of video you can create. When it comes to business projects, you may have heard of the “Quality, Time, Cost” triangle. You can only choose two of the points on the triangle. For instance, if you want a high-quality yet low-budget video production, then you will have to sacrifice a quick deadline to achieve this. This triangle applies to creating videos, but it is not a be-all and end-all. Corporate video production costs range from a couple hundred dollars to tens of thousands of dollars. What you prioritize in your business’s custom budget will determine your cost of video production.
What Drives the Cost of Video Production & Marketing?
If you are on a strict deadline, do not expect to achieve a high level of video quality without breaking your budget. If possible, the best option for your business is to grant a few to several months to complete each video project, depending on its magnitude.
The more hands you hire out, the higher your video production rates climb. To cut costs, consider giving video tasks to your existing employees (e.g., have your best bloggers formulate a script instead of hiring a scriptwriter). For the jobs you do have to hire out for, employing freelancers is an affordable alternative to production companies.
Video production tools range from filming equipment and props, to video editing and marketing software. Renting equipment and hiring freelancers with their own software may be more cost-effective than purchasing them yourself. We also recommend setting up a video production budget template to keep your expenses organized.
How Does Price Affect the Levels of Video Quality?
The cost of quality video does not have to be outrageous. However, it goes without saying that the more money you spend on a video project, the more success it is projected to have. Check out this video production budget breakdown that classifies the pros and cons of five video quality types.
Amateur (Do It Yourself)
- Fast to shoot, no overwhelming production stage
- Low cost
- Less people to depend upon
- Lower quality may drive away audiences
- Amateur video producers may unknowingly make harmful errors
- DIY video editing eats up time
- Affordable cost
- One-on-one communication
- Reputable quality
- Quality depends on the skill of the freelancers
- Freelancers’ rates vary
- High quality
- Reaches wider audience
- Moderate cost
- May not suit frugal budgets
- Video may not be effective if marketing strategy is poor
- High quality
- Vast audience
- Effective marketing tactics
- Work is more securely completed by businesses, not freelancers
- Expensive cost
- Unnecessary expenditure for most video marketing campaigns
- Extensive audience and media coverage
- Supreme quality
- Monumental cost (tens to hundreds of millions of dollars)
- Unrealistic for most businesses
- Risky enterprise
How Do I Create an Appropriate Budget?
Looking at a sample video production budget or two can lend you an idea of the costs of video production and marketing. However, your budget should be specific to your business. Consider where you plan to spend money, where you will withhold funds, and how much each expense will cost. Many websites offer a free video production cost estimator to further help you ballpark your finances. Creating a budget is the first step, then you must stick to it!
5 Tips to Create High Quality Video with a Low Budget
3 Rookie Online Video Mistakes to Avoid
How to Shoot Pro-Quality Video on a Budget
Your video quality report tells a lot about your video. So, if you want to pass the video quality test, listen in on these pro tips and tricks. First of all, excellent lighting is key. Even if you do not have the best camera, improving the lighting helps your filming significantly. Unless you take advantage of natural lighting, light stands are a must.
Another trick of the trade is minimizing video compression. Changing certain settings on your camera, such as how many hours of footage can be recorded, will maximize your video quality. This is done during the editing process, so if this concept sounds foreign to you, I would consider hiring a professional video editor.