Creating a Video Production Budget: Key Factors to Consider
You are ready to create your first corporate video, but there’s one thing you need to do first:
Come up with a budget.
So where should you start? Coming up with a film production budget is not always easy, especially if this is the first time you have made a video, and there are lots of factors that deserve consideration.
Here we provide you with a guide to everything you need to know to come up with your budget.
Factors that Affect Your Corporate Video Budget
How can you set a realistic budget without knowing what the different things cost?
Various factors affect film video budgets, so it’s important to have a good general idea of these. Here are some of the things that affect video production costs to consider when you start planning your budget.
Type of Video
When it comes to corporate video production costs, the video type is perhaps the most obvious thing that will affect your budget.
The type of video you want to produce will have a large impact on your overall budget. Whether you create a one-minute explainer video, a five-minute live-action commercial with hired actors, or a short testimonial video featuring some of your clients, this is going to affect your budget.
All things being equal, the duration of your video will affect the price. That doesn’t mean all longer videos are more expensive. Bu a five-minute video will usually be more expensive than a two-minute video in the same style.
However, while a longer video is usually more expensive, the extra cost might not be as much as you think. If your video production team has already got the crew and the equipment together, a slightly longer video might not add much to the overall cost.
The creative approach will also have an impact on the price. This involves factors such as how much attention to detail you use, the technical complexity, the quality of the equipment and the experience of the production team among other things.
Pre-production is another area to consider. This can involve creating a script, getting permits for filming in certain areas, scheduling filming, scouting a location and more.
These can all take up time and add to your budget. While it’s hard to put a cost on pre-production, it is something you must consider.
If you need to hire actors, this is another cost to consider. However, this is not common for most corporate videos because you are more likely to use your own employees and customers. They may not be trained actors, but they will look more genuine.
A lot of work goes into post-production including editing, grading, colouring, titles, motion graphics and more. Different specialists are often used for each skill, but your production team may have all the skills in-house.
Come Up with a Video Production Budget
These are the main areas to consider when coming up with a budget for your corporate video. There is no set budget for each area, but looking through these areas can help you to get an idea about the different things that have to be considered when creating a budget.
Average Corporate Video Costs
Here are some typical costs that we charge for different types of videos for our clients. These are just to illustrate the average cost for video production, and the cost will always be affected by the specifics of the video:
- 1-minute explainer video: £ 1500
- 3-minute branding video: £ 3000 – 5000
- 3-minute corporate film: £ 3000 – 5000
- 30-second commercial: £ 3000 – £10000
- 2-minute charity film: £ 2000
Should You Hire an Agency or a Freelancer?
When you are considering professional video production costs, one of the choices you have is to hire freelance specialists or a video production agency.
Freelancers typically specialise in one area like camerawork or sound or editing, so you might need to hire multiple freelancers. For example, you might need to hire a freelance video editor and freelance video animator as well as freelance video production expert for your films.
If you are making a fairly basic film and just need a cameraman or an editor, it might be worth it. But for more complex films, an agency usually works out better. They will provide a complete film crew and production crew to take care of all the video production steps, so you get access to a full range of specialists without having to hire them separately. This can end up as more affordable, not to mention more convenient.
Should You Invest in Your Own Equipment?
Investing in your own film equipment is another consideration for your budget. So, should you buy your own equipment?
It really depends. Professional video equipment can be very expensive, but if you are going to be making a lot of videos, it could be worthwhile.
Most video production agencies will have all the latest film production equipment and video editing equipment, and this will be included in their fee. So unless you plan to do it all yourself, it’s often best to leave the video equipment to the experts.
Get Video Production Quotes
Once you’ve considered all these issues, it’s time to get some quotes. You may want to ask for a quote from a video production agency as well as several freelancers to compare the overall costs. Ask them about their service and what they include, and this will give you a good idea about what you can expect to budget for your film.
Quality Always Wins
One final word: don’t be tempted to spend less on a low-quality video. It can be far more costly in the long run. Getting a cheap, low-quality video could harm your brand image and negatively impact your reputation.
If you’re wondering how to make a low budget video, that’s fine, but don’t just choose a cheaper service for the sake of it. A better solution is to produce fewer higher-quality videos and reduce your budget that way. One video can make a big impact online, while lots of cheap videos will be less effective overall.
Start Planning Your Video
You should now have all the information you need to plan a realistic budget for your corporate film. So start getting some ideas together, think carefully about what you want your video to be like, and get some quotes from video production companies. Once you’ve got a few different quotes, you can get to work on your video and start taking full advantage of video marketing for your business.