How much does it cost to make a corporate video?
We get this question every day! So we should have the answer for it, right!
Our short answer is, well…it depends!
It depends on several factors such as:
- The Treatment or Production Value
- What is the video for? For example, a video on “Heres how to assemble our new line of DIY Sofas” needs a very different treatment to “Why Our Business Partners Love Our Services” Video. No video is created same
- It’s easy to assume that making a video is a straightforward process that doesn’t require much foresight or thought during pre-production. Well, some videos might not require a great deal of pre-production planning, however, if you are trying to make something creative, innovative or eye-catching, it does require a whole range of pre-production work to be done even before shooting starts. These include Concept Creation, Proposal Writing, Script Writing, Storyboarding, Location Scouting, Talent Auditions etc. In a nut-shell all these cost time and money which would be part of the video project. Look at the Process which is followed by the production company before you decide
- Number of Shoot Days & Location of the shoot
- The cost of the video to be developed is directly related to the number of days of shoot that is involved and the traveling time to reach these locations.
- Animation/Special Effects & Post Production
- The time required for animation, adding special effects, cleaning of footages, music & voice over requirements have to be considered before the final product is released. Production houses which have an in-house team of animators & editors have an advantage on the costing over these elements of cost.
That brings us back to the question which you must be still having in mind. How much will my video cost?
Well, once again there is no simple answer to this.
There are, however, 3 simple steps which you can control at your end:
- Fix a budget and communicate that to your production house. You might be thinking at this point of time, what if I have a budget of RM50,000 and tell it to the production house, they will come back with a budget of RM50,000! Consider this, what if you don’t spell out your budget? The production house might propose a video which costs RM100,000, which you can’t afford anyway leading to waste of time. Or they might offer you a video proposal with a production quality of only RM 10,000, which of course you do not want. Isn’t it better to spell out your maximum limit so that your chosen production company knows the quality and time they should invest? Think about it, you are not expecting to make a RM50,000 video at a RM10,000 cost right!
- Give your production house a reference video to work with. Most professional video production houses would be able to come up with a cost estimation just by looking at the quality of an existing video. The video production company which is looking for a long-term relationship with you can then even guide you on the budgeting of the video and suggest how to improve on it.
- Finally, you can get 2-3 quotes from different vendors. When seeking multiple bids, it’s difficult to compare just the bottom line. You must take into consideration many different elements, such as:
- Fit (do I see myself getting along with these people?)
- Portfolio (can I trust that they can complete the job at the level I need?)
- Conversation (are they listening to my needs?)
- Structure (do they have a process in place to get my project done on time?)
It’s important to remember that, when buying video production, design or another form of consulting, you’re buying professional services and not a product. Hence you would have to make a judgment based on the quality of service and professionalism to come to a price point.
Instead of first setting up your budget let’s set expectations & goals
What do you want to happen as a result of this video campaign? Sign up 1,000 new users? Sell 500 units of your new product? Get 30,000 views? Without setting goals, it’s hard to measure the success of your project.
Production companies need to know what the best outcome of the project is, as this sets a bar that needs to be met or exceeded. Having specific, measurable goals established early on will give them a better idea of how to bring your story, commercial, or other projects to life.
If a production company has already proven they can achieve something similar to your expectations, then you know they can repeat it and – get this – probably improve on it.
They can also let you know if your goals are realistically aligned with your budget. Getting several million views on a project that cost a few hundred dollars is not very realistic.
Look at the Production Company’s Experience
The production companies with more experience are usually going to require more budget. Judging from their portfolio of past work, you can see what kind of work they’ve done and the clients they’ve worked with in the past.
Working with someone who’s new to the game and working out of their parent’s basement will be a different experience than working with a production company in a professional office setting. The price they charge will be appropriately adjusted, too. The professionals who have been doing this for a long time inherently bring with them more value, and will deliver a product that works harder for you, engages your customer more and overall, increase ROI.
Pricing for video production is a consultative process. This ensures that the video production company is made aware of all of the necessary details about the video project in order to give an accurate price quote. As a video project gets defined and client budgets are to some extent revealed, all parties move to a certain point of agreement on price. Sometimes the client gives in on production requirements and the production company gives a little on price or hours to complete the deal.
Be careful not to base your decision on price alone. Make sure you know what is included in every quote you receive. Insist on a breakdown of the budget items before signing a contract. This will make it easier to compare prices and services of different video production companies.
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