Do you worry that video is too expensive for you? Do you worry about getting a return on investment from your content? You have nothing to worry about. Let me explain…
How much should video cost?
Video has a reputation for not being cheap. Traditionally it was a luxury that only the top companies could afford. Even with the advances in technology that have brought video to the masses many businesses still hold this opinion.
Even for those businesses that have accepted that it is now affordable there still lingers a belief that it is a huge risk, taking time and resources that won’t necessarily pay off.
The truth is that if all you do is make a video then you are taking a risk.
If, however, you create a video as part of a strategy, you immediately mitigate that risk and make the video content you produce have a much better chance at being profitable and successful.
The key is to know what you want that video to achieve and how are you going to use it. If you have these answers then you know your video will be effective.
Once you have mitigated risk then the question of cost takes on a very different slant.
The video value equation
How much you should be spending on video is directly related to two things:
What budget you have available to use?
How valuable the video can be to your marketing?
We all have a marketing budget. There is only so much cash available to put in to projects. The art and skill is in identifying which projects and campaigns should receive more of that available cash.
There is a simple way to do this. Work out how much that campaign can generate? How much is the product or service you are promoting? What revenue would one extra sale generate? What about ten? or a hundred?
One of the simplest measures of a video’s value is how much it can help you make, compared to how much you spend.
The more money you can make from strategically producing and distributing your video the more you should be spending to ensure you get it right.
When you speak to a producer don’t ask ‘how much a video will be?’ off the bat. This will guarantee that you get a templated set of resources.
Instead have an honest conversation with the producer about what you want to achieve and be honest about the budget you have available.
If you only have a small budget a good producer, within reason, can help design a production that won’t exceed your cash supply but can still get you results.
If you have a larger budget a decent producer will be able to use that to maximise your results or, advise you not to spend all of it on production as the value you are getting to get from the video won’t be enough.
The best video producers have a solid idea of video strategy and how to use a video to get results. Using a producer like this ensures that your budget gets spent in a way that increases the chance of success.
So… what should I be paying?
It is impossible to give you a set price for any and all video production services but here are some useful guidelines and figures to get you going…
- Professionally shot videos usually start at £1000 and can be as expensive as a very expensive piece of string. The more special effects, actors, locations, complicated the idea etc. the more expensive it will be. A good producer will help you get more out of less.
- It is possible to create content cheaper either yourself or with a professional but to achieve this you need to spend much more time working on the strategy and planning and this tends to mitigate any real cost savings.
- For a basic interview set-up the shoot is often the cheapest element.
- Post production is usually the most expensive as it requires more than one day to edit, colour correct, level the audio and create numerous drafts.
- Voice-over is the most surprisingly expensive element for most clients. You need to pay for the voice artist’s time, the studio and then usage (voiceover artists get paid an upfront fee that covers royalties on their voice. This cost varies depending on the location the video will be played and the amount of people that are going to watch it)
- It is always better to plan localisation (multiple languages) up front. Translating a difficult script, or badly organised animation can make localisation more expensive than it needs to be.
For more information about Smarter Video take a look here.
Please get in touch and let me know what you would like to learn or read about.