How much will it cost? If you are looking for video production this is one of the first questions you will ask. While this may seem like a simple question at first this is actually quite difficult to answer. In this article we will explore how video production is priced and how to get the most out of your budget.
Why so complicated?
Imagine that you are looking for a new car and you want to know how much it will cost you. Before you begin searching for car prices you will need to get an idea of what kind of car you are looking for. Do you need a Honda or a Lamborghini? Both are cars but each cost very different amounts and are made for very different purposes.
Video production is similar to car shopping when it comes to pricing. A two-minute video is a car and it can be a Honda or a Lamborghini. If you are looking for one, the other simply will not work for you.
Video production is a complicated art. Depending on the project there may be a few people involved to over a hundred. Projects may require hours or months to plan, shoot and edit. They can take thousands or hundreds of thousand of dollars of equipment to bring to life.
So how much does it really cost?
The best answer to this question is it will cost what you spend. This sounds like a terrible answer but let us explain.
No matter how high or low your budget you can make a video. The real question you need to ask is what do I intend this video project to accomplish. Let’s say that you are selling a product and a lifetime customer is worth $200 to you. You want a video that will gain 1,000 lifetime customers and you want a 10x return on your investment on the video project. The value of the additional 1,000 customers is $200,000 so a 10x ROI means you should budget $20,000 for the video project.
Let’s think about it a different way. You are trying to recruit qualified employees with video marketing. Depending on your industry a $500 video might not be compelling enough to convince qualified candidates to interview with your company so spending $500 on video production would be a waste of money. A $5,000 video might be able to drive the results you are looking for. This would make the $5,000 video a much better investment.
What do I actually need?
If you are new to video marketing you might not know what the difference in budget actually looks like in practice. How do you know what price point your project actually needs? This is where a video production company should be able to help you out. Any video production company worth their service will work with you to determine what your project should look like and how to get the most for your money. If you are interested in working with a company founded on this principle we encourage you to check out our website and reach out to us at pollenpr.com.
Is the difference even noticeable?
So what is the difference between a $1,000 video and a $10,000? What could a $100,000 video look like? Fortunately for you the video marketing platform Wistia made example videos to illustrate just that. Each video is a humorous two minute ad for the same company. You might be surprised by the trade off between price and quality.
$1,000 project:
$10,000 project:
$100,000 project:
Conclusion
At first you may be shocked by just how much money a two-minute project can cost. Keep in mind though, video content should be viewed as an investment not just an expense. Focus on how you can leverage your investment in video marketing to drive the greatest success for your company and you will not be disappointed. Video is a powerful tool. Mastery of it will place you head-and-shoulders above your competition.