The world of video has taken on a much broader role in today’s marketing and communications plans and strategies. There are three significant dynamics that are continuing to make the use of video central to most successful marketing campaigns.
The role of Search Engine Optimization, or how search engines such as Google rank websites, 2) the decline in the price of video and increase of quality, and 3) the expectations of the average consumer to get the message via video.
Balancing the Costs and Quality of Video Production
Almost since its introduction to the market, the use of corporate video production has always faced a balance between the cost of production and distribution with the overall quality of the product. With the amazing quantity of video produced and uploaded today, its use is not limited to broadcast television and special venues. Prospects and customers easily access the videos they desire via smartphones and other mobile devices, as well as streaming on TVs and other options.
This brings a focus to the issue of the quality of video produced. Of course, anyone can buy a $1000 or less camera (or use their smartphone) to produce a video and upload it to a website in moments. However, the final quality of such an effort is comparable to a snapshot or selfie taken at a wedding to the archival quality produced by a professional photographer.
The knowledge and experience of writing, storytelling, lighting, editing and many other skills all play a role in producing a truly professional corporate video. Each of these introduces different elements of costs, and determine the ultimate effectiveness of the end product.
If you are like many corporations and moving to add corporate video to your marketing package, here are 25 factors to consider when developing your video production budget:
- Professional planning and Storyboarding
- Professional production company use
- Actors and Voicing
- Coaching talent for corporate employees
- Camera quality
- Lighting and equipment
- Stock footage acquisition
- Other legal, licensing and union fees, including talent used
- Audio files and music
- Direct costs of locations used
- Onsite costs of production
- Use of B-roll and cut-aways
- Studio time
- Props and sets
- Desire for interactivity
- Digitizing and Rendering
- Formats desired
- Total length of final product
- Translations and languages required
- Online hosting fees and costs
- Visual Effects
- Color Correction/Grading
- Number of Locations
Each of these factors has its own costs which impact budget considerations. For example, the decision to use professional talent or corporate employees, or a mix of both is significant. Professional talent costs range from $1,000 for a local talent for a short 3 to 5 minute production, to $100,000 for a well-recognized personality. Additionally, there are union and residuals to consider when using talent from SAG, ACTRA or other unions.
On top of those details under this one item, you will have to consider transportation, housing and feeding talent is travel or extended filming time is involved. Likewise, corporate managers and employees used in a video must sign releases that involve legal work, they often must be coached, and there are incidental costs such as wardrobe and makeup.
As this one example illustrates, the budget for a top-quality corporate video is no simple process of writing down numbers on a yellow pad. Each factor has its own expenses and costs that vary based on your specific expectations and needs.
However, there are professionals who can assist with this planning process, and understand the general guidelines and costs for producing exactly the video you desire and expect. Most of these firms will provide an initial consultation to discuss your objectives.