Anyone can make a video, right? It’s quite easy to shoot a simple, low-quality video and post it on the internet for the world to see. This might be good for a laugh or to momentarily capture attention, but smart consumers have come to expect high-quality, compelling video content, delivered on a regular basis. In today’s competitive market, producing consistent, relevant and meaningful videos is not only useful, it’s vital. Successful organizations are producing video content on a monthly, weekly, or even daily basis. A well-produced video tells a story, elicits strong emotions and compels consumers to action.
With that being said, there are several factors to consider when budgeting for video production if you want that compelling end result. It might be tempting to cut your production costs by utilizing favors or taking a risk and hoping for the best, but this isn’t always the less expensive option. Unless you are utilizing favors from people who have high level video production experience and expertise, you might be wasting your resources.
When developing a budget, it's important to do the following:
What do you want your production value to be? It’s cliché, sure, but you really do get what you pay for. One who is unfamiliar with budgeting professional video production might find that there are many unexpected expenses included. The cost of cameras and equipment alone can quickly add up and have one biting their fist, thinking of other solutions. Paying too much or too little for the value of production that you need can be devastating to a project though. Either you're going to run out of money or the quality will not be up to standards. Use foresight and cross all T's and dot all lines when hiring a professional video crew. Be absolutely sure you have thought deeply and realistically enough about what you need to execute and meet expectations, then compare the prices between several production houses. You want to be sure you are not being over charged or underbid because both could mean disaster.
Consider Testing Costs
How Much Testing is Required? The proposed length and production value of your video will partially determine the amount of prep-work and testing needed to successfully produce it. If it is a simple concept with little to no effects then you should only be forced to do simple lighting tests for the camera department, but even that costs money. Don't let these extra expenses be a surprise to the budget. Developing a concept and making it come to life requires more than just having a vision, it’s essential to have an understanding of how that vision will be executed and translate to the screen.
What is Involved in different departments? Gain a bird's eye view of every department involved in the video production process from pre to post and do the proper research necessary to stay informed on current techniques, equipment, and ethics that have advanced from what you once knew. Look up sites that will bring you up to date information such as nofilmschool.com and videomaker.com just to name a couple. If you are not sure about anything while budgeting for a project, jump on a forum and ask a question about it, there are plenty of people willing to pass along useful knowledge.
Consider Contingency costs
Will there be Extra Costs? It's hard to know... As with any video project, it’s wise to be prepared for additional costs. They can arise from the most unexpected places from equipment malfunction to weather delays to talent issues. You can never be too sure about where you are going to need to use contingency money on a video production, but you can almost always bet that you will spend it. Planning ahead can be your saving grace, allowing one to avoid the unwanted task of asking for more money and hearing an earful or being replaced.
It's not easy to create a video that has the ability to yield great rewards and inspire long-term consumer loyalty. Budgeting correctly plays a big part in the quality of the end result and is an important key factor that needs focused attention and a lot of eyes to cover all bases and provide a safe net that protects the production until it's completion.
Still deciding which way to turn when budgeting your next video shoot? Here are some great additional resources that will help you organize your efforts and be more prepared on your next production.
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