It is important to mention right from the start that there is no perfect or “right” price for video marketing. All video marketing strategies vary because they have different products, services, goals, targeted audiences, and purposes. So whether you’re choosing a professional or to do-it-yourself, the “right” price depends on your business and what you are willing to spend, or better put, what your budget is.
Before a budget is put in place and a strategy for your video marketing plan is formed, you should consider the three most important factors that determine the cost of your overall video marketing plan: time, talent, and tools. These three factors will influence the level of video production company you choose to work with. We’ll also discuss the 4-step process most production companies follow and how cost can factor into those steps.
Time, Talent, and Tools
Time is one of the biggest concerns of any business and when it comes to video marketing, time can either be your friend or your enemy. It all comes down to this: More time = more money. Having a video marketing strategy and knowing what types of videos (Awareness, Interest, or Decision) you want to make will ensure you are using your time as effectively and efficiently as possible.
The second factor refers to the talent of the video production company you are looking to hire. All companies have different experience and education levels, and some may even bring in other crew members or actors to work on a project.
The last factor, tools, is strongly correlated with the experience of the production company, even if that producer is you (DIY). More experienced and qualified production companies will use more expensive, advanced, and detailed equipment and software. While you are capable of getting the same equipment and software, obtaining the knowledge to use them effectively is another story.
The 4-Step Video Production Process
In some way, shape, or form, all video production companies follow the same 4-step process, starting with concept planning and moving onto pre-production, the video production shoot, and then post-production.
Concept planning usually requires some face-to-face or other personal contact that clarifies the outlined approach of your video, what sort of ideas you have, and the concept you want to show. The company may offer suggestions or ideas of their own, and it is recommended that you are open-minded.
Pre-production generally involves creating the step-by-step process of the video shoot and composing a script or highlight list to follow to ensure the project doesn’t stray far from the desired goal. Equipment for the job will also be considered, so do some prior research and decide what is important to you, whether it be lighting, camera quality, sound, or location.
The video shoot itself will follow the plan and scripts laid out in earlier steps. Depending on the time, tools, and talent, this stage can require a variety of extra crew members and as a result, extra costs as well. Speak up if you have any issues and always be sure to touch bases throughout production.
The last step is post-production, where the acquired footage is edited, graphics and stock material are integrated into the video, sound and other clips are added, and the final product is formed. Other add-ons like transcripts, captions, mobile and social media formatting, and format transfers are also considered and depending on the company, can cost extra.
So what is going to work for your business? Having a budget and strategy are an essential part of your video marketing journey and focusing on the time, talent, and tools used will save you money in the long run. By understanding the process and knowing what you want to focus on within your videos, you can lessen costs and choose a level of video production company that best suits your business’s needs.
Keep an eye out for our next blog where we discuss the 5 Cost of Quality levels of video production and what they mean for your video marketing strategy.
-Your Friendly Neighborhood Video Consultant