Budgeting for video production
How much should you pay a production company?
Many companies are pondering that very question as they venture into the less familiar world of online video production.
The expectation for production of TV commercials has remained unchanged. Adverts on television are, in many cases, mini-movies. The cameras, directors, crew and effects are similar to what you’d see at some film shoots and the quality is charged accordingly. For television advertising you could be looking at a couple of hundred thousand pounds. As high as that sounds, it is generally understood and accepted.
At the other end of the scale is the corporate video. Traditionally filmed by a small company, freelancer or internal employee with a handheld camera to a standard that works OK for internal use, you would expect to pay a few hundred pounds for a final edit.
Then there’s the middle ground.
What should you be budgeting for online commercials, web video or video PR?
Online video is currently the digital strategy-de-jour and marketing people are buzzing around it like bees round a honey pot. Because this new wave of online video is just that, ‘new’, it has left confusion as to what to pay a production company to look good on the web.
Where do you draw the line between TV advertising costs and lower standard corporate video costs?
What it really comes down to is what you need your video to do, how you want to use it, how many edits you want and how you want to be perceived.
Ideally, you should be aiming for television programme quality for the web. Anything less won’t do your brand justice. You don’t need the movie quality used in TV ads but you shouldn’t cut corners with DIY quality either. The web, after all, is becoming the new way to watch TV for many. Don’t underestimate your audience’s expectations.
If you want your video to be visually rich, sharp, colourful and professional you need a crew with good cameras, lighting and direction. For that, you’re looking at a few thousand pounds.
If you’re going out to a few production companies looking to compare quotes, and price is the over-riding factor in your decision, go with the cheapest.
If however, you’re looking for real, financial results from your campaign you must consider the other elements in your decision making, in particular: creativity, experience, quality, friendliness, ease, turnaround and flexibility.
They may look like marketing words but, in reality, those additional elements equate to a shoot that runs to time without unforeseen problems and hidden costs. The project will run smoothly, the people you’re filming will be happy and look good on screen, you’ll have confidence in the final result, your peers will see you made a wise decision and the marketplace will respond to it.
It’s the age-old conclusion. Look for value over price and you won’t go wrong. Cheap may save you money up front but may not deliver the financial or campaign results you could get in the long-term if you spend more on the quality. It’s your call.
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