Embarking on something new has always been proven to be challenging. Making the decision to start creating video content is no different as it’s new to a lot of companies. Unlike what some newbie marketers may think, it is crucial in making a corporate video that the content you’re putting out there not only gives your customers value but also is presented in a high quality format; anything published for your viewers to see will directly affect your company’s overall image.
So the question goes…
How much will it be to produce a professionally-made, high quality video?
Together, let’s have a look at the different factors that affect cost in producing corporate videos.
As with any service or industry, you can always expect to get the quality for which you are willing to pay for. Working in this industry for many years means they have more experience generally, and that includes giving them a better capacity at handling critical situations, having contacts you’re able to tap into (locations, props, equipment, etc), and having a proven track record.
Emerging companies however can offer great value-for-money prices and deliver outstanding results since being new means having to establish themselves in the market. That being said though, the lack of experience puts you at risk at your company’s expense, and that includes the possibility of not delivering the quality you asked for, not meeting deadlines, and majority of them won’t have insurance to protect themselves, your property, nor your company should any unforeseen events arise (accidents, breakage, etc).
While some clients have a clear cut plan on what they want their video’s outcome to be, there are many companies out there who rely on video production companies to do most (if not all) of the scriptwriting and concept development. Developing a concept takes time and man-hours which production companies will charge for to do.
Doing a video for the sake of having a video is a waste of time and money. A video should always be story-focused; while lighting, sound, and editing are all crucial, they wouldn’t matter much if what you’re creating has no value to your intended audience.
With our corporate videos, it isn’t very often that we require professional talent – often times we recommend to the client that they use company staff, family, and friends, to give their videos a more personal and authentic feel (also helps cut down costs); however there are cases in which professional services are needed, much like one of our recent commercial project with Go2Rewards.
Actors charge anywhere from $50 – $1000 and can sometimes be considered one of the most expensive factors in productions – the good news is that hiring professional talent is optional.
Video production takes up time, requires personnel, equipment, and locations. Do you want to shoot at an in-house location, outdoors, or in a studio? Some locations may require permits, while others may require a rental fee. As long as the location is able to tell the story, we often advise our clients to shoot interviews at a controlled environment such as their own homes and offices, while b-roll can be shot at a variety of public access areas such as parks, mountains, beaches, and local coffee shops.
Post production is where your whole story and concept comes to life. The amount of time and resources required in editing are dependent upon the amount of footage and length of your video. Production companies typically offer a specific number of editing rounds which goes back to the client for feedback, before the video is mastered and finalised.
Title tags, intro/outros, and logo stingers are considered as basic animation and are usually included in video production packages. However, if you require a significant amount of 2D or 3D animation as part of your video, that would mean added costs.
A picture may be worth a thousand words, but it only makes up half of your story. Sound is what fills the gap; this includes interview audio, voice-over narration, production music, natural (location sound), and sound effects. With royalty-free music and specialised sound effects, you pay a one-time licensing fee.
Having been in this industry for many years, what we’ve discovered is that there is no “one-size-fits-all” way in pricing video production jobs. With so many variables that affect the price of one video, hopefully this outline has given you a clearer perspective in terms of what impacts the price of a video project.