Have you ever wondered how much it costs to create a corporate video? Have you ever been asked to come up with a budget for a video and found yourself blindsided or downright confused by the varied quotes you get?
I’m not surprised. (And I’ve spent my career making these videos.)
How much does a corporate video cost? Well, it depends. It could be anywhere from $900 to $9000 to $30,000 and beyond.
That might not be the answer you want, but hear me out! I’ll give you five things that affect the price of your corporate video that you might not have thought of, so you can better plan your ideas and manage your own budget expectations and frustrations before you contact a corporate video production agency. Plus, I’ll give you three ideas to help keep costs down in your next corporate film production.
5 things that affect the price of your corporate video
How long will it take?
The best way to manage your expectations is not by asking yourself what your pre-determined budget is, but by asking “how long will what I’m asking for take?” Every quote I’m a part of begins with this question and we simply quote based off that time — there’s no secret formula or hidden costs, it’s just paying for the time.
How long is it?
There are implied costs in every shoot (crew, equipment, etc.) that are the same regardless of whether it is a three-minute corporate video or a 15-second social media clip — but beyond that there is also a nuanced filming and editing process. Basically, the more you film, the more time it takes to go through and edit. So don’t be surprised if the seven locations you’ve asked to fit into your 30-second video take longer to edit than you think.
How clear is your brief?
If you’re clear on what you want from start to finish, this will go a long way to keeping costs down. It is all too common for a client to decide once a full edit of a video has been done that they want something included that was never filmed because it wasn’t in the original brief. We have seen so many of these types of briefs that we can tell when a production cost will blow out and we will go back to the client before it begins. But if you’re writing a brief, remember to be specific and make those decisions early. A brief with a scope that is too wide will always end up costing more when you have to make important decisions AFTER you are into the production.
What is the scope?
The difference between a corporate shoot that involves a couple of interviews and filming at one location versus a more creative shoot that spans multiple locations is vast. It involves different equipment, more involved direction and larger crews, scheduling different hours to catch nice light at sunrise or sunset, and often more time spent crafting the edit.
Don’t forget all the little extras that add up
Depending on what you want from your corporate video production, there are other costs involved that start to add up, including actor hire, hair and makeup, music licensing, voice-over recording, subtitles and translations, travel costs and expenses. If you receive a quote that doesn’t have enough details, it can’t hurt to question it and make sure you understand what these specific costs are for.
3 things to consider for your next corporate video
So, with these things in mind, here are three things to consider for your next corporate film production:
Consider being transparent about your budget
Consider being up front with your budget. Yes, you can be vulnerable to dodgy operators taking advantage. But I think it is implied that you should always find a corporate video production agency that you trust — or one that has been recommended to you from a source you trust. It is a significantly better creative process when there is transparency and trust. You will find that a solution that fits within your budget can nearly always be found if you avoid the “send me a quote please” and “that quote is too high, we’re done here” kind of interactions. No one gets the best results from that!
Outline your strategy
When is the time to go for that artistic or cost-intensive animation that will give you the greatest value as opposed to when something simple and direct will suit what you need? We often see clients who want the silver bullet viral video to solve everything, when what they actually need is a more dynamic strategy with ebbs and flows, simple solutions and big home runs at the right time.
Maximise your Value
We like to encourage our clients to more efficiently use their budget by distributing their content in a variety of ways. For example, plan to capture enough footage for a 30-second television commercial, a two-minute corporate video for presentations, a one-minute cut-down for your website and a series of several 15- and 30- second spots for social media. It’s much easier to film it all at once and capitalise on the cost efficiencies.
If you need corporate video production services and want to work with an agency that will help you get the most out of your budget, contact Lush Digital Media.
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