If you are up for an exercise I highly recommend you start a search for having a video produced for your business with this question. The responses vary so widely that what you eventually will come to understand is that the real answer is quite simple:
Rather than going round and round I want to share what I found to be the best way to recognize what “your business video should cost”. First rule of thumb, don’t bother asking someone who had a video produced what they paid to have it done. You will soon see why I think that could be sending you down the video rabbit hole.
The key aspect about video production is you are more than likely able to actually see what you would be buying before you actually buy it. Any video production company is going to have content they produced for you to see. So, do that, I did and I want to share what I found so perhaps you can make an educated decision about your video.
TIP # 1 Don’t start with a budget in mind
Rather than trying to squeeze a video into your budget, think about what your video is all about. Why are you doing this at all? Start with that question and then you can be ready to understand what type of video would help you achieve your objectives.
TIP # 2 Understand the message and the audience
Video’s can entertain your audience or they can drive your audience to wanting to know more or even buy from your business. What is your objective for your audience? This is key because you will not have your best sales person in front of your audience your video is what represents your company. What impression are you trying to make and will that impression resonate with your audience?
TIP # 3 Let the video production company do the video
Your job is to fully understand your objective for producing a video and what audience you are aiming this video at. Your role in this production is to arm your video production company with enough information so they can provide you with the best video for your objectives. Don’t become a video producer. Your view and those of your employees and friends may not be the same as your potential audience.
Okay, you’re now ready to make an educated decision, so back to how much should I pay? Armed with the tips I have shared you then should review videos that have been produced within several price ranges and see the difference in quality, the story being told and the complexity of producing the video. More importantly you should envision your business being featured in each of these videos and ask yourself if that is what you would be proud to have as your company brand on display.
Samples I found and price range quotes I was given will show you how this can work:
Here is a video that is about visiting a favorite city of mine, San Francisco. As you watch this video look at two key things that may impact your decision. Lighting and sound. These are key things to consider in any video. Background noise can be distracting from having your message actually heard. Lighting can impact how clear your message is being displayed. Cost estimate for this video: $4,000 – $8,000.
This video provides a great overview of a destination (Carmel CA). Rather than utilizing the live on camera coverage the video is done with a voice-over. You can capture the various highlights and present them in a controlled environment, so that background noise and lighting concerns are able to be controlled in production. Drones are introduced to showcase dramatic footage from a birds eye view. Cost estimate for this video: $8,000 – $15,000.
Finally a video that incorporates many special effects to tell a story that seems to immerse the viewer in having a feeling of actually being there. Time lapse video, underwater video and a licensed song are all utilized to showcase a destination in a very compelling light. I have to share, this video was an award winning travel video and I think you can see why.
FINAL TIP Video ROI
A video for your business should not be considered as an expense. You are making an investment in having a video produced that will achieve above and beyond objectives you have set. Monetize your objectives, establish goals for how much your video could produce in terms of incremental sales of your company products or services and then work with your video production company on an ROI strategy where they are investing with you to make it happen. Video is going to be a major marketing tool for a very long time. This is a sure fire method to find the right video production partner for your business and a best method to ensure you are reaping the financial benefits for your business.