Corporate Video Costs, Do you know how much you should be paying?
Have you ever considered corporate video production and then disregarded it due to feeling it is expensive and overpriced? Well you're not alone. Many business owners often share the common misconception that high quality video is very expensive. But it does not have to be; with recent advancements in video technology, the market really has changed for the better.
In this guide I take you through why you might want to reconsider video for your business as well as giving you some real world examples to help you see the real side of corporate video cost.
Is corporate video really that good?
YES! It really is. One of the single biggest reasons individuals perceive video to be over priced is simply down to them not understanding the true return on investment video can provide. In context, £2,500 may seem like a lot of money for 90 seconds of promotional video production, however you need to look at the return that the video will provide you with. When for example you might have budgeted £2.500 for your entire marketing budget this is going to seem like a huge risk, right? Well, yes it is. But there is one thing you can be certain about, a well thought out and correctly professionally produced corporate video has a very high chance of literally being able to change your business in a matter of days, or even overnight.
You're probably not totally convinced. Don't worry I was still unsure at this point. By looking at the potential return on investment your next piece of video production can provide, you will soon come to realise that video is quite literally the most cost effective and valuable communication means at your disposable – who would have thought!
So let's take a look at some evidence to back this up. A reputable and well known company ComScore recently did a study into how videos influence a website visitors buying decision. They found clearly that video made customers 64% more likely to buy the said product having watched a video about or related to the product/brand in question. This fact shows that sure £2,500 seems a lot to spend on that video, however when you receive £5,000 worth of extra sales every 6 months corporate video production actually pays for itself.
But can't I just make a budget video myself?
Yes you can - there is nothing stopping you. However, do you your skills, equipment and production methods really allow you to produce something that is going to be effective? For 90% of individuals the answer is no, at the end of the day you are almost certainly great at your job, whether it be marketing, sales or even business development. However chances are you haven't spent multiple years producing business video, nor is it your everyday profession.
A poor quality budget video is only going to damage your reputation, this is the last thing you want. Your business and company are reflected in whatever videos you post so you need to make sure that your video reflects your brand. Take a look at the self shot video below. While it is informative and clear it does nothing in terms of adding value and reflecting quality in the Postsaver product it is demonstrating.
Taking one step up from this you could spend £600 on a budget video shot by a semi-professional or amateur video producer. This is almost certainly going to be better than what you could produce, however it is still not a good idea - you are still going to end up with a shabby and poor quality looking video which could damage your brand reputation.
A properly produced quality video really is worth spending the extra, and like anything in life you really do get what you pay for. Those extra £'s you spend on your video will pay off and give you the best chance of increasing your sales by 64% or even more in some cases.
Realistically then, how much does video actually cost?
How long is a piece of string? Unfortunately at the end of the day until you sit down with a video producer it is impossible to say how much your video might cost. However I recently got in touch with one of our video production companies in London and they have kindly shared some approximate costs of a promotional video.
Simon Riley from Polarity Films in London gives us a great example of a video he recently produced for startup Laundrapp. He also breaks down the costs for the video giving us an idea of how much a video costs and what that cost is made up of.
Firstly it is important to note that there is no set price for a particular style of promo, as there are many factors to consider when pricing up a project. For example, will it be live action using actors, a time-consuming stop-motion video or an animation.
But for now, let's go with our live action example for Laundrapp and breakdown the production elements and costs:
1. Pre-Production (concept development, production planning and model casting) Approx. £500
2. Production (shooting the promo – 1-day) – Crew involved: Producer/Director, Cinematographer, Model, plus Equipment £1,000.
3. Post-Production (editing, colour grading, voiceover recording, music sourcing, sound mixing/mastering, corporate music license.) Approx. £1,000.
So an approximate cost to produce that promo was £2,500
However, to leave you with a final note, ALWAYS have a budget in mind and communicate that in the first meeting with your video producer, as that will not only make the development stage smoother for everyone, but also gives the producer a clear understanding of how creative they can get and the level of quality they can give you for your money.
Looking for more examples? Check out our 5 Examples of Great Corporate Video.
You are already dreaming about your next corporate video production!
Well I certainly hope you are anyway. In conclusion; video is a really fantastic tool which is almost certainly something that you and your businesses could benefit greatly from, from boosting sales, raising brand awareness or perhaps simply just training staff – the uses really are infinite.