How much does video production cost and what determines the price?
Is your business ready for professional video? According to Forbes, 90% of costumers report that product videos help them make purchasing decisions. Considering this and that 59% of interviewed executives would rather watch a video than read a text, the decision to invest in video marketing is the right one.
Creating videos is a long and demanding process requiring a team of professionals. So, don’t expect it to be cheap. Moreover, videos that are done unprofessionally will damage your brand image and it’s not worth the risk. That’s why you need to make sure that a video production company delivers the desired results, and brings the quality you expect. You need to pay attention if they provide you with all the information, clients’ testimonials, and a representative portfolio. A representative portfolio is a portfolio with a wide range of different video styles.
There is another question that comes to mind. How much video production costs and how to know whether or not you are getting what you are paying for? Let’s have a look at what determines the price in the first place.
What are the main factors that determine video production costs?
Professional video production companies take their job seriously, and the process involves managing different tasks on many levels. Here at Business Motion, we start by learning about the target audience, and what is the main purpose of the video. Then, we suggest the best style to use to achieve the desired goal and we then collect all the necessary information and material that will help us reach the video’s goal. However, there are many key factors that determine video production costs, among them are:
- Team – It’s crucial that behind the video production project is a team of professionals that will provide high-quality content. Therefore, an experienced and talented team will charge more. Furthermore, if we are talking about live action or more demanding videos, that will require more people involved, and that comes with a price.
- Equipment – Tools are an important part of creating high-quality content. You can create a video with your cell phone, that’s no secret, but video production companies possess all necessary expensive tools to make sure your video looks perfect.
- Time – Cost can depend on your video’s runtime. Obviously, more minutes lead to a higher price. Secondly, time spent preparing scripts, creating a story, and characters can be time-consuming, and that is another factor that determines the price.
- Style – The style you choose for your video presentation also affects the cost of production. As you can tell, live action videos can be more expensive than animated videos. You have more people involved, it’s time-consuming, sometimes requires finding and driving to a certain location, and you can edit it only after the footage is recorded. That means that it will be harder to add scenes later on if it wasn’t filmed originally. So if you are looking for a cheaper option, you should pick animated videos, or perhaps consider making a mix of animation and live action.
How can you benefit from hiring a video production company?
You can benefit from hiring a video production company on many levels. First of all, you would be hiring experienced professionals who will create high-quality video. Secondly, you would be delegating the job to a team of experts, meaning that you don’t have to worry about organizing and managing anything. High-quality videos generate more traffic, increasing the likelihood of greater ROI, and improving your brand’s image. Hiring a video production company may be a more expensive option, but the value you will gain will be exponentially greater.
Hiring a video production company is also beneficial in that you get great insight into what kind of video you’re looking for, and which kinds may be harmful to your brand. For example, if you are doing a video for an F&B company, you must film the kitchen for cleanliness, show the friendly faces of employees to gain the trust of your target audience. Crucial elements must be included in the video and harmful ones must be excluded, and a video production company will pinpoint what stays and what has to go, in order for the video to make an impact.
What to expect for the budget?
First of all, you must ask yourself what you want to accomplish and which style you are going to use. The production company has a big role in advising you on a style that should be used. The production company needs to suggest a style that goes along with your preference and the best way to convey the message.
If you have a personal blog, then amateur or semi-professional video will do just fine. Semi-professional video makers are usually freelancers who own more sophisticated equipment, but the quality can vary, and you can’t be certain that you are going to be happy with the results.
Small businesses and corporations, however, need something more professional. Video production companies will use cutting edge equipment and will create a final product that will help you stand out and create the buzz you need.
The prices can vary depending on your requirements and companies’ policies. Professional live action 1-minute video can cost from $5.000 to $10.000 although this price can be much higher depending on your demands. Also, a one-minute animated video ranges from $3.000 to $10.000. Wyzowl interviewed 70 different animated explainer video companies in 2018, asking how much they would charge a one-minute animated video. The average price was $7,972 ranging from $700 to $72.000.
Many professional companies do not have a standard pricing table as the price depends on many factors like the ones we have seen above. The video production companies would rather consult with their clients and, based on the clients’ needs, form the price. But before you seal the deal, you need to know what the price covers. Does the video include voice over, music rights, research, written text, etc? Make sure that they have covered everything you need and that there aren’t any hidden costs.
Do you need professional video production for your company? Contact us today so we can discuss it in more details!