How to Plan a Video Production Budget
We get asked all the time about video production cost estimates. And what are the main factors to consider when putting together a video production budget? In this video marketing tip, we will help you understand that there’s really no average cost to a professional video production budget. And if you want accurate video production cost estimates, then you should spend some time talking with a video marketing agency that can help you scope your entire video production budget…..and it doesn’t go by time.
Video Production Cost Estimates Does Not Go by Time
Many people think that a video production budget goes by time. For example, “I’m just looking for a simple 30-second video”. By noting the time many people think that their video production cost estimates can be low. BUT, if you think about the last 30-second advertising video commercial you saw on TV, then you might be surprised that some of those even simple 30-second advertising videos can cost a lot of money (like in the 6 to 7 figures!)
Now, let’s take a B2B video that explains a product or process. Or maybe it is a B2B promotional video that is for a service area, pro-bono practice, or showcasing the progress you have made in diversity & inclusion…can you really communicate what you need to communicate in 30 seconds? It probably needs to be longer.
So thus, we can’t compare video production cost estimates for an advertising video and a B2B promotional video as each project’s scope would vary greatly, and thus from a video production budget standpoint. And if you are going to work with a video marketing agency on your video production project, then a more experienced agency will have a different investment structure than one with less experience…which further adds to the wide array of video production cost estimates that you might get.
Examples of a Video Production Budget Based on Scope
Now that you know that a video production cost estimate does not go by time, how do you allocate everything that goes into a video production budget?
If you are going to look for a video marketing agency to help you they are going to ask you questions such as:
- What is the business objective of your project?
- How many locations do you need to shoot?
- How many cameras, equipment, and accessories do you need?
- How many people you will need to set up and manage those cameras, equipment, and accessories?
- Is there going to be animation or motion graphics in your video?
- How many video deliverables are there going to be?
The answer to all of these questions will ultimately determine your video production budget.
The below charts show examples of two different video production cost estimates. Note that each of these examples represents a different video production budget for the same video (that can be a 30-second advertising video, a 2 min B2B promotional video, or any other kind of video you are thinking of).
Breaking Down the Investment of a Video Marketing Agency
One example of determining how much you want your video production budget to be is to have a budget range in mind when you are talking with a video marketing agency. This way they can do what they do best and make suggestions to you to make the most out of your budget.
For example, one of the aspects that make up a video production cost estimate is motion graphics. If you want motion graphics, then this will only add to your budget. And if you want motion graphics to be 3D vs 2D After Effects, then you will need to have more budget.
There are many ways to add a little bit of motion graphics to an advertising video that will be cost-efficient so you can hit your business communication objectives and budget constraints.
So, it is truly important that you discuss all these matters and be open with your video marketing agency. Let them know the budget parameters that you’re working with and challenge them to come back to you with a couple of different options. Making the most out of your budget is one of the things that a video marketing agency is really good at.
These strategy options will help you make the best decisions for your brand which might be different than another brand making those same decisions.
Reach out to us today to talk about your video project.
See you in front of the camera!