Marketing + Video

Ready to Start Video Marketing? 3 Ways to Budget for Video Production Costs

Are you thinking of creating a marketing video for your small business but hesitant to move forward because you’re not sure how much it will cost?

While producing a video may seem like an expensive proposition, the truth is that there are a variety of options to choose from, each with its own price tag. Knowing how much video production costs will help you determine which option is best for your business and your budget.

In this blog post, we’ll give you an overview of three different levels of video production and the costs you should plan for within each level. So whether you’re looking to create a simple explainer video or go all out with a corporate branding campaign, you’ll know what to expect.

Small business owners understand that every penny counts. So how do you know whether or not to invest in video production? Here are three options to consider:

Level One: Do-It-Yourself Video

While making your own marketing videos can be a great way to save money, it’s important to be aware of all the potential costs involved. Even a simple one-minute video can take several hours to produce, and that doesn’t include the time it takes to develop a concept, write a script, hire talent, or secure any necessary permits. In addition, many businesses underestimate the cost of professional equipment, which can include everything from cameras and lighting to sound systems and editing software.

Here are the main expenses involved in DIY video production:

• Scripting and Storyboarding — You may know what you want to convey through your marketing video, but don’t try to wing it. The process runs smoothly with a script and a storyboard. The only cost involved here is the time it takes to do it, but if you’re struggling with either aspect, you may need to hire someone with more experience to help you.
• Hiring Talent — If you are planning to DIY your marketing video, you’re probably planning on being in the video yourself. This is awesome! Just remember that it’s not always as easy as the influencers make it look. If you cannot serve in the “talent” role for some reason, you need to find someone who can, and that person will need to be paid.
• Video Cameras — While you can use your smartphone or tablet to capture video, actual video cameras deliver much higher quality. You can buy your own video camera if you plan on recording multiple videos, or you can rent professional equipment.
• Lighting — Good lighting is essential to creating marketing videos. You can use anything from a ring light to more high-end lighting that you can rent or purchase.
• Editing — Many editing products are available online, from entry-level to advanced. Beginners should also factor in the cost of the time involved in learning new software and editing skills.

Read More: Video Marketing 101: From Basics to Benefits Here’s What You Need to Know

Level Two: Hire Freelancers

Hiring freelancers to help with marketing video production is a good option if you need to fill in any “skill gaps” and have some cash flow to put toward expertise. Our biggest tip for interviewing freelancers: be sure they have experience producing videos for businesses. Always review samples of their work before signing any contracts.

The cost of hiring freelancers for video production can vary depending on the services you require. For example, if you only need a video freelancer to shoot footage, you will likely pay less than if you need someone to edit the footage as well.

Video editing services tend to cost more than other types of video production services. This is because video editing is a more complex and time-consuming process than other types of video production work.

When hiring a video freelancer, be sure to ask about their hourly rate and get an estimate of how many hours they will need to complete your project. Video production services are generally charged by the hour, with rates ranging from $50 to $250 per hour or more if the freelancer charges by project rather than by the hour.

If you are working with a tight budget, it is advisable to get quotes from several video production companies before deciding on one. You can ensure that you get the best possible value for your money by doing your research.

Read More: Three Things to Consider Before You Begin Video Marketing

Level Three: Hire a Video Production Company

The costs involved in producing your own marketing videos vary considerably. Whether you DIY the entire thing or outsource the complex parts to freelancers, the costs will still add up. Many small business owners assume that hiring a video production company is out of their budget, but that is often not the case.

We obviously may seem a bit biased here because we are a video production agency, but hear us out. Once you calculate the costs of equipment, learning new skills, hiring and managing freelancers, and the time it takes to wear all these hats, you may find that the cost is comparable to hiring an agency to handle it for you. At a minimum, it is worth investigating before taking on the project yourself.

Most video production agencies will offer packages along the lines of “good, better, or best” regarding services and costs. Some agencies may be willing to take your raw footage and handle all the editing. Still, in most cases, video production companies will prefer to capture the video with their own equipment to maintain high quality and a seamless end-product. If that’s what you want, a freelancer may be better.

How Can We Help?

If you’re considering adding marketing video to your plate, please consider reaching out to us first. There is no obligation, and we can further explain everything involved in the process so that you’re equipped to make the best decision for your business and your budget. Our video team will work with you to set a budget, and our project managers will ensure that production stays within scope.

Email us to set up a meeting with our video production team and in the meantime, check out this blog that further explains our process:

How to Produce High-Impact Marketing Videos From Start to Finish