Budgeting for video production is something every business will be doing. There is no escaping video. Customers are demanding it but getting a price can be frustrating.
How much does video production cost?
How much does it cost to produce a 3-minute video? How much should I pay a videographer? What is the hourly rate for video editing? All rubbery questions with rubbery answers.
This is frustrating for first time users who don't have a video production company they know like and trust.
Look at these two examples I took straight from a Google Search.How would you budget based on this advice?
Example 1
An industry rule of thumb estimates about $1,000 per finished minute ofvideofor a quality presentation, but we find that we usually come in closer to $800 per minute for the typical 5-8 minute corporatevideoinvolving a script, voice talent, and illustrating footage.
Example 2
5-Minute Video Cost. Depending on the type ofvideo, pricing generally ranges anywhere from $1,500 to $10,000 per finishedminute. It's better to refer to averages when creating your budget, so a safe estimate for5-minute videos wouldbe $3,000 per finishedminute.
Rather than what does it cost, I think a better question is what do I get for my money?
This is difficult because you will be looking at different productions for different products. It's always been comparing apples with oranges. Until now.
Now you can compare video apples with video apples.
These 3 videos made byWistiaare brilliant.
It’s the same product made with three budgets of...
$1,000
$10,000
$100,000
I have never seen this done before. This is so much better than a spreadsheet with costs that mean little to a client. I think this really gives you a feel for what you get when you spend these amounts of money.
The videos are 2 minutes long, fun and they are self-referential. You are watching a video, about making a video, about a video app that makes making videos easy. Almost a tongue twister.
Watch them. You’ll be better informed and have smarter discussions with production houses.
These videos also illustrate that video is expensive. The volume of video businesses need to make is increasing. The demand is driven by customers who love the convenience of video.
How are you going to budget for all the video you need to create?
This is why I advocate the smartphone as the hub for a DIY video strategy that enables you to create agile, inexpensive and authentic videos that work so well with customers.
The smartphone is not the answer to all your business video needs. You’ll always need to outsource certain projects.
Most video projects you can make in-house with a small team of interested employees.
They need training in video skills.
This is the kicker.The money you would spend on one mid-sized video project could train your key team members and set them up with a suitable microphone, tripod, light and editing software that can be used to create DIY videos with the smartphones that you already own.
If you are making a video budget for the coming year, factoring in smartphone video training will make you video self-sufficient for four out of five of your smartphone video needs.
This is a great return on your investment.
If you want training to make simple and measurably effective business videos with your smartphone at a fraction of the cost and without all the waiting, see my online and onsite video training at www.julianmather.com
