Frustrating perhaps, but true. Promotional video costs can vary enormously. Like any product – there are low budget options, top quality professional options with all the bells and whistles, and lots of levels in between. There are so many factors affecting the cost of corporate video that it would be disingenuous (and probably inaccurate) to pluck a figure out of the air to answer the question. It’s not a cost-hiding conspiracy created by the video production industry – it’s just a very complex issue.
The good news is that video recording technology has become a lot more accessible over the last few years and video production costs have decreased. That means that quality video content is no longer the preserve of big brands with a huge budget. It’s now a reality for any small business or SME looking to grow. Video for your business can be as simple as filming it yourself on a Smartphone, downloading an app to use a ready-made template, adding effects, editing it, and publishing it to a video-sharing channel. And that’s great if a lo-fi, personal feel is what you’re trying to achieve. For most businesses however, the amateur approach doesn’t really work. 62% of consumers who watch a poor quality video say they are left with a negative perception of the brand, but embedding a high quality video on a business website landing page has been shown to increase conversions by up to 80%.
It’s clear then, that video content can have a massive impact. It’s important for businesses thinking about video to ensure that this impact is always a positive one. One way of doing that is to use an established video production company who will have a team of experienced professionals, high quality equipment and pre-production, production and post-production capabilities. When choosing a company, get recommendations, look at their past work and speak to previous clients about their experiences.
The best way to approach commissioning video content from a production company is to have a clear idea of what you want to spend. As with building a house where your architect wants to know the house you envisage from the size, style and building materials, to the features, fixtures and fittings, a professional video production company needs to have an idea of your budget in order to accurately advise what services they can offer you. A corporate video could cost anything from £1,500 to £30,000 depending on a large number of variables from the complexity of the script to the cameras being used. Any reputable video production company will offer you the best creative options for your budget – it’s in their interests that the video looks as good as possible after all. And beware, there’s no such thing as a steal in video production – if something is cheap there’s usually a good reason for it. For example, a camera operator can cost anything from £150 to well over £1000 a day – but the quality of work and level of experience will be reflected in the price. Of course, you can still get a good deal on your corporate video – but the best way to get high quality and value for money is to establish a good relationship and trust with your video production company.
So what are the variables that affect video production costs? This will give you an idea of the processes that can be involved in corporate video production. Not all the elements will be necessary in any one video – it obviously depends on the type, scope and length of your video – as well as the budget. The costs will differ for an animated explainer video and a talking head corporate video shot in the workplace for example.
Planning and Pre-production
Strategy, creative idea, visualisation and design
Casting of actors or voiceover
Production planning and logistics
Direction and client communication
Edit Producer and client liaison
Executive producer approvals
Client feedback and approvals
Colour balancing and grading
Export and optimisation for web streaming.
So there you have it. A corporate video can involve many different processes and be many different things, but one thing it should always be, is good quality. The best way to cut through the confusion is to speak to a reputable video production company and be clear about what you want and roughly how much you want to spend. Show them examples of videos you like for comparison – be open to new ideas, and most of all, enjoy the creative process!
Small Films are video content specialists. By combining strategic minds with creative flair we create powerful stories with video that deeply resonate with audiences, supporting our clients to achieve their ambitions in growing their organisation, brand or campaign.