Let’s Talk Price! Video Production and Video Marketing

We want to know how much something is going to cost…….PERIOD!  Why is it then that many companies never talk about it on their blogs, websites or other social media platforms?  At some point of the sales process, your client is going to ask the big question.  My take is be honest.

There are some products and services which are very easy to price.  Toothbrushes, t-shirts and food come to mind.  There are others that are moving targets.  Video production falls in the second type of scenario.  For basic shooting and editing, a video can cost around $800.  When you add-on voiceovers, lighting, graphics, music, shooting time, longer lengths and lots of content, this price can be around $6000 or more.   Let’s breakdown the basic cost components of video production to get a better idea of why this is so.

EXPERIENCE
Experience counts for a lot when choosing a producer/videographer/editor. Experienced personnel are efficient in their use of time and resources. The less experience someone has the more likely mistakes will show up as your work through the production process. Is there good audio, was there enough light on the subject, how slick does the production look?  Looking at  past work of a professional is a good indicator and can help you make a more informed choice as to this aspect.  At Maverick Social Media & Consulting, we have a showcase of our team on our website.  This way, you can see the quality and depth of our experienced professionals final products and work before you ever start.

EQUIPMENT 
Equipment is another important consideration. The type used can add a lot of quality and/or cost to a production.   Equipment costs for shooting alone can range from $5,000 to over $100,000, and that’s just for the camera.  Video production, in addition to the camera, requires lights, microphones, teleprompter and other accessories that help with the creation but add to overhead costs.  The number of people  on-site is another factor. Is the crew just 1 person or is it 2 or more? Finally, location is another important variable.   Is the shoot indoors, outdoors, out of town or a great distance from the production company. The trick is to find the crew that fits your needs and budget.

Not to be underestimated are the editing equipment costs.  Editors have a lot of equipment that needs to be updated on a constant basis. These can include monitors, graphics packages, editing software and music samples.  As new products come to market, editors will have to remain current.  Costs of upgrades can range from 5 to 20 thousand.

TIME
Video production and editing takes time.  The decision-making process is the most expensive part of any video production and eats up most of the time, which is why the more time you spend on pre-production the less time is spent making last-minute decisions during the actual production,  This saves you both time and money.

Expect a minimum of at least a half day for a simple video production shoot. This includes: time to set up equipment, lighting and microphones, prepare person or environment being shot.  If the shoot is more complicated and staged, the required setup time may be higher.   Shooting time is also influenced by the person or persons being shot.  Even the most seasoned professionals might need multiple “takes” to get it right. Once the shoot is finished, all of the equipment needs to be packed up and removed.  This tends to be faster than the set-up time. If there are location changes, this process will start over again.

Editing generally takes longer to complete than the actual shoot. First, the captured video and contents have to be brought into the computer.  After downloading the contents, the editor will then decide which “takes” are relevant, but he/she still has to listen to the entire file. Imagine trying to create a 30 second video out of 40 minutes of content.  It is time-consuming and rigorous work! After identifying the pertinent content, an editor will add graphics, animation, color correction, audio or a host of other corrections and additions.  The time put into this area also depends on how much or little the client has provided the crew and editor.  Creating these pieces from scratch are independent projects in and of themselves.   Once each of these pieces have been put together and timed perfectly to create a final product, it will need to be rendered, exported and turned into whatever format is required by the client. Finally, each subsequent edit takes time. Not all corrections take only a minute or two, some take an hours.

As mentioned above, an enormous time saver is to have all of these elements ready to go at the beginning of the shoot.  A script or outline of expectations help speed up the editing process. This makes it easier for both the producer/crew and editor to follow along with the different takes and ensures that all elements are included in the final product. Names and titles of people shown, logos, location names, storyline and content handled before production are also priceless content to have throughout the entire process.

PRODUCTION VALUE
This is an intangible cost. This is the creativity of the people involved and how they go about
incorporating it into the video. From well thought out methods and procedures to quirky, on-the-spot changes, production value is still a very important aspect of the final product. Changing the audio level,getting rid of a hiss, doing a take one more time to get the shot just right, changing the light just a little, adding a filter, re-working the script, adding more graphic elements, adding music, adding animation, editing out something someone said because it is too late to have it re-shot, experimenting with several methods to reach a “best” solution, correcting color; all of this takes time.  But this kind of time is well spent. This is your look and feel – your image – your brand.

Conclusion

A completed video, shot and edited, can’t be done for $100 unless you are doing it yourself.  There is usually a minimum of three hours to shoot and another 3 to edit.  A high quality video takes high-quality professionals that are experienced in both shooting and editing.  The average cost to produce a 30-second national television ad in 2001 was $358,000.  Today, you can get your private videos for an average of $1000 and reuse them anytime you want on any platform!

Please check out our website for more information about our video producers and video work! http://www.mavsocialmedia.com

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