If your budget has you on the fence for investing in a corporate video, let us make it simple for you: make like Nike and just do it; within reason, of course.
You’d be surprised at just how many Fortune 500 companies rightfully invest in video marketing and can make a profit. If your company is just starting, it can be daunting when considering whether or not a corporate video is the best marketing tool. Once that is confirmed, it can be just as tricky deciding on what to include for your first company video. What is your concept? Where would you shoot? Is it a client testimonial, infomercial, or #utorial? Is it live-action or animation? What about both? And how much do these things cost? Well, coming up with a budget beforehand may save you from overspending and wasting time down the road.
Of course, prices range with the different stages of production. They also vary from one production company to the next. Here at Key West Video, we like to think our prices are more than affordable, whether you’re a start-up or Fortune 500. Our goal is not to drain our clients’ budget, but offer the highest production value we can for an exceptional corporate video.
Jimm Fox of One Market Media wrote a piece on the estimated costs of different production elements. We’ve highlighted some key aspects you might want to consider when settling on a budget for your visual venture:
Experts for your budget
First and foremost, having experts in your video is a must. Depending on the content of your video, it might be worth the investment to hire the best possible expert in your roster or hire a professional in your field.
Depending on the concept of your video, the costs may vary. If it’s an animation of high production value, this can cause anything from $3,000 to over $10,000 for a 3-5 minute video. If you’re looking to hire an experienced marketer, they may charge hourly fees for consulting services, too.
Equipment for your budget
Equipment is the most important element in production shooting. Different types of cameras and lenses offer different aesthetics. It all boils down to the ‘look’ you’re trying to find. A DV camera costs around $500. Most DSLRs range from $1,500- $2,500. A full feature HD camera can costs upwards of $10,000. A RED camera can cost anything from $15-25,000…you get the idea.
And this doesn’t include the extras, like lenses, field monitors, dollies, jibs, sandbags, lighting equipment, audio equipment, and the list goes on.
It’s worth deciding just how you would like to shoot, what your shoot will look like, and where you’d like it to take place, which brings us to location.
Companies often think that public spaces, like parks and recreational areas, are a free-for-all. Almost always, this is not the case. It might not be worth the risk to shoot guerrilla-style in a public space without first obtaining a permit.
There are budget costs when booking an actual studio. Companies would benefit from creating a fixed production schedule that will determine how long studio rental is required.
The crew for your budget
Over the years, we’ve found that most corporate video production sets don’t require more than a few of our core team members. This way, there are no other bodies on set. It also makes for smoother production. The smaller your crew, the less you will end up paying them. The core team should consist of a producer/director, videographer/camera operator, and a sound person. Sometimes, for multiple angle shoots, more than one camera op may be necessary.
Editing for your budget
Last but not least, we have video editing. In essence, this is where the magic happens. As editors weave footage together to create one solid story, we get an idea of what a project will look like once brought to life. Ideally, editors should cost the most for your budget. And depending on the different suites and programs they use, they can cost a pretty penny. As well, this is not to mention additional costs for special visual effects and graphics. Animation with a high production value can cost hundreds of dollars per hour. On average, typical editing (linear and non-linear) ranges from $60-$150 per hour.
If you’re looking for remarkable video content at an affordable rate, Key West Video is the place for your budget.
Check out what some of our past clients have to say about us.