I wish I could open this blog with, its all super straightforward but, Unfortunately, It's not always that simple when estimating a cost to make a video.
So many different factors come into play, I've put together a small insight into what factors are considered when pricing up your video project, what to expect for your budget and also a few useful tips on how to save some money when working with video production companies.
Professional video budgets can range from £600, for a very basic package up to hundreds of thousands of pounds. A basic video may be turned around in 1-2 days and consist of something like one camera op/director and would then be passed on to an editor. As an example, if you increased the budget by let's say £1,000 you could add an additional camera operator, a top camera and another day of editing to really make your video come to life. In my opinion, which granted is slightly biased, I'd always opt for spending as much as the budget will allow on your video project, as the results are night and day.
If its a more ambitious, elaborate video you're looking to produce, then this means days, if not weeks and sometimes months of work for a team of professional filmmakers. So, in turn, the whole project costs more. What this does do, however, is captivate more of your audience, increasing the engagement with your video content, increasing brand identity and sales.
Larger production video budgets can include and aren't limited to, pre-production meetings, concept development, scriptwriting, storyboarding, a talented director and crew, locations, rehearsals, props, talent (actor, celebrity, chef), travel, food, multiple cameras, lighting packages, audio, editing, motion graphics, visual effects, colour correction, music scoring, sound design, and so much more.
Quick tip - Do you really need an original score or will a licensed royalty-free track suffice?
If you have a smaller budget or you'd like to keep the cost down as its the first time dipping your toe in the water, you'll need to keep it very simple. Locations, effects and celebrity appearances aren't ultimately needed when telling the story of your business.
When budgeting for your video, you must also consider what you're going to be doing with the video once it has been signed off. You may want to sponsor a video post on social media, for example, or create an advert for youtube or television. It's handy to consider these costs, as you don't want to blow your whole video budget on just the production.
Quick tip - Will interviews or voiceover tell your story more cost-effectively?
The cost is very dependent on the overall quality of the video production and the overall ambitiousness of the concept. For example, How many crew members, will the production require actors, locations, voiceover artists, how many videos are needed, a series, how many days of filming will there be? Even when the shoots finished, are there any revisions needed to the edit?... I know it is a lot to consider, right?.. but these are just a small example of the factors that need to be considered. However, If you decide to go with the right video production company, this shouldn't be a concern, they will generally develop a concept with you and quote/estimate the video production accordingly.
It's much like anything, you get what you pay for, you could opt for the cheapest possible video to put out to your prospective and current customers or would you prefer something more like a piece of BBC content? The overall impact will only ultimately affect your audience's perception of your company and will be very different in terms of ROI. At TasteBudds, we aim to work as transparently and efficiently as possible to create the most cost-effective solution for your food video production.
There is also one other option, Its not going to get you high end content, but it certainly keeps your customers connected to you! We all have pretty good video cameras in our pockets, our phones, when used correctly, they can capture some beautiful footage. Our next blog is about how to shoot amazing food videos, so if that's something you may be interested in then, please subscribe to our mailing list for updates (HERE).
Have a video project coming up and want to know how much its going to cost?... Get in touch and let us get that worked out for you!
Thanks for reading, if you have any comments please leave them below, its always great to hear from you!