“How much does a 2 minute video cost?”
It’s all based on your goals and your expectations. A Porsche has a different price point than a Jeep. Both can get you to a destination, but what is your destination?
No two videos are ever the same. A multi-location shoot with special effects and 3d animations of industrial equipment has a different price point than an executive speaking directly to the camera using a teleprompter. It is important to for me to point out that both of those styles of videos are equally valuable. But the effectiveness comes from knowing which type to deploy where in the sales funnel.
Another analogy is the comparison to building a custom home. No two builders are alike and you wouldn’t go to a builder and say “I want a house, how much is it going to cost.” If you did, the builder would tell you to come back with plans and specs from an architect. Or in some cases, they might give a template prefab home design leaving you with something you realize too late does not fit your needs and falls short on quality.
Simply put, there are some video types that are more expensive to produce than others. My entries on the 15 different types of videos your business can use capture many of those variations which can drive budget.
15 Types of Videos Every Business Could Use #1-5
15 Types of Videos Every Business Could Use #6-10
15 Types of Videos Every Business Could Use #11-15
Technical difficulty, creative direction, and a host of other factors all contribute to the cost of production. Houston Video is focused on small and mid market businesses. Our videos cost between $1,000-$7,000, with performance metrics up to 200,000 views, 90% retention rate, and 30% conversion. These are incredible performance metrics for small and local businesses with small budgets. But every company has different needs, different budgets, and different objectives for their videos. In the future I will discuss individual elements which drive production costs, but for now I wanted to share a few initial insights:
What Makes Videos Cost So Much
1. Length of Video
Shorter video is better for audience retention, and also easier on the budget. The length of time on a production is based on several factors:
- The proficiency of those involved in production & post
- The planning capabilities of those involved in the project
- Video production lighting and equipment
2. Number of Shoot Days
The number of shoot days directly affects the length of time on a production and in turn, the cost. The following can also be factors in the cost:
- Schedule
- Number of crew
- Amount of gear and lighting
3. Locations
Small productions can sometimes require 2-8 on set. Scheduling travel time to and from locations (plus equipment packing, unpacking at location, and repacking) is incorporated into the rates, and doubly so if it requires overnight or airplane travel. Filming inside at a location such as a restaurant or a studio, often comes with facility rental costs.
4. Talent costs and licensing
This is good news if you’re filming staff or customers, BUT good talent is almost always worth the money when it comes to quality.
- Number of talent?
- Keep the costs down by limiting the number of actors and actresses in your video.
- Licensing rights (per video, per actor) are another consideration.
- If you hire an actor through talent agencies, many are not willing to negotiate unlimited usage. If they do negotiate, you’re going to pay high dollar, so it’s important to have an idea of how you want to use the production, and if it’s for a 1, 2, 3 year license or perpetual buyout.
- Product Spokesman vs. Acting Talent
- If an actor speaks directly to the camera for your brand they’re often considered a spokesman/woman by talent agents and that rate will be typically be more than an actor delivering lines to another actor.
5. Technical Complexity
Technical complexity of the final product will also drive costs. This can include specialized equipment such as drones, or even editing equipment such as motion capture or creating original 3d models of object or water.
- Specialized crew and equipment
- Visual effects or complex animation/simulations
- Custom music or score
- Ask your production company for help in determining what, if any, technical complexity is involved in your project.
6. Distribution
When budgeting for video, you may also want to consider putting some money aside to distribute the video. At Houston Video, we understand social media platform have distribution costs to increase the visibility of the final product. In fact, this is the area we shine. My background in digital marketing strategy can help you define and deploy your video in content marketing campaigns, SEO growth campaigns, or targeted advertisement campaigns on Facebook, Linkedin, Google Business, and Instagram. It doesn’t matter how good your video is if no one knows it exists!
7. Can you repurpose the video?
At Houston Video, one of the ways I help my clients go the extra mile is designing videos with multiple extra purposes in mind. Different sections can be released individually, cut-downs or footage may be repurposed for later use for other videos or types of videos, social media, blogs, presentations, etc. This is part of the video digital marketing agency services we provide by helping you extend your work into larger campaigns.
Advise
Remember, no two home builders are alike and neither are video content production companies. So it won’t be easy comparing quotes. To help, I built a video price calculator. Feel free to use it to step through different aspects of production requirements and costs.
The best way to see learn how much a video would cost is a free consultation call to Houston Video. We are unique because our focus is video to help businesses grow, rather than just creating a video. Growth is what many businesses ultimately desire.
Many video companies improperly present the creativity of their story as the most important differentiator. At Houston Video, the value I deliver is in the effectiveness of the video. I recognize that beautiful $10,000 video that generates $5,000 in sales is a terrible video investment compared to a nice looking $5,000 video that generates $10,000 in sales. Creative and beautiful footage does not always equate to lead generation, viewer retention, and customer conversion. If you want to use video to achieve growth, you want what Houston Video specializes in.
So like choosing the right home builder, the right video production team is important. Be sure to pick someone that understands video marketing strategies beyond just creating a video. Houston Video has a proven track record of producing successful video content and backs it all up with amazing creative ideas.
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