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Corporate Video Pricing: How to Optimize Your Costs
A corporate video is a valuable asset for your business, at least in part because it can fill so many different roles. Do you need digital marketing content to build brand awareness? That’s a great role for video. What about effective, compelling training materials? There, too, video is a top option.
With so many uses for corporate video, and so many brands creating this kind of content, entering the fray is both important and challenging. Viewers’ expectations are very high today, as they encounter so much video content in their daily lives. How can you create materials that will meet those expectations without breaking the bank?
One potential answer is to come up with an optimized video production pricing strategy, using every tactic at your disposal to get a great deal on behind-the-scenes talent, access to gear, filming locations, video editing services and more. With some careful planning, you can craft expensive-looking videos at budget-friendly prices.
Why Are Corporate Videos Worth Paying For?
Before you begin setting aside the necessary costs for a corporate video, it’s worth asking why you should be spending on these videos in the first place. The answer, in short, is that video has become a go-to way to get a wide variety of messages across, and that ambitious companies have shown the value of using corporate video.
A Piktochart survey revealed how deeply video is embedded in corporate strategies: 85.7% of respondents say video matters more to them than other types of content, and 72.7% engage in video marketing.
The locked-down first year after COVID-19 struck showed off the versatility and value of video, as brands kept reaching out to their customers, partners and employees with live and produced videos, as well as animated clips. Companies that may not have used video in the past picked it up, and it became a more prominent part of business language than ever.
With so many businesses creating so much video marketing content, you may seem like an outlier if you don’t compete on these terms. By investing in professional video production, you’re meeting your audience in their preferred medium and delivering content that can fulfill a wide variety of roles, including:
- Short social media clips to engage with your target audience.
- Explainer videos to inform potential buyers to boost customer satisfaction.
- Executive addresses to connect with employees.
- Training videos to teach best practices and enforce company culture.
- Live event videos to turn corporate gatherings into sources of content.
These videos vary widely in how long they take to create and how much they cost. But in all cases, you can optimize your video production pricing with some careful planning.
What Factors Affect the Cost of Corporate Videos?
Every detail of your corporate video production affects the eventual corporate video production cost. The real trick to successfully making corporate videos is finding ways to adjust these variables for maximum value without sacrificing quality.
The following are a few of the most prominent aspects of any corporate video production, along with some tips to optimize your spending in each department.
Your choice of video production location may have a massive impact on your ability to create impressive content on a reasonable budget. Every city’s climate is different, and they also diverge in permitting regulations, availability of gear and much more.
There are a few ways to save money through your choice of shooting locale. For instance, if you pick a city that doesn’t get significant amounts of rain, you can reduce your chance of canceled outdoor shooting days, as well as the budget overruns that come along.
If you’re planning to film in one location repeatedly, for years to come, it can pay to pick a spot that offers numerous little forms of savings, such as low permit costs and a reasonable parking situation. Gear and studio rental costs are another important consideration — if you think you’ll need professional-grade facilities, you should gravitate toward a city that hosts large productions.
How many video professionals does it take to create a corporate video? This isn’t a trick question. In fact, the answer will differ based on what type of content you’re creating. A quick spot for social media may only require a solo videographer, while an elaborate TV commercial shoot could call for multiple camera operators, grips and production assistants.
Making sure you have the right amount of skilled professionals on your video shoot is a balancing act. Too few and quality will suffer, too many and the budget will balloon. Working with outside experts is one way to ensure every production is right-sized, as you can bring in an appropriate crew for a specific video project, rather than carrying full-time salaries on your books.
Skilled professionals aren’t just useful on location or in the studio — you should also anticipate how many people you’ll need for post-production and video editing. Today’s video audiences see high-quality content every day, so for your videos to rise above the pack, it’s helpful to work with experts from start to finish.
What type of gear will your crew have access to? Much like the composition of your video team, the ideal amount and selection of gear will differ based on what type of video you’re creating. A handheld camera might suffice for a candid, behind-the-scenes video, while a full-scale production will demand advanced mics, high-definition cameras and more.
Renting gear and working with expert crews who have their own gear are two possible ways to get the equipment you need without paying the upfront costs for the latest technology. With that said, some companies that frequently produce video in-house have seen value in owning equipment for internal studios, rather than repeatedly paying rental fees.
Your choice of gear may be restricted by your filming location. Some of the most breathtaking shots in modern corporate videos come from drones, for instance, but not every city allows the use of unmanned aircraft in all areas. Furthermore, using a lot of heavy equipment restricts your transportation options. If your crew can only travel in a large van, that may limit your parking options — these are all points that go into planning.
How Much Do Different Production Models Drive Corporate Video Cost?
With corporate video now such an important part of overall media strategies, companies are branching out and creating videos in new ways. Organizations that were once stuck with single creative agencies for everything from concepts to distribution are decoupling their production and trying out new approaches.
How does your business’s choice of production model affect your corporate video production cost?
- Fully agency-driven: While all-in-one creative agency production can come with some extra fees and opacity around costs, it does have one major advantage: simplicity. Your organization receives a single, consistent bill from one creative partner in exchange for fully produced video content.
- Internally produced: Building out an internal video team involves the upfront costs of creating a studio and purchasing equipment, along with the ongoing expense of paying team members’ salaries. With that said, the business then owns its production infrastructure and doesn’t have to pay for videos piecemeal.
- Third-party led or hybrid: Using a combination of internal and external crews to handle different parts of the video production process comes with some complexity, with multiple contracts to manage. However, it can ensure that each step is taken care of by the right people at a competitive price.
How Can You Work with Expert Production Crews Affordably?
One way to empower your video production efforts without inflating your video project budget is to partner with Crews Control. Our expert teams come with production experience to keep your shoots proceeding efficiently and affordably. Furthermore, they are equipped with the latest and greatest gear, and know their regions, alerting you to money-saving local opportunities.
A partnership with an industry-leading professional video production company is a quick and efficient way to keep your budget solid per finished minute of footage, whether you’re working on short clips, long-form live event streams or anything in between. Download our ebook on the economics of production to learn more.