How much does a video cost?
How much does a video cost?
What do you charge for a video or how much does it cost? These are common questions that people ask video creators. This is a complicated question to answer because it varies.
Let me ask you a question: How much does it cost to build a house?
Well, in this house do you want a pool? Artificial grass? How many levels? Wooden or tile floors? What kind of appliances? How many rooms? What neighborhood will you be in? Most importantly, what is your purpose for wanting to build the house? Raise a family? Vacation home? Investment property? We can build a house for $150,000 and we can make one for $1M+. Yes, they are both houses, but different in so many ways.
You see, not all homes are created equal, and the same goes with the video.
So, how much does a video cost…
Well, you are also going to have to answer a variety of questions to find this out.
What results are you looking to get with this video? How much money are you willing to invest towards getting those results?
Before you go seeking a video agency, you must know these answers to these questions. This will save you and your agency a lot of wasted time. This is similar to discussing a million dollar house when your budget is only $300k. You can hire a recent college grad with a film degree and pay them $500 for a video, or you can partner with a strategic video agency like BTS TV Media that will deliver you results. Three factors impact pricing when working with an agency like BTS TV Media. Cost of goods, profit margin, and value (results, risk mitigation)
Cost of Goods
The bigger the budget, the more of this section we can utilize or scale.
• Creative concept (man hours)
• Script writing
• Research and meetings
• Location scouting and permits
• Video equipment
• Professional crew
• Studio rental, set design, props
• Actors, voice-over, and on-camera talent
• Specialty items, animals, etc.
• Logging of footage, transcription of interviews, testimonials
• Off-line edit or edit decision list
• Production music and stock footage
• Graphics and animations
• Final on-line editing
With any business, there must be a profit margin attached, and this varies for each video company as their experience or brand recognition can play a significant part.
A key factor when working with an agency like BTS TV Media is the time spent on strategy. Strategy turns a video from a cost into an investment by focusing on understanding you, what you offer, and your customers - from that create content that your ideal customer will resonate with. With that being said, if the video being produced will help solve a business problem such as poor performance of a specific product and it was able to increase your conversions and bring in $1M in revenue, wouldn’t that be very valuable to you? The same applies if you need more customers, exposure, clarity, or even risk mitigation such as loss of sales, confusion, lower conversions, slow to market, and resources. The peace of mind that it will be done right the first time is what business owners find to be important. When you supplement it with the strategy, it increases the predictability of ROI.
In closing, content can do a lot for your business which is why it’s important to understand that results you're looking for, allocating a realistic budget, and partnering with a video team that gets it. Don't spend money on a video invest it in getting results.