How much money should I spend on a video?
Have you ever wondered what is the right price for video content production or how much you should pay for one video -despite how big your company is-? That is a freaky question because most of the professionals will answer: “it depends on _____”, so, I decided to do a deep research to generalize what people actually should pay for a video production job. First, under the premise that if you post your own video (story-telling, explainer, testimonial, reel, promotional, misc, etc.) you will gain brand visibility, get better reputation, increase your inbound traffic attraction, retain customers and get a direct conversion potential, so, start to think that in spite of the cost, it is pretty worthy.
I am sure you have seen “The Amazing Dollar Shave Club explainer video” and how much it gained posting a video of 4500 USD or the company Pebble which showed a wearable (Pebble Time and Time Steel) in Kickstarter raising more than 20 Million USD in 2015 with a video that was produced by no less than 20 thousand USD (exaggerating). Thus, entrepreneurs do not hesitate to produce your own video content, please!
This is a list by rank sorted by quality and price from someone unprofessional to a big crew working in Hollywood:
Do it by yourself, do not requires any professional to produce video content (Read also: how to make a video for your business?), just you and your desire to show yourself on the Internet. It obviously will be free, but do not expect something great.
Requires someone with basic knowledge in video editing software who uses stock videos and does a low post-production. It will look simple and unstylish but if you are low of budget or need an inexpensive video this is your choice, because, you will not spend more than 1000 USD.
Requires someone with some experience or training in recording such a part-time wedding photographer or hobbyist. You will get an improvement in the quality, although do not expect too much. It will be more affordable for your wallet but you will experience no commitment in production and results. The cost may vary between 1600 and 3100 USD.
Requires a solid professional team using professional tools –great equipment- and an average level of time, which traduces that they will spend time from the beginning in order to produce a high-quality video. Talking about benefits, it will get credibility, look cool and depends on the moon it even can become viral (Read also: what do I need to produce a viral video). The cost will not exceed 21000 USD.
Requires top-level talent, high-end tools and more time to the mix to elevate a professional production to something exceptional. You will get a stand-out piece, the quality will be marvelous and it certainly will fit your needs, also, you will have confidence in the team because you know that they are doing their best. The cost will be less than 55000 USD.
This is the last one and not affordable for a small business because you know, this is the highest level, with a crew in the top and very talented. It is suitable for the largest global firms which can spend more than one million producing a video.
And if you still think it might be expensive, think about the next topics that are involved in producing video content: Corporate Video Production Expertise – Concept/Script/Storyboard – Editing/Graphics – Actors/Presenters – Camera – Equipment – Crew – B-Roll/Cut-away shots- Locations and production time – Studio shooting – Set/props/equipment/extras. – Stock Footage – Narration – Audio files – Teleprompter – Geographic Location – Digitizing/transfers/rendering/loading – Length of the Video – Licensing/Union Fees – Direct or Third Party – Interactivity – Hosting – Formats – Language/translation – Miscellaneous fees – Other Costs. So, the conclusion is: if you want video content valuable, you will have to pay for it, otherwise your will only get 2 likes and you will most likely get them from your parents.
The next infographic -designed by Diego Rodriguez and edited by me, Ivan Hernandez– shows fact details in a friendly description of what I said. Take a moment to see values and information that you still do not expect: