The real cost of Corporate Videos and How to Determine the Price
Corporate videos play a crucial role in showcasing a company’s products, services, and overall brand image. However, they can cost anywhere from £3,000 to £30,000, and determining the price range of an exact corporate video can be tough, as it depends on various factors.
Here in this blog, we explain some of the factors that have an impact on the cost. What’s more, we will provide insights to help you make the most out of your budget. But first, let’s recall why are corporate videos important.
Corporate videos are a great way for businesses to show what they really do. They can show what their products and services are as well as give an insight of their employees, headquarters and their national and global clients.
Having corporate videos helps a company to raise brand awareness and increase understanding about their products and services. In addition, they help them rank higher in Google if optimised for YouTube, as Google rewards those companies with rich content on their websites.
4 Factors that impact the cost of Corporate Videos
1. The Production Company
The experience of the production company you will be using will have a huge impact on the price. If the company doesn’t have an existing portfolio or the experience in dealing with a ‘range’ of corporate video styles, you could find your money being spent on further edits down the road trying to perfect something that confuses all involved. Thus, the more experienced the company is, the more you will get for your budget, the right budget.
In fact, experienced producers might only need two people to shoot a good video. Thus helping you save on time and money. However, this all depends on the scale of the idea and the proposed creative approach for your corporate video.
Most times, production companies use the companies’ offices to film corporate videos. Nevertheless, some creatives might use alternative locations such as studios and or exteriors. If this is the case, the location used may also have an impact on the cost.
Furthermore, a production company may charge travel and accommodation expenses of the crew if the location of the filming is in more than one location, spread across a number of locations.
3. Scripting And Storyboard
Before the corporate video is filmed, the agency will present a treatment (creative visual of the idea) script to the company. It is just to make sure that the idea is in-line with their brand voice, their tone, pace and style. Before presenting any creative ideas, the creative video production agency will do research about what the company does and who their target audience are.
Moreover, they will also present a storyboard/mood board. It is used to show the colours, music styles, actors/people and locations used. Although surprising, you may have already spent thousands of pounds just in the development stage.
4. Filming And Editing
The quality of the equipment used is a major factor affecting the price of a corporate video. High-quality cameras and lightning, which produce a higher quality looking video, will increase the production cost.
Finally, we have the editing stage. Visual effects, music, voice overs and the length of the final product will have an impact on the price of your corporate video. The different formats needed, from embedding online, to presentations and social media will impact the price too.
Considerations for Setting the Price
When deciding on the budget for your corporate video, consider your brand positioning. In a high-end market, your audience will expect a high-quality video. Thus, if you have corporate brand values to sustain but your budget is limited make sure you hire a production company with a high-quality portfolio of work to avoid devaluing your brand positioning.
Hiring a production company like Impress Video, with a strong portfolio and expertise in delivering high-quality videos can help maintain your brand’s reputation.
Effective Costing Tips
Finally, here are some useful tips that will help to ensure you obtain effective costings:
- Use a reference video to get a quick estimate.
- Share your budget. If the production company is unaware of your objectives and your budget, it may propose a good but expensive idea.
- Be open. Although you may have an idea, listen to alternative approaches. At the end, you are hiring an agency because of their creative expertise.
Determining the Price of a Corporate Video
Pricing a corporate video can be challenging due to the unique nature of each project. However, by considering the following questions, you can establish a realistic budget:
- What are your objectives for the video?
- How much are you willing to invest in the production?
- Do you have a list of specific content requirements?
- Will animations or graphic designs be necessary?
- Are you considering 3D animations? (Note that advanced 3D animation techniques can significantly increase costs.)
By answering these questions and collaborating with an experienced creative team, you can create a compelling corporate video that aligns with your goals while optimizing your budget.
It is our hope that after reading this blog you will be more informed about the cost of a corporate video. Should you have any questions, don’t hesitate to get in touch. Thank you for taking the time to read this,
Contact Impress Video now
If you would like to do a Corporate Video with video production and marketing professionals, or any other type of video, we can help you at Impress Video. We make video production for businesses, the ones that impress. Don’t hesitate to contact us here!