Over the last few years, video has become one of the most powerful marketing tools. Several surveys have stated that most consumers prefer to learn about a product or service through video rather than text. Hence, many companies have decided to invest in promotional video production.
Many internal marketing teams lack the expertise needed to produce a high-end promotional video. Thus, they contact video production companies like ‘Impress Video’ to assist them in the video production process. What we have found is that the first question people ask is: How much does the promotional video cost? And the answer depends on a few key factors.
A promotional video can cost anywhere from £500 to £50,000. We know that’s a big range, but several factors have to be taken into account to narrow it down. Here in this blog we’re going to outline some of the factors that alter the cost of promotional videos.
Factors that affect the cost of Promotional Videos
Type of video
The cost of video production depends on the type of video you want to produce (2D animated video, 3D animated video, corporate video, event video…). Those videos that require more expertise and professional skills, are more expensive. Briefly, the higher the quality of the video, the higher the cost.
Pre-production and planning time
Scripting, finding the right location, getting permits and scheduling shoots will take time and budget. If your script changes at some point, your video production cost will likely change too.
The costs of the production crew will depend on their location and experience. If you don’t hire a local production crew, you will have to add up transport and accommodation costs to your total costs. Simultaneously, those companies that have a lot of years of experience and that have produced videos for well-known companies are usually more expensive.
You can use your own office or hire a facility. Although it may be just for one day, renting a facility will increase your production cost, especially if it is located in another city as you may have to pay for transportation costs too.
To produce a promotional video you need specific equipment (cameras, lights, microphones, memory cards…). The quality of that equipment will have an impact on the final cost. In addition, using cooler gadgets like drones, 360-degree cameras, or tripods will further increase the production cost.
When producing a promotional video, you have to decide who is going to represent your company. You can use your employees or hire actors. Hiring actors will raise your video production costs. How much it raises the cost will depend on the expertise and location of the actors.
Music and VoiceOver
While the cost of the voice-over will depend on the experience of the voice artist, how much you pay for the music will depend on whether you use an existing track or pay for custom audio.
The number of filming days
Your production costs will go up with more shooting days, especially if you hire facilities or actors.
Editing, colouring, mixing sounds and adding visual and sound effects will also take time and budget. How much is spent here will depend on the type of video chosen.
3 tips to save money
We know that producing a promotional video requires a high investment. Thus, we thought it would be a good idea to share some video production money-saving tips with you:
- Write a clear and detailed brief. Make sure everyone knows what to do during the production day. This will help you save time and money.
- Be flexible. Certain shoots may take longer or cost more than expected. If that’s the case be flexible and make changes in the following shoots to ensure the video stays on time and budget.
- Use your own resources. There is no need to hire actors or facilities for the promotional video. Use your own offices and employees. I’m sure most of them will love to participate.
After reading this blog you may have a better understanding of the factors that impact the cost of a promotional video. Should you have any questions, don’t hesitate to contact us.
Thank you for reading,