by Craig Colby
Now that you’ve decided to make a business video, you have to make an even more difficult decision—how much to spend on it. So, how much should you spend? How long is a piece of string? Yes, it depends on a lot of factors. But don't worry, I’ve got some guidelines to help you navigate this big decision.
assumptions
I was always taught to start budgeting with assumptions. So, let’s assume you’re making a business video that’s less than two minutes long, with two people talking, and shot in one location. You should be able to accomplish this with a small crew: one camera operator (with two cameras), an audio person, and your producer/director. You’ll need about a week of editing and should get two rounds of feedback. Will there be one fixed cost for this? Nope! It really depends on who you hire.
What Can You Expect at Different Price Ranges?
$1,500-$5,000
At this price point, you’ll be working with a freelancer or a solopreneur who will likely shoot, direct, and edit themselves. You’ll save money, but these are three different jobs, and not many people excel at all of them. The lower the price, the less experienced they’ll likely be. At the higher end of this range, you might get someone with specialized talent in either camera work or editing. It will look nice but will be a basic production. This could be perfect if that’s what you need.
$5,000-$12,000
Here, you're dealing with a mid-size agency with specialists in each area. You’ll get more experience, more hand-holding, and probably more rounds of feedback until you’re happy with the final product. At the top end of this range, you can expect music and limited motion graphics as well.
$12,000-$15,000+
High-end, full-service production companies will charge you in this range. You will have more involved pre-production meetings, and the shoot will be meticulously planned. You’ll have a designated audio person, hair and makeup, full lighting, and a specialized director. For this price, you can get an actor to present as well. There will probably be a craft table, which is nice. The experience will make you feel big time and your final product will be polished. Music and motion graphics are a given.
My services typically fall into the last two categories; however, I’m happy to recommend someone for the first option if you need that.
So, How Much Should You Spend?
As much as you can. The video you make will be your calling card. It will sit on the front page of your website and likely be pinned to the top of your social media. People will decide if they want to meet you based on this video. It establishes your value. In fact, 87% of consumers in a recent survey said that the quality of a video influences their opinion of a brand. Make a good impression.
If you’re deciding what to spend on your business video, let’s have a conversation. I can get you there.
Craig Colby is a television executive producer, producer, director, writer and story editor. He runs a storytelling consulting and production service.
Craig is also the author of the multiple award winning ALL CAPS: Stories That Justify an Outrageous Hat Collection.