Corporate Video Production Costs – How Much is too Much?
If I’ve to pick one of the most asked question I heard during my professional career as a filmmaker, I’d choose this very one:
How much are the corporate video production costs? The only honest answer is: There is no general answer to this.
BUT: We can show you how to determine your unique range of corporate video production costs.
Your business is unique as well as your corporate video production costs plan
Mike, a marketing manager at All You Need Inc., calls: “I’ve an inquiry…” – I already knew the next question. “We’d like to renew our corporate video. We’ve some upcoming events, a product presentation and new social media channels that we’ll like to use the new film for. We’re in contact with different advertising agencies. But I’d like to ask you this: What are the corporate video production costs if we work with you? ”, he asked.
I smiled gently: This is one of the most difficult question when it comes to producing a professional marketing video for small businesses.
“There is no general price tag on corporate video production costs”, I answered honestly. “But there’s an easy way to break down your needs and expectations for the unique corporate video production. If you have a minute?”. “Sure”, Mike said.
Invest in quality and not quantity
Like Mike, most of our clients approach the topic on corporate video production costs by spending less budget on more videos. Instead your tactic should be “How do I get the best possible quality video at my budget?”
There are three reasons for this corporate video tactics:
1. Your business builds a unique and high quality brand image:
Your costumers know how state-of-the-art video looks like these days. By creating lots of low-quality videos, you’ll certainly damage your brand image. You don’t want to risk that. Brightcove assembled interesting numbers on the negative impact of low-quality videos on costumers: 62% of these consumers have a negative brand-impression when watching a low-quality video, while 60% don’t want to engage with the brand anymore and 23% stops making further purchases. As a matter of fact, it would be better not to publish any video at all. So instead of low video content, create a high quality video content, if you want your brand to be recognized as high-quality.
2. You improve your business’ Google rating and profit from the change in purchasing behavior:
Your business’ Google rating will rise if the video content meets Google’s high quality standards. Meanwhile, most B2B companies make their purchase decisions based on video content. Surveys confirm that development: Video content is more helpful to 79% of consumers to learn about a product rather than text. Meanwhile, 84% of consumers would rather purchase a product after watching a video about it.
3. Create value for your business and get a return of investment from your corporate video production costs:
If you create a good aging content, your corporate video will give more value over a longer period of time. There is a very easy formula: Video content that lasts longer converts better. Following this strategy, you’re likely to have a return of investment very quickly.
For this, the only thing you’ve to concentrate on is to produce an outstanding and unique corporate video.
How to be creative and still have low corporate video production costs
Billions of hours of video content are uploaded every day. Most of the corporate video content is low-quality. However, the sheer amount of videos that people consume every day makes it hard to stand out of the crowd. To build a lighthouse which shines wide and bright, your corporate video needs three pillars for a strong foundation:
1. An exceptional idea:
Tell an emotional and memorable brand story that your customers can relate to. So doing, you attract you customers and hold them close from the very first second.
2. An engaging concept:
Social Media is a two way street. So your corporate video should exactly be the same. Create a call-to-action concept that gives your customers the chance to engage and follow your story.
3. Powerful and technically high quality pictures:
Like my grandmother used to say: “A magnificent cake doesn’t just taste good. It’s also a feast for the eyes.” If you’ve an exceptional story, produce impressive pictures that explains the story well.
Mike nodded approvingly: “I get your point. Strong corporate storytelling, while creating the highest possible value for our business for a long time. Okay, high quality video, agreed. Does that bring us closer to a price tag on the corporate video production costs?” – “We’ll get there right away”, I replied enthusiastically. “Let’s discover your story first.”
Which story do you want to tell, what format fits the expectations and what’s your budget?
“Let’s start with the first and most important question, Mike: What is your unique business story?”, I asked. I could hear Mike thinking intensively about it.
Then he answered thoughtfully: “You know, the reason why I’m working at All You Need Inc., the reason why everyone in the company is working with passion, is because of Billy, our boss. He’s the heart and soul of this company for many decades now. And I think telling his story, will inspire our customers too.”
I was astonished. “That’s a great story to tell, Mike. And it narrows down the formats and tools one can use to make this story visible. Once we agree on a format, you’ll have a price tag on your corporate video production costs, Mike”, I said. “First, let me tell you about the epic approach.”
The scripted epic history corporate video
“Imagine a masterpiece of a corporate film. A narrator, telling Billy’s story, while we see young Billy’s first steps on white charted territory, determined to change the game. A high end film collage of epic drone footage, emotional close-ups and a heart-warming music score.” I illustrated. Mike listened curiously, so I continued: “We follow All You Need Inc. flourishing and growing until the present day. And finally we ask the question that’s already arising in the viewer’s head: ‘Do you want to be part of the success history?’ “.
Carefully, Mike asked: “Sounds great. And you know what my next question will be, don’t you?” I smiled: “What are the corporate video production costs?” Mike nodded.
“Okay”, I started. “For this extravagant type of corporate video, you definitely need the help of a skilled production agency which will support you by:
- Developing the story and script,
- Casting and booking talents and freelancers that fit the story’s requirements,
- Scouting and booking locations,
- Planning and taking a lead on production and post-production.
If the job is perfectly done, they will deliver a high-end visual product at your satisfaction.
For this production scope, you’re looking at corporate video production costs that ranges from $150.000-250.000. And that’s an average range.”
I could hear Mike sighing. So I jumped in quickly: “No worries, this was only the first option out of three. Let’s move on to a more authentic technique.
The authentic documentary corporate video
“You told me, that Billy’s story should be the core of your corporate film. So why not allow Billy telling his story himself?” I suggested.
“Imagine a documentary-styled corporate video. But this time Billy telling his story. Meanwhile we see young Billy’s first steps on white charted territory not re-enacted but through original footage such as photographs or Super 8mm film. The result will be a high-end film collage of very personal memories, images of your present business, emotional close-ups and a heart-warming music score.” I illustrated.
Even though this is a more authentic non-scripted approach, you would also need support for this type of film for:
- Researching the story and footage archives,
- Booking documentary freelancers that fit the story’s requirements,
- Scouting and booking locations,
- Planning and taking a lead on production and post-production.
Some day rate estimates for your orientation
To make costs more transparent: For this kind of documentary production, you need at least…
…for shooting (day rates):
- Head of Production: $500-700
- Documentary DP (Director of Photography) incl. equipment: $700-1.300
- Drone Operator incl. equipment: $1.200-1.800
- Sound Technician incl. equipment: $600-800
- Gaffer: $500-600
- Grip: $400-500
- Make-up Artist incl. material: $600-1.200
- Additional lighting equipment: $600+
…for post-production (day rates)
- Documentary Editor: $600-800
- Title and Graphic Artist: $500-600
- Composer: $600-1.300
Still to much for your budget – we have an offer you can’t refuse
Summing up, you’ll have corporate video production costs between $50.000-75.000 depending on the amount of shooting and post-production days.” I finally summarized.
I could hear Mike entering the numbers: “That’s a more reasonable price tag in terms of investment returns. But did you mentioned a third option?” – “Yes indeed. And I guess, you’ll be very intrigued by that option, Mike!”
How to use the Long Tail Effect on corporate video production costs by continuing your story
“Mike, there are two things that I realized during our conversation”, I said.
“At the beginning, you talked about events and product presentations you’d like to use the corporate video for. Your customers will be inspired by Billy’s fantastic story. So here is my idea: Wouldn’t it be important to instead use the events and product presentations to continue this very unique story together with your customers?” I brainstormed.
“And at the same time reaching out to even more customers?” Mike agreed: “That would be great. But how?”, “Film it and show it to the world!” I said.
“And spend more budget on the video.” Mike countered.
“That leads me to our last option”, I said.
How to get around agencies and their sky-rocking costs
“I look around and see agencies that can make a supreme offer when it comes to corporate video production costs. But once the budget is approved, they will aim for even more money.” I said
“Agencies will always promise you the moon. But such a promise is quite expensive. You don’t only pay for the great idea and the production costs. They also have to cover their huge overhead expenses out of your production budget. An estimated one third of your budget doesn’t create production value for you, but instead for the agency. I don’t like that”, I told him frankly.
“I’d even go as far as saying: You don’t need an agency for some formats!”
Mike staggered. “So, what are you suggesting? Getting around agencies?” he asked. “Yes.”, I said “And I can even tell you how: We make you the storyteller!”
Get a higher production value out of your corporate video production costs
“I don’t understand”, Mike said.
“Mike, what would you say if I tell you: Yes we create your corporate film together. And adding to that, we enable you and your team to tell your business story further more. You’ll be able to produce high-quality videos for Social Media.”, I suggested
“And you’ll create even more production value out of your costs, by using your knowledge not only on one, but for hundreds of high-quality story videos.”, I said.
Mike thought for a while: “Let me ask you one more thing: Don’t you just cut the bough you’re sitting on?” “Nope”, I said. “Enabling our clients by sharing knowledge is one of our main business goals and an opportunity as well. Since it creates value for our clients! So, what do you say, Mike?”
“Let’s do it!” Mike replied enthusiastically.
“Okay, Mike, here’s how it works…”
Reducing your corporate video production costs by booking the “Smart Video” masterclass
We’ve developed an online masterclass, covering several corporate video production topics such as lighting, shooting and post-production. This masterclass will enable you and your team to script, plan and produce your own corporate videos:
- With affordable equipment
- With 8 minutes and one exercise a day
- And in less than a month you and your team will have your first video in hand, ready to upload online
“Isn’t that a good deal?” I asked.
Mike was thrilled: “Definitely!”
So I added: “And the best thing is: The workshop is very sustainable. Your team’s video production skills are improving even further while they’re producing more and more corporate videos for your business profiles on social media.”
Mike was stunned: “I didn’t expect this outcome. Thanks a lot!”
“You’re welcome!” I nodded.
Agencies demands much and deliver too little – free yourself from that
Agencies concentrate more on their numbers than your needs. They only have their profit in mind. And the best way to raise profit is to duplicate ideas for videos rather than developing something as unique as your business. They earn a fortune by producing the same type of video over and over again.
But you don’t want to throw your money at them.
Instead take a look at our online masterclass “Smart Video”. In this online workshop, we provide you with all the necessary tools to start your own video online marketing today. And the finest thing: Ready to go online, as you already hold your first self-produced business video in hand after the masterclass.
We answer all your questions about lighting, which equipment to use, the filters to put on and how to unleash the full power of your own video marketing right away.
Register now and benefit from our early bird discount
If you, like Mike, want to know more about the online masterclass “Smart Video” we’ve developed and sees the need to free yourself from the grasp of expensive agencies, register here now!