Video Production – How to Work Out A Budget

Video production should be a core part of your marketing strategy today. Whatever type of business you are running, you have to harness the power of visual content on the internet platform. A recent survey shows that an average user spends over 16 minutes watching online ads every month. According to Dr. James McQuivey, a one-minute video is equivalent to 1 million words again highlighting how effective this type of content is.

Visual content has the best ROI among the digital marketing techniques. It boosts conversion, improves your site's ranking on search engine result pages (SERPs) for ranking keywords and boosts traffic to the site. As more users are inclining to watching and sharing promotional ads, your brand's visibility will increase and customers will tend to trust you more than your competition.

Creating a Video Production Budget

It is likely your business is facing increased competition and as such, you have to enhance your advertising efforts. Creating an in-house film is cost and time consuming and you may end up creating a low quality product. This is where video production companies come into play by bringing on board technical expertise and equipment to get the job done.

For the best outcomes in this project, you have to figure out the costs. A well planned budget means every aspect of the project receives equal attention for consistent high quality. Better still, you are assured that there will not be an overrun in the budget, which could ruin the quality of film and also lose you money.

The most common payment structures include hourly and daily rates. It is not easy to determine, say how much a 2 minute production will cost because there are some factors that will vary. The following aspects are considered by video production companies when figuring out the budget of the entire project:

  1. Concept planning: A concept meeting will be called between the company and your team to get everyone on the same page. For instance, producers have to understand the goals, subject matter, and coordination required among other issues.
  2. Preparation phase: Issues such as creating a script, interview questions, preparation of equipment, auditioning among others are covered.
  3. Actual shooting: This takes the hog of the cost allocation and includes studio hire, traveling expenses and hospitality among others. Location hire and permit fees will also be included here.
  4. Editing: This step in production does not receive a lot of attention yet it is the most crucial. A lot of work including adding voiceovers, editing visuals and audio, graphics and animations among other tasks are involved. It will also include wrap where the digital files are created.

These steps are universal and most companies by by them. The scope of your project however, will differ and this is what will help determine your video's budget.

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