If you’re into marketing, then making quality video content should top your to-do list in 2019.
Creating amazing promotional video content provides a fantastic opportunity for marketers to increase conversion and connect better with their audience. As is very evident by recent video stats which you might already be aware of, video content creation and consumption is at an all-time high. Search engines are also rewarding web pages with quality video content. If you haven’t taken your marketing visual already, then you’re very late to the party.
But again, how do you set up your own marketing team to come up with creative and engaging video content? Well, there are two major solutions to kickstarting your video production; 1) setting up your own in-house video production team, or 2) Outsourcing to a separate and dedicated video production agency.
However, the crucial question here is which of the two aforementioned options are right for you? More importantly, under which circumstances are either of them preferable and how much do they cost?
Pros:
While you may still need to directly contact a video producer for answers to particular questions or inquires, I hope that this post sheds some light on how much you need to budget for a video production and the entire concept behind producing one and the main factors that determine the costs. In addition, this post will reveal a fair estimate of the cost of a top quality 1 – 2 minutes video production.
If you would prefer to get right straight into it, then check out this infographic made by the Make a Video Hub team.
![How Much Does a Video Cost in 2019? [Infographic]](https://i.imgur.com/9U0guR0.png)
The Basic Video Equipment Your Team Will Need:
Our sincere advice, avoid trying to cut corners or compromise in a bid to drive down the cost on any of the above listed items! Kindly go for the highest possible camera, lighting and microphone that your budget can accommodate.
There are four stages typically associated with the conceptualization and actual creation of a video; Planning, Pre-Production, Video Shoot and Post-Production. Stages one and two (Planning and Pre-Production) is where all the initial coordination, planning and decision making happens. Stage three (Video Shoot) is the moment where the camera captures all the moments you choose to record. While the final stage, Post Production, is where all the visuals of stage three is pieced together to form the final high-quality video content.
The actual cost of any video production will depend on both the production company you hire and the production method. Below are some crucial factors to keep in mind:
Video Type: Obviously, the cost of your video production will be mainly decided by the kind of video you need. This entails video quality, length, props etc.
Length: The longer the duration, the more it costs.
Crew: Some of the factors that determine crew pay includes their experience, market, gear and region. If you need advanced video shooting equipment then you’re going to have to pay premium price.
Timeline: Most videographers will typically charge you per day or hour. Therefore, the longer the shoot, the more the cost.
Equipment: Even when they don’t have to, videographers will not miss the chance to include the cost of renting an equipment. This is commonly part of their rate and it helps them to maintain and recoup the initial cost of their equipment.
Travel Costs: The amount of money spent on shuttling your crew to the production location can be as expensive as the entire production itself. Apart from just the transportation costs, feeding and accommodation are also included in travel expenses.
Post Production: Nearly the same amount of effort that is channeled towards production is same for post-production. So, don’t forget to factor this into your budget.
Read Next: How To Export Your Videos Properly For Social Media Platforms (including, YouTube, Facebook, Instagram and more)
Creating amazing promotional video content provides a fantastic opportunity for marketers to increase conversion and connect better with their audience. As is very evident by recent video stats which you might already be aware of, video content creation and consumption is at an all-time high. Search engines are also rewarding web pages with quality video content. If you haven’t taken your marketing visual already, then you’re very late to the party.
But again, how do you set up your own marketing team to come up with creative and engaging video content? Well, there are two major solutions to kickstarting your video production; 1) setting up your own in-house video production team, or 2) Outsourcing to a separate and dedicated video production agency.
However, the crucial question here is which of the two aforementioned options are right for you? More importantly, under which circumstances are either of them preferable and how much do they cost?
Video Strategy: In-House Or Outsource?
As you weigh up the option of whether to go in-house or outsource, let’s consider the pros and cons involved with both options.In-House Video Production
Pros:- Direct control of daily activities
- Availability of lighting, cameras, studio equipment and your entire production team on site when needed.
- Most of the creative process is decided in-house and is dictated solely by the company.
- Total control over deadlines and targets.
- High initial start-up capital requirement. Cost of camera, lighting and other studio equipment.
- Subsequent cost of maintaining and updating equipment
- New recruitment – your in-house team will most likely lack video production experience.
- Additional marketing costs in forms of salaries, staff support, etc.
Bottom Line:
Assembling an in-house video production team is usually not economical for most companies, once you factor in the cost of hiring new staff and purchasing video equipment. Hiring can also be tough to get right. While you may be able to assemble a team of good cameramen and video editors, it may take many months and even years before they can develop the flair, creative edge and experience that established video directors can right-away add to your project. Again, creating your own video production team translates to working with the same group of people on different projects all year long. This can douse the creative process, cause fatigue and lead to a lack of new ideas and concepts for your video projects.Pros & Cons of Outsourcing
Conversely, let’s consider the pros and cons of outsourcing your video production needs.Pros:
- No upfront cost or capital needed to purchase video production equipment
- The opportunity to choose between a wide range of quality cameras, props and video gear.
- The ability to have unique, impartial and new ideas and concepts for your projects.
- Deep insights and adoption of some of the latest and trending video production techniques and post-production options.
- The chance to have a fresh set of ideas and props for various projects.
- A significant amount of time is required to both interview and find the right video agency for your firm.
- Time involved in negotiating budget, timelines and deadlines for projects.
- Travel and time spent on off site production or video shooting.
- Increased total cost for services rendered
- More time required to actually form a real business and working relationship with your new video production agency.
- The time lapse between coming up with an inspiring video concept and organizing its video production.
Bottom Line:
Several video directors and producers are seasoned and experienced experts in their field and have a unique ability and skill for producing top-quality video marketing content. Additionally, they work with a range of businesses and brands and offer new perspective and ideas that your own production team may be oblivious of. This small extra detail can be the difference between a great commercial video campaign and a very average one. However, if you don’t have the luxury of time, then perhaps you should overlook outsourcing. Scheduling, interviews, negotiations and other series of meeting about props, sets and concept can get very lengthy and frustrating, especially for companies on a lean budget and strict deadline.Analyzing Your Video Production Cost
Placing a definite price on video production is tricky. Go ahead and infer from an expert in the industry and the common answer you would get is…. It depends. Of course, that answer isn’t going to help you figure out how much budgeting you need when you have an urgent video production project.While you may still need to directly contact a video producer for answers to particular questions or inquires, I hope that this post sheds some light on how much you need to budget for a video production and the entire concept behind producing one and the main factors that determine the costs. In addition, this post will reveal a fair estimate of the cost of a top quality 1 – 2 minutes video production.
If you would prefer to get right straight into it, then check out this infographic made by the Make a Video Hub team.
Do it Yourself (DIY) Costs
Owing to the rise of inexpensive and simple to use video technologies, producing a decent marketing video content is a real option for many companies.The Basic Video Equipment Your Team Will Need:
- Video camera (iPhone or DSLR; $800 to $10,000)
- Tripod ($20-$200)
- Backdrop ($50-$300)
- 3-Point Lighting ($300)
- Lapel Microphone or Rifle Microphone ($140 to $220)
- Editing Software (Final Cut Pro $300)
Our sincere advice, avoid trying to cut corners or compromise in a bid to drive down the cost on any of the above listed items! Kindly go for the highest possible camera, lighting and microphone that your budget can accommodate.
Video Production Costs When Hiring Professionals
Video production entails way more than tapping the record button on a video camera.There are four stages typically associated with the conceptualization and actual creation of a video; Planning, Pre-Production, Video Shoot and Post-Production. Stages one and two (Planning and Pre-Production) is where all the initial coordination, planning and decision making happens. Stage three (Video Shoot) is the moment where the camera captures all the moments you choose to record. While the final stage, Post Production, is where all the visuals of stage three is pieced together to form the final high-quality video content.
The actual cost of any video production will depend on both the production company you hire and the production method. Below are some crucial factors to keep in mind:
Video Type: Obviously, the cost of your video production will be mainly decided by the kind of video you need. This entails video quality, length, props etc.
Length: The longer the duration, the more it costs.
Crew: Some of the factors that determine crew pay includes their experience, market, gear and region. If you need advanced video shooting equipment then you’re going to have to pay premium price.
Timeline: Most videographers will typically charge you per day or hour. Therefore, the longer the shoot, the more the cost.
Equipment: Even when they don’t have to, videographers will not miss the chance to include the cost of renting an equipment. This is commonly part of their rate and it helps them to maintain and recoup the initial cost of their equipment.
Travel Costs: The amount of money spent on shuttling your crew to the production location can be as expensive as the entire production itself. Apart from just the transportation costs, feeding and accommodation are also included in travel expenses.
Post Production: Nearly the same amount of effort that is channeled towards production is same for post-production. So, don’t forget to factor this into your budget.
Read Next: How To Export Your Videos Properly For Social Media Platforms (including, YouTube, Facebook, Instagram and more)