Videos have become a breakout digital marketing method, being the most effective strategy to gain conversions in 2021. According to the latest digital marketing statistics, 88% of marketers have reported a positive ROI from their videos alone.
Great video ads are often short yet entertaining. It needs to be well-thought-out but simple. If your brand is interested in video content, you may know that videos that are 60–90 seconds long still require enough time, effort, and strategy to be successful.
On your own, you can potentially spend $4,000 to $10,000—with labour expenses, equipment, and space rentals. It is also essential to remember video production is a time investment. Two-minute videos take days to produce.
Video production agencies will charge $7,000-$100,000 depending on the video you want. It is at a much higher cost because everything, from equipment to labour costs, is included in their price point. If you find a production company that charges by the hundreds, don’t expect quality work.
Before production can even start, there needs to be proper planning and strategy building involved. You can put pre-production into these two phases.
In this industry, creative ideas aren’t free. Brainstorming for ideas can’t be done in minutes if you want a concept that’s unique, attention-grabbing, and true to your brand’s aesthetic, personality, and message. You would also need to consider creating your video around your budget.
Once an idea is fully formed and proposals have been accepted, then there’s storyboarding to figure out the sequence of how the video appears and creating a shot list to guide the cameraman. If there are studios or outdoor location shoots, you will have to book appointments and acquire the right permits. To make sure everything is ready on the day of shooting, you have to secure these beforehand.
Even before production, there are labour costs to be paid. For a team of three to four people to accomplish this, you’ll need to pay $25-$100 an hour for each person involved.
This is where most of the budget goes. To shoot a great video, you need the right gear and people. Expect to pay $200 - $300 per day, for a single camera kit rental. There are also accessories required, such as tripods and different lenses, which could cost an extra $25 - $100 each. Space rentals and permits will vary depending on where you choose to shoot. A safe budget for that is about $600 a day.
Depending on your concept, the post-production may be the heaviest workload of all. To edit a two-minute video, editors need to go through all the footage and cut it down to ninety seconds. On average, a good and experienced editor earns $39-$85 an hour.
Technology has made video production easier than ever, but it's also raised the bar for what viewers expect to see online. These days it's more important than ever to create video content that stands out and engages your viewers.
But while anyone can press record on a cellphone, not everyone can create a video that will connect with their intended audience. To create a video that people would be excited to see, you can’t cut corners.
Making videos can be expensive and will take a lot of work. If you don’t exactly have a knack for production, then the best thing to do is hire a video production company to take care of it. Mustard Productions is a video agency that can work with your marketing and branding vision to bring your message to life with compelling video content production. Contact us now to get a quote and schedule a meeting!