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Don’t Blow Through Your Video Production Budget: 8 Insider Tips
WHAT MARKETERS NEED TO KNOW
DigiNovations
Video content is a must-have for today’s content marketing campaigns.
But sometimes, video projects don’t stay within budgets.
Usually, it’s for the same UNNECESSARY reasons.
How can you keep your video production budget under control?
Here are 8 tips - based on our experience creating 2,000+ videos over 15+ years - to keep your video projects within budget.
#1 Set a realistic budget
What’s the RIGHT way? Ask trusted video professionals.
The WRONG way to budget for your video is to pick a number because “it seems about right.”
How do you do that?
First, find video experts on Google
Also, ask friends and colleagues for referrals
Then, describe your project and ask for a ballpark price
Redefine what you want so it costs less Adjust your budget upwards
If the numbers you get from video experts are consistently higher than what you want to pay, you have only two options:
Setting an unrealistic budget can lead you to choose an unsuitable vendor, which may result in a poorly-executed video. Which will cost money to fix or replace.
Setting a realistic budget positions your project for success.
#2 Resist the urge to
cheap out
We all find a low price irresistible…. …and then we lament the lack of quality.
Two things can happen if you cheap out by choosing the lowest bidder - just because you want the lowest price :
1. You’ll have to pay extra to have your video fixed
2. If it can’t be salvaged, you’ll have to pay someone else to make another video from scratch
If the quality of your video is important because it reflects on the quality of your brand, go with the vendor:
Whose work you like Who has lots of experience Who has done similar work Who understands your vision Who is clearly a good fit
But if you give in to the impulse to cheap out, you run the risk of seriously busting your budget.
If that happens to be the lowest bidder, great.
#3 Make sure you have the
time and the focus you need
To stay within your budget, you need to be engaged in the process of creating your video.
You will need to:
Help your producer understand what you want to accomplish
Collaborate on the script and storyboard
Give feedback at various points during the process
Approve creative decisions
If you don’t have the time or the bandwidth to fully engage, shelve your project until you do.
Otherwise, you may end up with a video that needs fixing (for extra money).
Or, you may wind up with a video you can’t use at all. Which means money down the drain.
#4 Be honest and open with your producer
Your video team are experts. It’s their job to fine-tune your video plan – for production, for hosting and for distribution – to make sure your video will give you maximum performance toward your goals.
Your goals Your audience Your business Your product Your market
To do this, they need to understand:
If you’re not willing to share this information, your video team can’t do the best job possible…
…and you can wind up with a video that underperforms, requires fixes, or (worst case) can’t be used at all.
Then you’ll have to pay for fixes, or pay for a whole new video.
#5 Actively participate
in the creative process
Sometimes people don’t want to give input until they see a draft.
Then they can see what they like, and what they don’t.
This is a very expensive, budget-busting to make a video.
DON’T be scared by the term ‘creative input.’
All it means is that you’ll work with your producer to develop the content and style of your video.
Your producer will do most of the work. What they need from you is direction and concept approval.
Being clear about your preferences will help your video production company deliver a video that’s close to perfect.
AND you’ll stay within your budget.
#6 Pay attention to
scheduling
Careful scheduling means making sure your filming schedule maximizes your video crew’s time.
Why? Because you want your crew to accomplish everything that’s in the budget within the budgeted time.
If, for example, you schedule filming on a day Robert isn’t available, but you need Robert to be filmed, you’ll have to pay your video crew to come back to film him on a different day.
Careful scheduling will help you get everything done within budget.
#7 Manage your
decision-makers
Editing costs money.
Your video production company can’t stay within budget if they can’t control edit hours.
That’s why most video production contracts include a limited number of edit rounds.
Make sure all of your decision-makers weigh in before you send your list of
changes to your editor.
If you send a separate list of changes for each decision-maker, you’re looking at many more edit rounds.
If your edit rounds are limited, you’ll have to pay for those extra rounds above and beyond your budget.
#8 Make sure everything
you need is included in the agreement
Your agreement will spell out exactly what’s included in the price.
Examples :
One filming day, one camera
Basic lower third titles
Static slate opening & ending
One video, approx. 2 minutes long
Before you sign the agreement, make sure it includes exactly what you need.
Because your video production company is only obligated to deliver what’s in your agreement.
Examples of often-forgotten extras :
Additional versions for social media
A version with no sound for trade shows
Photographs
Animated logos, openings & endings
If it’s not in the agreement, it’s not included in the price. It will cost you more.
Congratulations - now you know how to keep your video projects within budget.
For more great video production and video marketing information, follow us on social media or sign up for our blog.
www.diginovations.com info@diginovations.com 978.429.8692
DigiNovations is an 11-person, award-winning video production company located near Boston, Massachusetts. We create video for corporate, nonprofit and academic clients in Boston and
around the world.
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