Video Budget, per finished minute

As VideoWise Group sets out on our journey to create and produce dynamic video content for our clients, we are forced to see how the world of advertising is changing for marketing directors. In fact, some CMO’s are now responsible for producing their own content. So, for our CMO who is bound by this budgetary nightmare, let’s answer the most basic of questions, where do you start?
If I had a Watson, I could say it was elementary (my dear Watson, that is.) The first thing you should have is an idea of your objective for this video. So, the script is a great starting point, however, even before the script you should prepare a creative treatment. In production the creative treatment is the equivalent of the business executive summary. The creative treatment outlines the object, theme and important aspects of the project and will provide your team with enough information about what will take this project to the next level. Budgeting for your production.
I will say that pricing can vary, but remember that you get what you pay for in this industry. A training video, a sales video and a broadcast commercial have very different budgets. Your quality will show up in the final product. Keep in mind that your production is a demonstration of your brand and by “cheaping out” you will also lessen the value of your brand. However, there are some easy ways to keep a project in budget and still get great quality. Lets explore how to create a budget and get the most our of your production. Consider asking yourself the questions below as you develop the budget.

• Do you need help with creative concept development?
• Do you need a script written?
• Do you want storyboards?
• Do we need to hire actors or voice talent?
• Does a set need to be constructed in a studio?
• Do you need makeup?
• Will you be inside or outside?
• Do we need to travel and for how long?
• What format do you want the video shot in?
• What level of postproduction quality are you looking for?
• Do you need additional graphics and animation?
• Do you want stock music or composed music?
• What will be the final output product?

As you develop a budget, keep in mind that the high quality work you are accustomed to watching every night on TV can run from $200,000 to $2,000,000 per finished minute. Now we assume that is not what you will spend, but a good production company will ask many, many more questions before giving you an estimate on what your video will cost. Corporate videos can range from $500 per finished minute to $8,000 per finished minute, in a competitive marketplace.
Before you start budgeting for your next project, give us a call and let us see if we can help provide professionalism and suggestions to work within your budget.