Often times folks newer to video think that because we have a ton of higher profile brands on our website, that they won’t be able to afford us. That’s not certainly not the case, but it is certainly a common concern. I mean, considering that the average Super Bowl ad costs $5.5 million, it’s no wonder our clients fear the cost of video.
I’m not here to tell you that video is cheap, but the good news is that the old way of thinking – that video is crazy expensive – is quickly becoming outdated. Investing in good video production for your company can be just as affordable as investing in any other marketing solution. It simply depends on your needs and who you partner with to create the video content that puts your brand on the map.
We figured that since many of us are consistently debunking the myths about the cost of a video, we thought we’d take a second to address some of those misconceptions head on.
Myth #1: “Video is Expensive!”
Let’s start here. The cost of video production is similar to the cost of buying a car, it all depends on your needs. Often it comes down to how much you need your video production company to take off your plate. Unfortunately, creating a proposal is simply not a one-size-fits-all pricing model.
To better understand what can drive the prices of video production up, let’s take a look at the factors that influence price. We’ll break those down in terms of the different phases of a typical video project.
Don’t get me wrong, even by addressing all of the thoughts above, you can still develop a crazy expensive video. But it doesn’t have to be.
Myth #2: “My phone takes amazing videos… Video Should be crazy cheap”
The way you feel about watching your brother-in-law’s shaky vacation footage from the cruise he went on last year, is the same way consumers feel about watching your company’s recruitment video filmed on the marketing coordinator’s iPhone. Bored, a little sick, and annoyed that you are wasting time watching a pointless video.
When you pay for a professional production company to create video for your brand, you are investing in the full process of research, writing, editing, and distribution. So to debunk this myth, good video production will never be free.
Myth #3: “All Proposals are Created Equal”
When potential clients approach 522 Productions with an RFP, many of them assume all proposals will be comparable in terms of hours, equipment, shooting locations, and editing. I wish that were the case.
Our Director of Business Development puts it this way: Comparing proposals is like comparing apples to, well… apples. There are over 100 different types of apples, each has different qualities, is grown differently, tastes different, and is harvested differently. The same goes for video proposals – every production company will be looking at your project differently, with a different understanding as to what exactly your project needs. One proposal might include time for script writing, concept development, a second camera, and voice-over narration, while other proposals might not.
If you can, try to compare everything on a level playing field. Get an understanding of what each video production company will provide at each phase of the project.
Here are a few things compare when reviewing proposals:
The bottom line is, that every project is unique. Sure, there are many consistencies. But there are a lot of variables, too. Just make sure that you compare quotes equally, otherwise you might not realize how little or how much your production company will provide you.
Want to learn more? Download our ebook on the ROI of video.