Have you ever wondered why despite the numerous and well-broadcasted benefits of video, some marketing teams are still not making the most of its advantages? Case in point:
- By 2019, 80% of the entire consumer internet traffic will be video related.
- Videos can boost the conversion of your landing page by up to 80%
- 90% of customers have testified that video has helped them make important purchase choices.
The reality is, video production is neither an easy task nor an affordable one. A lot of marketing teams try to incorporate video into their marketing efforts but struggle with budgets. And they don’t quite understand the process behind it either. Wondering why? A massive chunk of all the work that goes into making great video content begins before the cameras start rolling. Here, planning, pre-production and logistics all come before the cameras even start to capture anything.
Owing to this, the Make a Video Hub team decided to come up with this comprehensive infographic, which helps you budget and plan for your video production by outlining the process behind video production and crucial factors that affect its cost. Additionally, it also highlights an estimate of how much a 1-2 minutes video would cost depending on its quality.
Have a look at the full infographic below.
WHAT IS THE PROCESS FOR CREATING A VIDEO?
While each video production is unique and will vary based on timeline, budget, style and content, there are still some basic building structures that are universal for any video production that is synonymous with great video producers.
- Plan the concept of the video
- Carefully plan the theme of the video and the raw content it must contain
- Agree on how many on-camera interviews the video will feature; pick interviewees and discuss the logistics and planning behind each interview.
- Create the necessary shot lists
- Prepare and confirm the interview questions
- Prepare equipment test camera, lighting, tripod, storage devices etc.)
- Setting up video/audio/lighting equipment
- Conducting interviews
- Capturing b-roll (supplemental footage inserted as a cutaway to help support the story.)
- Logging interviews
- Producing the final story
- Background music selection
- Video editing
- Reviews, re-edits & approvals
- Final delivery
WHAT AFFECTS VIDEO PRODUCTION COSTS?
Generally, the cost of video production is dependent on a few factors such as video type, duration of the final cut, the production gear needed, shooting location, and if you are looking to add some post-production graphics addition. Most videographers never have standard pricing. Usually, they would first discuss with the client and based on the scope of the work, equipment needed and labor required to adequately make the video, they quote an estimate for the client.
As you would expect, an animation video and an actual video with real actors will vary significantly in price. The kind of video you want to shoot will have a huge say in the budget of the video production. The higher the quality and work needed to go into production, the more money the video will cost.
DURATION OF THE FINAL CUT
The longer the video, the more money and time that goes into its production and the more expensive it becomes. Most internet videos are only a couple of minutes long – however, this is reliant on the purpose and type of the video. For instance, recording the head of a person standing still (less editing) for 10 minutes will be less expensive than a 30-second commercial that involves several actors.
If you happen to be behind the scenes of a television or movie show, you will take notice of all the people that are involved in the background. Most web video production only requires a few hands, typically a couple of persons. However, sometimes more hands and crew are needed depending on the kind of video. For instance, street interviews may comprise of the interviewer, a cameraman and a director. While shooting a video commercial will require more than three persons to help with both planning and logistics.
LOCATION AND PRODUCTION TIMELINE
Where is the shooting location? What is the timeframe for each scene/interview? Single or multiple locations? What are the limitations of each location? Shooting inside or in the open? If in the open, is the weather condition going to matter? If it rains does the plan change? How much does it take to prep the set? Are the locations in one area? And most importantly, what is the timeline for production? Time may never be in abundance, but with excellent planning, you can get a lot done within a short period.
What kind of equipment would your shoot require?
A jib-arm or a track dolly to create a shot with motion? A high-quality field monitor to guide you during the shoot? How about all the audio equipment (mics, booms, etc.) that are needed to capture audio available?
Framing and lighting can make or mar a video. Are your lights good enough for the location you are shooting in? Do you have multiple lenses to create a proper feel for each location – fixed focal length, wide-angle or Cine lenses for shallow depth of field, etc.?
POST-PRODUCTION, GRAPHICS, STOCK FOOTAGE
The editing and post-production process is very detailed. Editing is where you add life to the video – this is where you turn all the various cuts into one beautiful final cohesive cut that powerfully communicates the central theme of the video in a precise and engaging way.
Editors should be the most paid and skilled in the entire production process – although most times this isn’t the case. Stock footage and graphics have been added since its almost impossible not to use them in the editing process.
While some videos are full-blown animated, others require a touch of graphics in a few scenes. Advanced 3D animation can cost a fortune depending on the complexity and length of the project.
Actors, travel logistics, location fees, makeup, and accommodation.
Factoring the above-listed into your plans, there are benchmark price ranges that you can use to plan your budget with. To begin with, most professionally web-based corporate videos will cost around $1,500 to $5,000 for every 1-2 minutes. This figure should give you a reasonable idea of where to start your budgeting and planning from.