The question “How much does video cost?” is difficult to answer, but read on and I promise you’ll have a better understanding of the financial investment required to make a video. Honestly, there’s no absolute range because every video has an entirely different purpose and it’s not until that purpose has been realized that an accurate scope of the required funds can be determined.
So, when we get asked this question multiple times a day, our answer is always the same: “It depends.” It depends on your end goal. It depends on your intended audience. It depends on the desired quality. Yes, it even depends on your willingness to provide timely feedback. The answer, “it depends” is not a cop-out, but rather a way of ensuring all parties are on the same page in terms of a particular video’s requirements and that there are no financial surprises.
There’s an infinite list of variables that factor into the overall cost of video but if you go into your first meeting with an agency or production company knowing the answers to these questions, you’ll find the answer will come to you a lot quicker and will undoubtedly be more precise.
Start with the “Why?” Why have you decided video is the best medium to help you reach your goals? The truth is, quality video isn’t a small investment. It should be used wisely. It isn’t right for everyone and it doesn’t solve every business problem. When used effectively, though, it can be very powerful.
What are your goals? Consider whom you want to reach and what you ultimately want them to do. The end goal paves the way for the entire process and it’s absolutely impossible to determine necessary production elements and their associated costs without purpose.
Once you have answered these questions an agency or production company should work with you to answer another set of questions that all factor into cost.
- How many shoot days will be needed?
- What is the level of creative?
- Where will it be shot?
- Will professional talent be used?
- What will post production look like?
At the end of the day, it all circles back to goals though. If the goal isn’t specified upfront, the production will be in vain and it won’t matter what the video costs because it will likely be money wasted.
Finally, there are other elements that should be considered when budgeting for a video marketing campaign such as video hosting services, email marketing, pay-per-click and pay-per-impression, media buys, campaign management, and the list goes on and on.
So, you’ve made it to the end and I still haven’t tied a monetary value to the cost of video. Again, I’ll say, ‘it depends,’ but if you must have a dollar amount, here it goes. When potential clients come to Funnelbox to determine if we are within their budget, we tell them that entry level videos range from $15-25K, with our average video costing about $45-55K and going up from there depending on the scope of the project.