Updated: Mar 18, 2021
Video budgets range so how can you know what to expect?
Rarely do you see fixed prices for video. Why? Because there are so many variables involved.
While I can’t tell you right away what any given project will cost, these simple tips can help you approach this problem so you’ll be able to create a video that serves your needs within your budget every time.
Tip #1: Be clear on budget.
If you have a fixed budget, communicate that to your production company up front. Us producers can help you match budget to expectations. Our philosophy at Izo is to get you the most value for your budget, no matter what it is. We want you walking away happy so the next time you need visual content we can work together again and I’m guessing that most production companies worth their salt have a similar way of operating. That doesn’t mean we’re going to give up the store (we still have bills to pay and families to take care of) but it means you’ll get your money’s worth every time.
Tip #2: Think about what you’re hiring for.
You might approach a production company with a vague idea in mind, but no plan yet as to how to pull it off, or you might have your production fully planned (creatively and logistically) and are just looking to hire a crew to light and shoot your project. Most production companies, Izo Creative included, are set up to help with either or anything in between, but these scenarios would have different budgets. In the first, where the idea is not developed yet, you’d be paying for all the time and creativity that goes into researching your audience and designing media to reach them. Then we have to hire crew & talent (actors, performers or voice over artists) if necessary, or develop documentary style stories that fit your purpose. This is all worthwhile, as it means a much more effective video at the end of the day, but does add time and cost. In the second scenario, where the shoot is planned, you’ve essentially pre-paid your staff (or yourself) to do all of the development and pre-production work. In the real world, there is almost always some creative and logistical organizing that needs to be done, even if you come in with a strong plan. That leads us to our next tip.
Tip #3: You don’t need a clear vision, but you need a clear purpose.
Come to your first meeting with a production company with a clear purpose. You should be able to answer the question, “Why are we making this?” The more we understand why, the more effective our content will be. As we discussed in Tip #2, production companies can help you with just about every other aspect of making your video, from researching audiences, finding the perfect subject for your authentic documentary style testimonial, creative concepting, but we can’t determine the purpose for you. Okay, but how does this impact the budget? If you come to us with a proposed budget and a purpose, we can almost always design content that will fit your needs.
Tip #4: Keep in mind that there are some hard costs...but we can always problem solve.
Yes, I know I just said we can almost always design content that will fit your needs, but if there are specific things that must be included in your project, those often come with fixed costs. For example, if your company wants to initiate a campaign where real users of your product share their stories about how it changed their live by creating an authentic documentary style testimonial where we interview our chosen subject in person and include shots of them using the product, that means we need to send crew out to accomplish that. If your budget is $1000, we can’t make that happen. However, that doesn’t mean we can’t create content to match the purpose (to initiate a campaign encouraging users to tell their stories). We’d have to problem solve and pursue alternative means of production. In other words, we’d have to get creative.