With many corporations seeing the effectiveness of video marketing in capturing audiences and the increase in their return on investment, professional video marketing has quickly become the marketing go-to of all corporations.
To stay ahead of the competition in an ever-changing media landscape where audiences consume video content at unprecedented rates, brands must leverage video advertising. Whether you’re a small-business digital marketer or a large business interested in providing quality content to your clients, you’re probably curious about how much you should expect to spend on corporate video production.
In this article, we’ll discuss the importance of corporate video production and some of the various factors that influence how much it costs to make a video for a brand, product, or service.
Are you a business owner interested in corporate video production to promote your brand and drive sales? Keep reading to learn more about what to expect when creating corporate video projects and how Picturelab can help.
What is Corporate Video Production, and Why Is It Important?
A corporate video aims to increase brand awareness. It is frequently shared on social media and company websites as a way to introduce your company to your target audience. This type of video helps consumers understand your company and its offerings, as well as contributes to your customers’ perceptions of your company.
Rather than promoting your products or services, a branded video highlights your company’s overall brand. It explains what your business is about and can significantly help its success.
People prefer to do business with those they know and trust. Corporate videos are a great way to humanize your brand and build trust with your customers. Consumers have a stronger connection to companies when they understand who they are and what they feel for, and they have an easier time saying no to products when they don’t have any personal connection.
Furthermore, consumers find videos far more appealing than reading through a bunch of paragraphs on a website. Rather than reading text, consumers can learn more about a brand, its personality, and its tone by watching a branded video. Corporate videos also provide customers with a better understanding of your business and help to increase customer loyalty.
Factors That Influence Corporate Video Costs
Video content is the future of digital marketing, and its consumption is at an all-time high. As a result, video production has quickly become an essential component of any business marketing strategy.
While professional video production for your brand does not have to break the bank, there are numerous costs associated with corporate video production rates and costs. Here are some of the most common factors that will determine the cost of your corporate video production:
Quality
The difference in day rate between a low-budget video and an experienced professional will be significant, but so will the difference in quality. While a lack of high-quality video is not always a bad thing, unprofessional branding videos, corporate videos, testimonials, and training videos can erode your credibility, so be cautious when cutting costs on these.
Length
The longer the video, the higher the price. In fact, increasing your run time from two to three minutes can result in a significant cost increase. It’s true that a 3-minute video is only 60 seconds longer than a 2-minute video, but there’s a lot more work that goes into that extra time.
Type
What kind of video do you want to make? A cinematic commercial with actors requires different production skills than an animation video explaining your business. The higher the quality of video you require, the more you can expect to spend. Spend time determining the type of video that will best tell the story of your brand to ensure you are wisely investing your money to create the most engaging result.
Project Timeline
The time it takes to create a corporate video varies depending on the type and quantity of videos required. It’s not uncommon for a company to have an urgent need that necessitates a shorter timeline, but prioritizing your project over another, in this case, will increase the cost. A well-planned timeline and a clear plan will help you avoid unexpected rush fees.
Scope of Video
The scope of the project is frequently the most important factor in determining the cost of a corporate video. It is also the first thing that is usually adjusted to fit better within a given budget. Unsurprisingly, the larger the scope of the corporate video, the higher the cost.
Pre-Production
The pre-production process, which includes scriptwriting, location scouting, and shoot scheduling, can cost both time and money. Scriptwriting services are provided by many production companies, but if you want to save money, write the script in-house. The production company you’ve hired may also be able to provide scriptwriting advice.
Time
Time and day rates are intertwined. Day rates are high because they typically include pre-production and equipment costs. Because most videographers charge by the day, your video production costs will naturally increase as the number of shooting days increases.
Equipment
A videographer will charge you for equipment costs even if they do not need to rent any. However, this is usually included in their daily rate as it helps to protect their expensive equipment while also covering the initial cost of purchasing the gear. Some businesses will add this cost to the total, whereas others may include it in their flat-rate fee, but you may be able to save money by being more flexible with your camera and gear needs.
Post-Production
Editing, feedback, coloring, and grading are all part of the post-production process. Because editors typically specialize in one or the other, you may need to hire someone for editing and someone else for color correction. You’ll also need to budget for a motion graphics designer if you want to elevate your story with design elements.
Trust the Corporate Video Professionals at Picturelab
Are you thinking of producing a corporate video for your brand? Regardless of the goal of your project, this is one of the most effective marketing tools available today that can reach your target audience and build brand recognition. When planning your next video marketing campaign, keep the above production cost factors in mind to help you turn your vision into a reality.
Creating a corporate video for your business can be expensive and time-consuming. Luckily, Picturelab is here to take some of the stress off your shoulders so you can focus on running your business more effectively.
At Picturelab, we understand the science and technology behind professional-level video production and creative services.
Our crew of AFI graduates, creative writers, MFAs, directors, and reliable editors has proudly produced successful advertisements for national, regional, and digital broadcasts. With precise attention to detail and years of experience, our team understands video content from every perspective, and we remain committed to helping our customers with all of their video production and creative needs.
To learn more about our video production and creative services, contact Picturelab today!