One size doesn’t fit all in video marketing, and that is especially true when we talk about budgets. There are important factors that affect the cost of videos, and you should keep those in mind if you’re looking to use videos for your business now and in the future.
These are the things we’ll look into in this post:
- Why are scripting sessions important in the video creation process?
- Are complex videos more expensive? Why?
- Do you have a choice when it comes to the style of the video?
- Do you have to pay for background music and other audio files?
- How do revisions affect the cost of video production?
Let’s get started.
8 Important Factors That Affect the Cost of Your Videos
One of the major causes of business failure is not allocating resources properly. Business owners tend to spend too much in the beginning, thinking that the more money spent, the faster it will be to achieve success. But that’s a misconception!
The truth is, you’ll be able to achieve your goals faster if you choose the right people, implement the right strategies, and be as resourceful as possible right from the start!
The success of your video marketing doesn’t depend on the amount you paid the video professionals. Have any of your customers asked about the cost of your videos? Or whether or not the graphic designer you hired to create ads for your business is one of the best in the world?
People care about the prices of your products and services, but they couldn’t care less about the cost of your ads. With that being said, be smart with your money, and don’t forget these factors that affect the cost of videos when doing so!
1. Length of the Video
The longer the video, the more hours are needed to finish it. If the video professionals charge on a per-hour basis and you have a very limited budget, this is something that you should think about. The good thing is, shorter videos generally perform better than longer ones!
People have short attention spans and are impatient, so many of them are more likely to respond positively to shorter videos. But thatโs not to say that lengthy videos are bad for your business. There are videos that must be lengthy to be effective, and one example is a tutorial video.
But if the purpose of the video is to promote your products, your business, or yourself, a lot more people will watch the video up to the end if it is short. Less than two minutes, perhaps.
2. Simplicity or Complexity of the Video
Simple videos are less expensive than complex ones because, basically, simple videos are easier to make and can be done within a shorter period. There are fewer elements involved, too, and those elements usually arenโt even costly.
The simplicity or complexity of the video has an effect on the success or failure of your marketing. The thing is, if your video is too complex, your audience may misunderstand you. If itโs too simple, they may not see the message.
Having said that, donโt focus too much on making the video simple or complex. The most important thing is to be clear.
3. Scripting Hours
You might be thinking that a script isnโt necessary when creating a video, but anything without a good foundation will easily collapse. Most of the things involved in video creation (the length of the video, the visual elements, the overall message of the video) are based on the script.
That said, without a script, the designers and the video editors would have a hard time working on the video. It would be almost impossible to get things done right because thereโs a lack of direction and everything is all over the place!
So have a scripting session with the video marketing agency before anything else. Hereโs a free scripting session for you if you want to try it!
4. How Long It Will Take to Finish the Video
Simply put, the number of hours the video professionals will have to spend to finish the video. This depends on the hourly rate of the video editor or video agency. Letโs say that it took them 9 hours to finish the video. If their hourly rate is $60, then simply multiply 9 by $60. Thatโs $540.
Some charge less while some charge more, so it just depends on your budget. Those who charge less arenโt necessarily less experienced and less skilled than the expensive ones. If you do your due diligence, youโll be able to find great agencies that are also great for your budget.
Check out our rates and packages here!
5. Revision Hours
Requesting changes is okay, but you have to keep in mind that every minute counts even when it comes to revisions. The revision hours are included in the total number of hours that will be determined once the video is finished, and how much depends on the hourly rate mentioned above.
Be careful when asking for revisions so you donโt get shocked once you receive the invoice!
6. Animation? Stock Footage? Filming?
If you want an animated video, you will have to pay the illustrators, the animators, and/or the motion graphics designers. If you want your video to be 100% stock footage, you will need to buy quality stock footage. If you want custom footage, you will have to pay the videographers.
Stock footage is the way to go if you are on a very tight budget because you can get some for free. However, it is not the best choice if you want to delight your audience.
7. Costs of Voiceover and Background Music
A video that has no sounds wonโt do your business any good because even though many of your audience only read subtitles, they will still be disappointed if you donโt add even simple background music to the video.
A voiceover is an option, but the background music must be included in the video because that has a huge impact on how your audience will respond to the video. Music sets the mood and lets the audience know what to feel, so without it, your audience would feel nothing.
You canโt just use any music as the background music, especially if it is a popular song, because copyright is an issue here. You might have to deal with some legal stuff if you did that.
8. Other Costs
Some things and situations just donโt go according to the plan, so you should remain open and set aside extra money for unexpected expenses. Those unexpected expenses vary depending on the situation, but one good example is bringing in a freelancer who will work on the additional illustrations that the in-house illustrator canโt do.
Conclusion
Itโs true that youโll be able to generate more if you spend more, but thatโs if you execute the right strategy alongside it. If you spend and spend without even thinking whether you are doing the right thing, you are digging your own grave!
The factors that affect the cost of videos are things that all businesses and video marketers should look into before embarking on video marketing, and thereโs no surprising reason. Obviously, wasting money is one of the mistakes that can make a business collapse.
Here are some of those factors:
- Length of the video
- Simplicity or complexity of the video
- Scripting hours
- How long it will take to finish the video
- Revision hours
- Animation? Stock footage? Filming?
- Costs of voiceover and background music
- Other costs
As mentioned earlier, having a good script can make the video production process easier and faster, which is why the scripting session comes before anything else. Take advantage of this opportunity to create a script with our team for free! Click here and schedule an appointment if youโre interested in having a scripting session with us!