Budget is an integral part of a video marketing plan. Set up your budget right from the very start and every other component of the video marketing process will go smoothly – be it shooting schedule, making the correct production decisions, or avoiding cost overruns that may put a stop filming.
Besides, the budget determines just about every aspect of video production – how experienced your cast is, how advanced your video cameras are, how good the quality of your videos are, and so forth.
However, remember – different videos have their distinct needs in terms of funds. Take for example videos which require many actors or have detailed graphics; they tend to cost a little bit more than the others.
With that being said, let us get started on the factors you should take note of to put together an accurate video production budget!
Think about your crew first
How many people are to feature in the video? Think long and hard before you rope in your crew; too little and you’ll have a lack of manpower, too many and you’ll end up overshooting your financial ability.
Depending on the role someone plays in the video – his or her cost differs. For instance, the salary of a renowned lead actor is bound to cost more than one of the extras appearing in the video.
This is why concrete planning is important before the shoot – every aspect falls into place naturally.
Equipment and quality go hand in hand with one another.
In other words, the more advanced the equipment – the better the quality of the video. (Still, don’t forget that other factors like your plot and editing skills play a part too!)
Video equipment stretches far from just the camera or boom mic alone. Think of the rails and costumes that the crew will wear during the shoot too; all of these should feature in the budget for everything to be a success.
Choice of cast
When we said that casting may cost you heaps of money – we weren’t kidding.
If you’re a fan of silly comedy packed with tons of action – there’s always one actor who stars as the lead and causes everyone to roar with laugher each time he appears on the screen. Are you thinking what we’re thinking? (Hint: he’s a muscular bald hunk)
Still don’t have anyone in mind?
Well, guess we have to let the cat out of the bag – it is none other than Mr Dwayne Johnson himself!
According to Forbes, he bags home 15% of box office from franchise films he features in and receives a whopping $700,000 for every episode in HBO’s “Ballers”. (Guess that’s why he’s starring the film, huh?) He was even given $23.5 million for Jumanji: The Next Level.
Alright, you probably won’t be hiring Dwayne Johnson anytime soon – but we hope you get the point. Whoever you select as your cast will affect your total budget. Hiring Hollywood stars is a tad implausible – but not influencers.
Influencers and Youtube stars do well with the local community – they are able to attract many viewers (or even customers) with their strong following and reach on social media. Fans of theirs will click on the video immediately just to take a look at their favourite influencers, and while they’re at it – they’ll take notice of your brand as well!
Editing of the video
Video editing is tough work, particularly for animation video production – it takes a professional to edit a video to perfection.
Especially if you’re planning to do an animation video, the editor must have the skills to draw in 2D or use Computer-generated imagery (CGI) properly. In other words, it’s crucial to select a professional firm that can do video editing exceptionally.
It would be best if you picked a firm that has experience with video marketing as well. Post-production is an important aspect, which many people fail to remember.
Generally, the cost varies for each video production firm. However, the standard charges for editing video services will depend on the amount of time taken and the resources used up.
Don’t rush into the video production process immediately – remember, planning matters a whole lot. Miss out on one aspect and you’ll end up coughing up extra costs when you least expect to.