How much will a business video cost? Use the Time:Talents Ratio
The purpose of this post is to provide you with consumer wisdom on the Time:Talents Ratio, which may help you determine how much a business video will cost. If you are a marketing manager, training professional, or business owner and you need to make a video, then this blog is for you.
The cost of a business video is primarily determined by the time and talents needed to execute the type of video you want to create. (learn more about business video types)
Video budgeting is based on the hourly or daily rates for each professional who works on the piece.
When I put a budget together, I am looking at the time it will take each professional to complete their part of the project. So, you might be wondering how I arrive at a number of hours needed for each professional to do an effective job. Well, here is where I ask questions to uncover your need.
Questions I may ask you:
Do you have a budget?
What type of video are you looking to make?
Who is the audience for this project?
What is the purpose of the video?
What are your expected outcomes?
When do you want to deliver it?
I feverishly take notes and ask more questions. Then, I consolidate my notes into a brief that I can present to a producer, scriptwriter, videographer, and editor. I ask each person to share what they think is doable in the allotted time frame.
Questions I ask my professionals:
How long will it take for you to make this?
Can we shoot this in a ½ day, a full day, 3 days, a week, 2 weeks?
How long will it take to edit?
What can we do to make sure the video meets the business need and budget?
What kind of storytelling best fits the need?
After talking with my team, I plug the numbers into my rate sheets and arrive at a budget quote. I present the quote to the client, and we discuss the details. We adjust the scope and budget up or down, and then I present a formal brief and statement of work. Let’s look at how much it may cost to work with professionals.
The professionals who breathe life into a business video possess specialized skills that warrant varying rates of pay.
I’ve created a video pro guide that identifies 18 types of professionals who may work on your business video. The guide provides a short definition of roles, aliases, whether they work in pre/pro/post-production (see below for definitions), and a range of rates you can expect to pay (based on the Cleveland area). Keep in mind, some pros may do more than one job; for example, a camera operator may also edit video, or a producer may also excel at scriptwriting.
So let’s review . . .
Buying video is a process:
- Qualify your vendor
- Will they be a good partner?
- Is their comparable work suitable to my needs?
- Are they business saavy enough to help me?
- Are they excellent project managers?
- Know the answers to these questions
- What type of video are you looking to make?
- Do you have a budget?
- Who is the audience for this project?
- What is the purpose of the video?
- What are your expected outcomes?
- When do you want to deliver it by?
- Understand the Time & Talent correlation
- Video is quoted by the time it takes various professionals to complete the project.
- Each pro is paid an hourly or daily rate.
Hopefully, I have provided you with some useful knowledge as you prepare to buy video production services.
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