How much will a training video cost? Use the Time + Materials Formula
The purpose of this post is to provide you with wisdom on the time + materials formula, which will help you determine how much a training video will cost.
The cost of a training video is primarily determined by the time and materials needed to execute the type of video you want to create.
Training video budgeting is based on the hourly or daily rates for each professional who works on the piece.
When we put a budget together, we are looking at the time it will take each professional to complete their part of the project. So, you might be wondering how we arrive at a number of hours needed for each professional to do an effective job. Well, here is where we ask questions to uncover your need.
Questions you may be asked include:
Do you have a budget?
What type of training video are you looking to make?
Who is the audience for this project?
What are the video’s learning objectives?
When do you want to deliver it?
We feverishly take notes and ask more questions. Then, we consolidate notes into a creative brief or learning strategy that we can present to a producer, scriptwriter, videographer, and editor. We ask each person to share what they think is doable in the allotted time frame.
Questions we ask our team members:
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 our team, we plug the numbers into rate sheets and arrive at a budget. We present the quote to the client, and discuss the details. We adjust the scope and budget up or down, and then 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 training video possess specialized skills that warrant varying rates of pay.
We’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. 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.
Rates for talent are two-fold and include salary and benefits, however buried inside each of those talent rates are materials like cameras, lights, sound equipment, and post production computer hardware and software. So it’s important to know that when producing a training video a professional’s salary is not the only variable that goes into their rate.
Finally, make sure to allow yourself a contingency budget of 10-20% for additional material costs. Some of these costs may include props, set elements, wardrobe, and additional equipment not buried in the talent costs.
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 and materials correlation
- Video is quoted by the time + materials it takes various professionals to complete the project.
- Each pro is paid an hourly or daily rate.
- Allow yourself a contingency for additional material costs.
Hopefully, we have provided you with some useful knowledge as you prepare to buy video production services. If you have any questions please don’t hesitate to reach out through our website.