5 Steps to Maximize Your Corporate Video Budget
May. 13, 2019
Producing a corporate video can be overwhelming for first-timers. The biggest shock is the initial sticker price of video production. However, there are many cost-effective ways to produce videos that will provide a healthy ROI. Check out our five tips to maximize your corporate video production budget.
Start with the Right Production Partner.
To avoid a potential money pit, the answer to “where to start” is simple: Hire a reputable production team. They know the questions to ask and have the know-how to get your project completed on time – and on budget. Professionally produced videos tend to exude a level of expertise and strategic messaging that is hard to achieve by yourself.
Also remember that cheaper doesn’t equal better value. What looks like the cheapest quote often ends up costing more when the product you receive doesn’t fulfil its purpose. Choose a production company that can deliver what you need – one that has a proven track record.
Determine Your Budget.
When setting your budget, keep the ROI in mind. What are you comfortable with spending on this video project? How man widgets do you need to sell or how many views does the video need to warrant an even return? Anything more than your initial goal is gravy.
Determine Your Resources.
Determine what resources you may have on hand that can help with production costs. For the shoot location, do you have access to locations or buildings that could be used for filming? Can you help the production company scout locations? You may be able to avoid paying for an expensive (and often un-needed) studio rental as well as save money by saving the production company time scouting locations.
Also consider if you need to hire professional actors. Often you have people within your organization that can serve as b-roll filler and/ or an on-camera spokesperson.
Proper Planning Saves.
The secret to sticking to a budget lies in good planning. Sounds simple, right? You’d be surprised how many people gloss over the planning phase with the mindset that creativity will just happen. It doesn’t.
Be clear on your business objectives before you develop any creative. What is your message? Who is your audience? What is your call to action? Keep your company’s business objectives – and the purpose of your video – front of mind throughout the process.
Length of Video – The shorter the video, the less expensive it is to produce. Do you really need a five-minute piece or will two-minutes suffice?
Economies of Scale – If you need to produce a number of projects over time, consider developing them together. Working on a series of commercials, educational films or promotional videos simultaneously will save you cash. The resulting products will also benefit from a consistency of look.
Animation or Motion Graphics – While animation and motion graphics are cool, they are often unnecessary. They can also greatly increase the cost of your video project. Determine if you really need fancy motion graphics or animation, or if your message can be better received by spending your time developing a powerful story.
Grab a Few Extras – While filming, think of a variety of uses for the footage you are capturing – not just the final product. Is there a quick shot you can get for your Instagram story, a special shout-out for Twitter or even behind-the-scenes footage you can get to use as a teaser? You’ve hired the film crew for the day. Make sure to get the most footage you can get for a variety of purposes.
Enjoy the Fruits of Your Labor.
There you have it. Maximizing a production budget is all about careful forethought and planning. When done well, you’ll have lots of tools that you can use in a variety of mediums. Click here to watch expert answer videos to learn a few more tips on how to maximize your budget.
Mandy Senn is the VP of Marketing for 6 STRONG MEDIA, an award-winning video production and motion graphic design agency. As a former corporate event planner, Mandy and 6 STRONG MEDIA understand the importance of using video to enhance your events.