Wondering if you should invest in the more expensive video production option?
If you’re considering engaging a video production company to create content for your business, you may have encountered several price options, and no objective standard by which to compare them. When you get a quote for video production, it can be hard to know whether it’s a good value, simply because there are so many factors to consider.
If one production company gives you a quote for $1,500 and another for $15,000, you could reasonably assume they’re not offering you the same thing. But if the packages both include the same number of deliverables of similar lengths, why are the prices so different?
What does “expensive video production” really mean?
“Expensive” is a relative term. What may seem like a lot to one organization may be less significant to another. Because there are countless ways to approach video production, there is no generally accepted standard for what video production “should” cost.
The only hard and fast rule is that video should cost less than the amount you stand to gain. If the maximum revenue you can expect from the video is $100,000, a $90,000 video would certainly be an “expensive video production”.
Thinking of the cost of video production in terms of your potential return on investment will help you avoid the pitfall of choosing the wrong production company on the basis of price. As long as you achieve an acceptable ROI, it’s not worthwhile to stress about the possibility that you could have paid less.
What do I get for the extra money?
More expensive video productions will generally look more professional by using higher-end cameras, lights, microphones, and other equipment. They may also use superior color grading and audio mixing that will make the video feel higher quality.
This doesn’t necessarily mean that the story will be told better, or that the video will be more effective. Some wonderfully effective videos are made with nothing more than a smartphone.
However, many video production companies are able to charge higher prices because they have the talent and experience to tell stories well. Most have a particular specialty or style. If the videos in their portfolio seem to have an “energy” that feels appropriate for your brand, they are likely a good fit.
Will expensive video production make a difference in my bottom line?
Potential customers will associate the quality of your product or service with the quality of your video. They will also respond best to video that they perceive to be in their market bracket.
For example, a homemade video may be appropriate for a business selling vegetables to consumers at farmers’ markets, but a farm that wants to sell to national grocery chains will need to show buyers that they have resources to invest in marketing. Cheap-looking video would not be appropriate in this situation.
Similarly, a financial services firm or a business-to-business tech platform targeting well-funded buyers should probably not skimp on production quality, since they want their buyers to perceive them as serious and polished.
For your video to boost your bottom line, you need to make sure its quality meets the expectations you’ve already established (or want to establish) for your brand.
If price isn’t everything, what should I look for in a video production company?
Look for a philosophical and cultural fit. When you have a conversation with someone from a video production company, you should get a sense of whether they understand and respect your story, culture, and philosophy. If you feel strongly that they do, it is likely worth it to hire them, even if their quote is higher.
To get the best result, a video production company being the right fit is worth far more than any other factor. If they are able to have a fluid and enjoyable conversation with you as you discuss your project, it is likely that their pricing reflects the level of comfort and confidence they are giving you.
Confidence and comfort are worth paying for. Telling your story is an intimate and delicate task. The feeling that a video has really nailed your story and accurately reflects your values is incredible, and a great reason to invest in a more expensive video production. That feeling will inspire you to make the most of your video and find opportunities to leverage it.