Don’t Blow Through Your Video Production Budget: 8 Insider Tips

WHAT MARKETERS NEED TO KNOW

DigiNovations

Video content is a must-have for today’s content marketing campaigns.

But sometimes, video projects don’t stay within budgets.

Usually, it’s for the same UNNECESSARY reasons.

How can you keep your video production budget under control?

Here are 8 tips - based on our experience creating 2,000+ videos over 15+ years - to keep your video projects within budget.

#1 Set a realistic budget

What’s the RIGHT way? Ask trusted video professionals.

The WRONG way to budget for your video is to pick a number because “it seems about right.”

How do you do that?

First, find video experts on Google

Also, ask friends and colleagues for referrals

Then, describe your project and ask for a ballpark price

Redefine what you want so it costs less Adjust your budget upwards

If the numbers you get from video experts are consistently higher than what you want to pay, you have only two options:

Setting an unrealistic budget can lead you to choose an unsuitable vendor, which may result in a poorly-executed video. Which will cost money to fix or replace.

Setting a realistic budget positions your project for success.

#2 Resist the urge to

cheap out

We all find a low price irresistible…. …and then we lament the lack of quality.

Two things can happen if you cheap out by choosing the lowest bidder - just because you want the lowest price :

1. You’ll have to pay extra to have your video fixed

2. If it can’t be salvaged, you’ll have to pay someone else to make another video from scratch

If the quality of your video is important because it reflects on the quality of your brand, go with the vendor:

Whose work you like Who has lots of experience Who has done similar work Who understands your vision Who is clearly a good fit

But if you give in to the impulse to cheap out, you run the risk of seriously busting your budget.

If that happens to be the lowest bidder, great.

#3 Make sure you have the

time and the focus you need

To stay within your budget, you need to be engaged in the process of creating your video.

You will need to:

Help your producer understand what you want to accomplish

Collaborate on the script and storyboard

Give feedback at various points during the process

Approve creative decisions

If you don’t have the time or the bandwidth to fully engage, shelve your project until you do.

Otherwise, you may end up with a video that needs fixing (for extra money).

Or, you may wind up with a video you can’t use at all. Which means money down the drain.

#4 Be honest and open with your producer

Your video team are experts. It’s their job to fine-tune your video plan – for production, for hosting and for distribution – to make sure your video will give you maximum performance toward your goals.

Your goals Your audience Your business Your product Your market

To do this, they need to understand:

If you’re not willing to share this information, your video team can’t do the best job possible…

…and you can wind up with a video that underperforms, requires fixes, or (worst case) can’t be used at all.

Then you’ll have to pay for fixes, or pay for a whole new video.

#5 Actively participate

in the creative process

Sometimes people don’t want to give input until they see a draft.

Then they can see what they like, and what they don’t.

This is a very expensive, budget-busting to make a video.

DON’T be scared by the term ‘creative input.’

All it means is that you’ll work with your producer to develop the content and style of your video.

Your producer will do most of the work. What they need from you is direction and concept approval.

Being clear about your preferences will help your video production company deliver a video that’s close to perfect.

AND you’ll stay within your budget.

#6 Pay attention to

scheduling

Careful scheduling means making sure your filming schedule maximizes your video crew’s time.

Why? Because you want your crew to accomplish everything that’s in the budget within the budgeted time.

If, for example, you schedule filming on a day Robert isn’t available, but you need Robert to be filmed, you’ll have to pay your video crew to come back to film him on a different day.

Careful scheduling will help you get everything done within budget.

#7 Manage your

decision-makers

Editing costs money.

Your video production company can’t stay within budget if they can’t control edit hours.

That’s why most video production contracts include a limited number of edit rounds.

Make sure all of your decision-makers weigh in before you send your list of

changes to your editor.

If you send a separate list of changes for each decision-maker, you’re looking at many more edit rounds.

If your edit rounds are limited, you’ll have to pay for those extra rounds above and beyond your budget.

#8 Make sure everything

you need is included in the agreement

Your agreement will spell out exactly what’s included in the price.

Examples :

One filming day, one camera

Basic lower third titles

Static slate opening & ending

One video, approx. 2 minutes long

Before you sign the agreement, make sure it includes exactly what you need.

Because your video production company is only obligated to deliver what’s in your agreement.

Examples of often-forgotten extras :

Additional versions for social media

A version with no sound for trade shows

Photographs

Animated logos, openings & endings

If it’s not in the agreement, it’s not included in the price. It will cost you more.

Congratulations - now you know how to keep your video projects within budget.

For more great video production and video marketing information, follow us on social media or sign up for our blog.

www.diginovations.com info@diginovations.com 978.429.8692

DigiNovations is an 11-person, award-winning video production company located near Boston, Massachusetts. We create video for corporate, nonprofit and academic clients in Boston and

around the world.