How Marketers Overspend on Video Projects

Overspending on marketing video projects is common, even if no one’s telling.

There are obviously numerous reasons as to why a corporate video can go over budget. 
The key is to recognize these reasons and still make sure your video is of a high standard without costing too much.
Going for the cheapest option is never going to be the best but could also end up costing you more.

Beware of video companies who claim to be experts in all kinds of video such as weddings, marketing and music videos.

Hiring experts in the desired field of your choice ensures you get the expertise and experience you need.

Always examine the budget that’s available and the return you need to push your business forward.

 

How to avoid over spending with a corporate video?

Careful planning and precise objectives avoid unforeseen problems. Always consider what you need the video to do and for whom.

Clear focus with a definitive end game – Understand your objectives and the video proposal.

Give an accurate budget – This avoids any guessing games and allows the company to get to the ‘bare bones’ of your project whilst producing high quality.

Length of script – Consider what your video will say to avert additional minutes that result in over expenditure. Allow 100 words for 1 minute of runtime.

Language variations – Realising too late that you needed multiple different languages for your marketing video can cost an extra £1000. Plan early to maintain a consistent budget.

Consider any legality issues – Going ahead without checking the law can result in some major obstacles. If a subsequent big legal-driven change is needed, your costs go over budget.

Unexpected deadlines – This can can cause a video to be rushed and consequently things get left out. Last minute productions are more likely to go over budget. 

Schedule Accurately

Time can be a major contributor in going over budget on a video project.

For example, multiple locations can mean time spent moving the set, actors and equipment.

How much setup time is needed?

Are you shooting inside or outside?

Will the weather conditions be a complication?

When you run out of time the unexpected starts to happen.

And the unexpected costs more money!

Creativity Research and Passion

As you can see there is a lot to consider for budgeting a marketing video.

If you were producing multiple videos then this concern intensifies.

Therefore, you must take time to plan accordingly.

Careful research and passionate creativity assures you that your marketing budget will be spent to the greatest effect – and you won’t over spend on the project

 

Summary

First of all, allocate enough money to the job – to avoid surprises

Allocate enough of your time to complete tasks

Plan plan plan!

Click to see Marketing & Corporate Videos that didn’t go over budget

Read more: 3 Quick Ways to Grow Your Marketing Video Strategy6 Compelling Reasons to Review your Marketing Video

 

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