At Studio Rossiter, we’ve made hundreds if not thousands of corporate marketing videos and have seen every possible combination of reasons why clients go over budget.
Here are the 10 Big Reasons why it happens
– and how to avoid them.
1 – Unclear objectives
Right from the start you need to agree the precise objectives of your video
– who it’s for, and why.
This should be as brief as possible.
If you don’t have this, then it’s like building an airport without asking what size planes are expected to land!
Clearly define your business objectives first.
2 – Too much changing of minds
Once the video objectives have been agreed
– then changing things around,
– is the first step to going over budget.
For example, adding more objectives, or, requesting additional graphics outside the original specification, or, adding new talking heads to camera, or, deciding you need an extra shoot at a client site.
The video proposal should be read in detail, so you can see what you’re signing up for
– then keep to it
– or change it before you start.
3 – Making scripts too long
When you buy a 2 minute corporate video and then subsequently need a 3 or 4 minute video it’s reasonable to expect to pay more.
To calculate video runtime, simply allow 100 words of script per runtime minute.
This allows you to see your real runtime at an early stage of the project.
4 – Late players change the goal posts
When everything is agreed, and your video project is almost complete
– it sometimes happens that a senior or C Level person starts making big changes
– with cost implications.
So you need to be sure right from the start that everyone concerned is onboard with your initial objectives and goals.
5 – A new person steps into the job
This is a variant of the issue above.
A new person arrives into your company and has a completely different idea/philosophy/vision of what the video should be about.
Expect increased costs as a result.
6 – Need variants of the video for vertical markets
The video you’ve just made is splendid
– but you realise you also need versions of it for your specialist markets.
You pay more – but you get more effective, usable videos in return.
7 – Need language versions
You thought you didn’t need Korean when you started the video project.
Perhaps you thought you could get away without it?
But now you know you need it.
And this might add an extra £1,000 to your budget.
Plan ahead with your foreign language requirements and budget early.
8 – Don’t make legal checks or proofs
What you can say or show in a video is covered by the Law.
Think health & safety, public health, and other work compliance issues here.
Or – you might make claims about your product or service that cut a fine legal line
– without checking with your lawyers first.
Neglecting these issues can easily lead to major video changes at the late stages of the project.
And these late changes add to the bill.
9 – Expectations too high
If you buy a bargain basement video package
– then you’ll probably have to reduce your expectations.
It won’t show Bilbo rising from the flames of Mordor.
It’ll just show a “fire effect”.
So the advice is to closely check out what your video company is agreeing to produce for you, and to what standard,
ie, see comparable work to yours before you sign any contract.
10 – No thought-through planning
This usually happens when the video is made in a hurry, for an unexpected deadline.
> a tender date
> a launch date
> or a client event
Things get rushed, or feel unclear, or people let you down
– and then unexpected things start to happen
– that only more money can fix.
Schedule accurately and tightly
– and be aware that last minute productions are the ones most likely to go over budget.
All the above opportunities to go over your corporate video budget are magnified when producing a series of videos.
The videos multiple, so the possibility for budget problems also multiply.
This means careful planning needs to be even more careful
– to ensure none of your corporate videos goes over budget.
You can see a selection of marketing videos here.