BUSINESS VIDEO MASTERCLASS
PART 4 - BUILDING YOUR FUTURE VIDEO PLANS
Estimating costs for a series of videos
To a point, costs are anybody’s guess, as the level & quality of video production available varies a great deal.
You can buy a video for as little as a $100 on Fiverr.
On the other hand, I know of one banking sector client who paid £40,000 for a single intro video. I guess you pays your money and takes your choice.
As a guide you can expect to pay £1,000 – £1,500 GBP per runtime minute for top quality work, designed to impress at C level in a large organisation.
If you’re not sure then take a look at some of your clients’ videos to get an idea of the video standard they expect.
Cheaper videos come in around £500-£700 per minute.
Tutorials cost less than this.
Fiverr’s even cheaper, though I don’t recommend them if your audience is sophisticated. A lot of super cheap videos look like the equivalent of handbills stuffed through your letterbox.
To go the distance you’ll need 30-60 minutes of video, and this is maybe even without tutorials.
With these orders of cost in mind, you can probably plan your video budget accordingly.
Quick tip: I repeat this from earlier on, but you’ll get a better contract price ordering, say, 6 videos at once, than by buying one video to “suck it and see” with a promise of more to come.
All video production companies have stories where they’ve been taken in with “big video contract promises” before.
Only a rookie video maker will be impressed by future promises designed to make them lower their current price.
The biggest cost mistake every planner makes
Underestimating the total runtime of your videos is the biggest, most common mistake.
It gets you started completely on the wrong foot.
I see this all the time. I’m not exaggerating here.
Clients say to me, “I need 5 x two minute videos to do such & such”.
But when I look at the actual detail of the content they require, I find they’ve underestimated, often wildly.
When I tell them this, they’re often surprised or disbelieving.
Solution: Calculate your total runtime required based on some real analysis of actual content, like a word count of existing docs.
Don’t guess. You'll probably be wrong.
Word count estimating for accurate video runtimes is all explained earlier in the Planning section of this Masterclass.
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