When asking the question ‘how much does a corporate video cost?’ you will most likely be faced with some cryptic answer such as ‘how long is a piece of string?’…and unfortunately they are right.
It is incredibly difficult to give a price for a corporate video until you have a good understanding of what you want your video to look like.
Prices can vary from as little as £1,000 to £100,000 or more and there are many factors that can influence this. Below we will look at this in a little more detail but first let’s look at why you need a corporate video.
Is it worth it?
So, is a corporate video really that useful for marketing? Yes! According to Hubspot a video on your landing page can increase conversion rates by over 80%. 19% of people are more likely to open an email if it features the word ‘video’ in the title and 90% of customers have said that a video can help them decide to buy a product.
And it’s not just product sales that are benefiting. Video is 60% more likely to be ranked in a search result compared to a landing page on the same topic according to Blue Corona. Meaning a video can help push your website up the ranking of a search engine. Videos are able to inspire emotion and connection much faster than a traditional blog. And with 70% of millennials more likely to watch a company video when shopping online, (Insivia) It is clear the audience already exists. There are thousands more great reasons to use corporate video in your marketing campaigns, but let’s get back to our original question, how much does it cost?
Why is it so hard to cost?
When deciding to make a corporate video you first need to first decide on your concept and what you want your video to look like. If you want a ‘star’ jumping from a helicopter with a wind machine and pyrotechnics you will need to start with a sizable budget.
There are also hidden costs here that you will need to keep in mind such as a pilot for the helicopter, insurance, a stunt team, someone who specialised in pyrotechnics and usage for the artist. The bigger the artist the more usage they will charge.
If, however, you are looking for something simple like one person in a studio talking you through a product then the cost of the video will be a lot lower.
Another option you could consider is using no actors at all and creating a motion graphic video. With the advancements in technology it is now cost-effective to create a motion graphic video and allows you, the client, a lot more control over the final outcome. Motion graphic videos can be more budget-friendly than a live action video so it is worth considering if this option would suit the message you are trying to project.
So here our top tips for keeping costs down on a corporate video.
- Get in touch with a production company early. Whether you know exactly what sort of video you want, or you have no idea, a production company can help create, adjust and tailor your video to your budget. We can advise on things such as a CGI helicopter could be more cost effective than a real helicopter. Or maybe a motion graphic video would suit your brand better.
- Tell the production company your budget. Most people assume that they should keep the budget secret or vague until they have an agreement in place, but with corporate video costs, the sky’s the limit. If you give us a ballpark figure we can advise you on what is achievable for your budget, we might even have alternative ideas that can give you more bang for your buck. We want to work with you to create the best possible video so let us help you.
- Consider where your video will be shown. If you are only showing your video internally to staff then the usage cost of actors, music, voice over artists will all be cheaper as there is a limited audience. Online usage, on your website for example, is still not too expensive, however, if you later intend to convert your video to a TV commercial, you may incur additional costs that you were not expecting.
Although cost is a large factor your main focus should be on your messaging. You need to make sure your video is right for your brand and the goals you want to achieve. If you are considering a corporate video please get in touch with us here at Fable studios. We are happy to discuss your video requirements, no matter how large or small, because we want to work with you to create the best possible video for your brand.