April 25th, 2023
Written by The TinDragon Team
Lights, camera, action! Growing businesses can work some serious magic with video production to showcase their products or services. Video content is a highly effective form of marketing as it can engage, entertain and educate your target audience. From increased conversions, better retention to improving your website’s SEO, there are an abundance of reasons why video content is king!
For businesses with limited resources, figuring out how much money to set aside for a video project can be like finding a needle in a haystack. How do you make sure you have enough green to get the job done right? When it comes to estimating a budget for a video production, you need to roll up your sleeves and get down to the nitty-gritty details within the Production Process.
1. Know the Scope of Work
First things first, you need to determine the scope of the project. Think about what type of video you're creating, how long it needs to be, and where you'll be shooting. Are you making a commercial or a how-to video? Will you be shooting on location or in a studio?
Being realistic with expectations is super crucial. Quality content takes time, effort and resources. It is an investment. At TinDragon, video production is not a sprint to deliver the fastest and cheapest product. It is a creative curation of your brand, your message and your experiences and blending them together into meaningful stories that can be utilized for your marketing again and again. So it should look and sound good every time you play it! Does your video need to look like a Super Bowl commercial? No. But there is an element of “you get what you paid for” at play here. Ask yourself: "What do I want this video to tell my viewers? Do I want it to excite, educate, inform or call them to action? How can I achieve that authentically with the resources I have?"
These are all important questions to answer before you can even begin to estimate your budget. Come prepared with a range you're comfortable spending and ask questions about the achievability of your idea within those means.
2. Prep Pre-Production
During the pre-production phase, you'll need to estimate costs related to video strategy such as scripting, storyboarding, location scouting, and casting. Pre-Production is all about getting the right people and the right ideas together.
Next up, you'll need to identify the equipment and crew needed for the production. You'll need cameras, lights, sound, and possibly some fancy-pants special effects gear. And let's not forget about the crew. Professional crews in the Camera, Lighting and Audio departments are trained to execute on the Creative Team's direction, which in turn, is your vision.
You'll need camera operators, sound engineers, lighting technicians, and makeup artists to make your vision a reality. Key creative decision-makers like the Producer and Director are your advocates for your project, so when collaborating with them, be clear about your ideas! They will always do their best to meet your expectations based on the time, effort and resources budgeted for the project.
3. Production Coordination
Once you've got your crew and gear sorted, you'll need to figure out the shooting schedule. How many shooting days do you need? What time of day will you be shooting? Traditionally a shoot can range from 8 to 12 hours. Don't forget about talent and locations either! If you need actors or models for your video, you'll need to budget for their fees. And if you're shooting on location, you'll need to rent those spaces, which can add up quickly.
Last but not least, add a contingency to your budget. You never know what unexpected expenses might come up, so it's always a good idea to have a bit of wiggle room. Without considering every detail, you might miss essential costs such as a hair and makeup artist, insurance or a location permit. Thinking through each step of the production process can help you avoid these smaller costs.
4. Set up Achievable Goals in Post-Production Editing, or post-production, is also a crucial part of the process and can be a significant cost in the budget. Editing your video together is where everything comes together, all the preparation and hard work has led to this. So having the budget and time allocated to a great editor that can handle sound mixing, color grading, animations and graphics is key!
In Post-Production, you will need to budget for how long your editor needs to produce a rough cut, revisions and a final cut alongside deliverables. Communication is pivotal in ensuring your vision and feedback is properly executed within your project timeframe.
5. Hire a Production Company
Want to take your video content to the next level? Then consider partnering with a professional video production company like TinDragon Media!
Sure, hiring a pro team might cost you a bit more upfront, but they'll help you with everything from brainstorming to scripting to post-production. You can focus on the creative and less on the logistics. And when you see the final product - a top-notch, expert-level video - the results are bound to be out of this world!
Not only that, but working with a production company can actually save you money in the long run. While you could try to create a video in-house, a professional team can typically deliver better results in a shorter timeframe, freeing up your resources for other revenue-driving projects. And who doesn't love saving money?
Many production companies offer discounts or special perks if you invest in your video content long-term. It's building a foundation and a relationship that opens up the opportunity for your video team to evolve your content alongside your business. At TinDragon Media, our team are driven to help you create high-quality videos that engage and empower, from start to finish. Contact us today to learn more and get started.