How much does video cost and what KOMI can do to smooth out this process?
Video isn’t slowing down. Even with such a turbulent 2020, video continued to grow with an 11% increase in video plays in the first week of lockdown.
You only have to think how much of our daily life is centred around video – it’s a cornerstone of our business and social lives. Whether it’s a video meeting, networking or attending events – video is commonplace. So, as more businesses centre marketing campaigns around video or use for internal comms, others are just beginning their journey. So much so that 2022 it is estimated that 82% of internet traffic will be video. That’s 15 times higher than it was in 2017!
Whether you’ve worked on video projects before or not, knowing “How much is the cost of video?” or “What is the going rate for a video?” isn’t always straightforward, especially now when there are so many options. The ready-made response is often “It depends what you want?” or “Do you have a budget?” and so the back-and-forth begins.
The list is endless when it comes to variables but I’ll be talking about the main ones, to help make the world of video production less alien:
How long will it take to deliver? It’s a pretty simple and universal explanation, not just found in the video sector. Generally, time equates to the pre-production, shoot and post-production of a project. So as a rule of thumb, the bigger it is, the more time it takes. When you add in more complex or increased number of deliverables they all take time and cost money.
> Project size
This often applies to larger-scale projects that have a lot more moving parts; things like talent (actors), locations, scriptwriting etc. If you want a video in the grounds of a mansion with actors talking to a CGi’ed animated meerkat, it’s going to cost, and again – take more time.
> Level of post-production
This aspect of video creation is often one of the most unknown areas that clients are least (understandably) educated in. So if a client wants advanced motion graphics compared to a simple clean video, there’ll be a difference in costs. Then it’s the number of deliverables needed; if these are all different then more post-production is needed.
> Experience & Quality
You’re paying for the years of experience; the types of projects, quality of work, the honing of skill sets, the ideas (not always and is a can of worms I don’t want to open right now!) and the reputations built. When a client says “well, someone did it for free before”, why aren’t you going back to them?
Bearing in mind all these factors, how do you make the process of costing as smooth as possible?
There are several tips that can serve both parties well in this often time-wasting standoff, and here at KOMI we’ve implemented these to make life that little bit easier. We want to create. We want to get brands results. We don’t want to wait around.
- As a video production company, our offering is transparent: highlighting your costs and being clear from the start. KOMI has a regular monthly content offering of £750.00 + VAT per month. There’s a simple breakdown of what you’ll receive so expectations are managed to protect both sides from embarrassment. Plus, we understand that business is always changing so offer additional bolt-on services so bespoke shoots can easily be scaled up.
- As a client, parting with your budget isn’t the worst idea ever! We’ll maximise that budget with everything we’ve got, contrary to the age-old fear of being ‘ripped off’ and not understanding where your budget goes. Knowing a budget means we can create achievable options for you, be more specific with our ideas and achieve the age-old cliché of “getting on the same page” far quicker.
- A brief is a godsend and the more in-depth the better. If you’ve seen something that you like, whether it be style, graphics or even a soundtrack, throw it in. We’ll work on creating a narrative for your video which is centred around the targets for what the video should achieve. We always keep clients in the loop, visually showing what we’re aiming for through mood boards, examples of work we’ve done or inspirational shots that portray how the video flows or feels.
The well-worn phrase “You get what you pay for” can often be related to video projects and as much as elements of this do ring true, adapting it to “How to get what you paid for” fits the bill better. You can still achieve your results with smaller budgets but your vision has to be clear. Ultimately once the cost is ironed out, the ability for both the producer and client to understand the broader context is the key; whether it be the brand’s DNA, voice or vision, nail that and you’ll get the best type of work, repeat.
If you do have any video requirements or from reading this article it’s got you thinking of how video could be applied to your brand, get in touch as we’d love to hear more and see where KOMI can add value to your business.