The simple answer to this question is…probably more than you think, which is why choosing the right video production company working in the corporate sector is vital to making sure your money doesn’t go to waste. Let’s break down what it costs to produce a corporate video and how the right strategy for B2B video production can make all the difference in its efficacy:
The Agency Video Strategy Experiment
I’m part of a group of agency owners, whose companies span from wine bottle design to energy industry PR. As an experiment, I asked what they thought different types of videos would cost to produce: Super Bowl commercials, 1 minute social media videos, local TV ads, a 5 minute brand film.
The conclusion I came to was simply that none of them had any clue how much video actually costs. But there’s a good reason for this.
The Average Money Companies Spend on Video
This distribution chart paints a clear picture of how much money people (and companies) are willing to spend on video. A vast majority spend less than $10,000 on video.
The do-it-yourself aspect of video is what continues to bring the cost of video to the lower end. In the hands of an average person, an iPhone, microphone, ring light, and editing software can result in a pretty decent quality video. But still, to some extent you get what you pay for, and this brand of DIY company videos often aren’t as effective as they could be.
When companies pay premium for their video, they’re paying for expertise, creativity, and a video production company that understands what a company film needs to reap the results the client expects. Corporate videos today are produced by top-level writers and producers, shot on cinematic movie-ready cameras, and crafted by masterful editors.
The Right Production Company Understands Your Industry
A deep understanding of your video’s message is what takes your company video from adequate to effective. Asking the right questions in interviews with leaders and employees; finding the right tone of music; telling your story the way it needs to be told.
This is the reason many corporations are forming in-house production teams, who can specialize in their unique video needs while keeping costs down. Maximizing your ROI on a corporate video is about creating a piece that sends a clear and concise message to the audience about who you are and why that should interest them.
Ask Yourself Cost Questions Before Starting Video Production
The cost of your video is based on the solution you’re trying to accomplish. Are you building brand awareness with 15 second Instagram ads, or capturing the hearts and wallets of potential investors? Can your budget accommodate quality and quantity? Can your message be told in 1 minute, rather than 10?
We recently published a helpful guide on 10 questions to creating effective video on LinkedIn. It’s best to ask yourself these before you start your next video project, as well as to consult a video production company like Tribe, who understands the nuances of the corporate video marketing sector.