How to Effectively Manage Video Costs

It’s a common misconception that the main components of creating a video are simply capturing the content itself and post-production. But there’s more to consider that can influence how the associated costs can be managed and even reduced.

For starters, getting a quote before production even begins can help gauge what exactly is needed. Quote factors can include what type of travel is involved, how many staff, what equipment or props are necessary, if voiceovers, talent, scripting are involved, and whether it’s a half day, full day or several days shoot.

What Adds to Video Production Costs?

As a guideline to managing these costs, Todd Phillips, Vice-President and Editorial Director of Universus, suggests having a good onboarding meeting with an agency to define exactly what’s needed. “Insist on a storyboard so that you have a sense of what you’re buying and have creative input. Try to get all of that done upfront and get all of that pre-approved. Another way to reduce costs is to consolidate your feedback. An agency should be able to provide you tools, rather than doing a bunch of rounds of incremental changes where the video production costs will keep going up.”

He adds that creating several videos at once can also help lower costs because some of the digital creative such as bumpers, and opening animations, name keys and visual treatments can be re-used. Batching production shoots together for several videos maximizes the opportunities to gather footage all at once versus having multiple shoot dates in multiple locations and also reduces video production costs.

The Essential of Video Production Pricing

Chris Morris, Supervisor of Video Editing and Motion Graphics at Universus agrees that staying organized, doing your research and even checking out the methods of what others have done can help. “Recycling old footage, not having voiceovers and having a super creative video versus an overly produced one can all reduce costs.” He notes that professional looking videos always do well but that live videos through social media are not only popular but another avenue for businesses who want to get creative with their budget.

Overall, an agency should always be willing to discuss these components with you so that you know exactly where your money is being spent. For reasonable video production prices, contact Universus Media! Let our video team help you today.

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