Step-by-step Professional Video Preparation Series: How to plan a Video Production Budget

Many people think that a video production budget goes by time. For example, “I’m just looking for a simple 30-second video”. By noting the time many people think that their video production cost estimates can be low. BUT, if you think about the last 30-second advertising video commercial you saw on TV, you might be surprised to learn that “simple” 30-second advertising videos are a large investment for those companies.

Now, let’s take a B2B video that explains a product or process. Or maybe it is a B2B promotional video that is for a service area, pro-bono practice, or showcasing the progress you have made in diversity & inclusion… Can you really communicate what you need to communicate in 30 seconds? It probably needs to be longer. So thus, we can’t compare video production cost estimates for an advertising video and a B2B promotional video as each project’s scope would vary greatly, and thus from a video production budget standpoint. How do you allocate everything that goes into a video production budget?If you are going to look for a video marketing agency to help you they are going to ask you questions such as:

• What is the business objective of your project?
• How many locations do you need to shoot?
• How many cameras, equipment, and accessories do you need?
• Is there going to be animation or motion graphics in your video?
• How many video deliverables do you need?
• Where will these videos be platformed?

The answer to all of these questions and more will ultimately determine your video production budget.There isn’t just one phase of a video project; getting a high-quality video requires a professional video production team that understands the required stages. Here are some of the services they provide, split up into four overarching categories:

• Pre-production: the planning and ideation stage that includes scriptwriting, storyboarding, casting, location scouting, and rehearsals. The cost of pre-production services can vary based on the complexity and scale of the project.
• Production: this stage involves everything relating to the actual video shoot. This includes the cost of equipment rental, b-roll, talent fees, travel expenses, and production insurance. The cost of production services will depend on the type of equipment and resources needed and the shoot duration (ex. half-day, full-day, or multi-day shoots will cost different amounts).
• Post-production: This stage is known as the video editing process. In addition to splicing and sequencing video clips, this phase includes color grading, sound design, music licensing, motion graphics creation, voiceover recording, and translation. The cost of post-production services can vary based on the length and complexity of the video and the level of expertise required.
• Distribution and other: This project phase occurs after all parties agree upon the final video. Distribution includes in-house and external efforts to position and promote the final product. This might involve social media strategy, new landing pages, publishing on video platforms like Vimeo, or housing the video on a targeted page on your website. While planning your budget, any other miscellaneous expenses that may arise during production can be added here.
• One example of determining how much you want your video production budget to be is to have a reasonable and researched budget range in mind when you are talking with a video marketing agency. This way they can do what they do best and make suggestions to you to make the most out of your budget. For example, one of the aspects that make up a video production cost estimate is motion graphics. If you want motion graphics or animation, to be 3D vs 2D After Effects, then you will need to have more budget dedicated to these additions.

These strategy options will help you make the best decisions for your brand which might be different from another brand making those same decisions.