Video is the king of content – And that will stay the same for quite some time. However, as with all good things, creating quality video content can be challenging – and often, isn’t cheap. The process of making videos requires expertise, creativity, time, and of course, money.
But you don’t have to break the bank to make the perfect video for your brand.
Let’s look at five tips for keeping your video production on budget.
1 – Understand The Cost Breakdown
The first thing you need to understand is the factors driving video production costs. While there are many things to consider, here are the three main things you need to juggle, consider and sometimes concede to when trying to stay within budget.
The Time Factor
If your production is on a tight deadline, time is of the essence. But depending on the project’s scope, try to give yourself ample time, from a couple weeks to upwards of a month, to produce your videos. Rushing things might be tempting to remain within budget, but it can cost you more time and money in the long run.
Talent and Skills
Your video production rates will rise as you hire more crew members. Consider giving existing employees video tasks to cut costs and increase efficiency. It is an affordable alternative to hiring an end-to-end production company, especially if you have team members who have the capabilities to handle different aspects of video production.
Video Production Tools
The range of tools available for video production includes filming equipment and props, video editing software and marketing tools. You can save money if you rent equipment or hire freelancers who have their software. You should also create a video production budget template to keep track of your expenses.
2 – Creating And Sticking To Your Budget
To create your budget, you first need to determine the estimated cost of different elements, including location, actors, crew, props, etc., based on the concepts you have in mind.
Keep a detailed record of everything that goes into the production and the cost associated with it, from scripts to storyboarding. Then, your money will be spent most effectively, and your video will benefit from it.
Additionally, when possible, separate essentials from non-essentials. This will make it easier for you to manage the budget by removing unnecessary items.
If you estimate a more expensive budget than the one allocated, you will need to rewrite the script and make a few changes to the characters, locations, or scenes to reduce costs.
3 – Choose Your Video Location Carefully
You should expect your video production budget to rise if you choose a filming location that is far away, hard to reach, or expensive to travel to.
You may incur additional costs for lighting if your chosen venue needs better natural lighting. Also, depending on the platform, particular furniture might be needed, while others may require additional setup to block distracting noise from the venue.
To stay within your budget, you should choose the right location to prevent extra expenses from having to be incurred. Make sure you select a site that is close to you, that is accessible, and that has lots of light. Many times, the best place to film is in a home studio or at a workplace!
4 – Save On Actors And Equipment
It is well known that purchasing your video production equipment can be a very costly endeavor. Therefore, it is better to rent your equipment if you have a project that will not happen again or if you are not planning on making this a recurring project.
You don’t have to spend much money on equipment just because you’re renting it. Although 4K technology and drones seem like a great idea, are they necessary for your video? If you are going to use rental equipment for your video production, make sure that it is vital.
There are a lot of ways you can tell people why your product is the best option for them without having to hire a famous actor or influencer. You can find local actors in your community who will be more than eager to star in your commercial.
5 – Save Money During Pre-Production And Post-Production
There is no doubt that pre-production activities make a difference to a project in a more significant way than you might think since they have the power to start the project off successfully. However, if they are not handled properly, it can lead to a spiral of time-consuming and expensive problems in the future.
Utilizing the right apps or digital tools will allow you to save time on more arduous pre-production tasks.
Post-production can also take a long time and consume a lot of your budget. Ideally, the post-production process should pull all your hard work together, from scripting to filming, that an editor will then cut into a final product, all based on the ideas and concepts you shared during pre-production.
It is possible to save time and money during post-production using the right tools, especially nowadays when so much killer software is available.
In closing, remember that remaining within budget while delivering high-quality video content can be challenging, and often, you might need to concede certain elements. Always weigh the pros and cons and try to get as much value for money as possible without taking away from the end product.