11 Tips for a Cost Effective Corporate Video
Updated: Jun 22, 2020
We all are aware that professional video production projects are quite complex and cost heavy. It is also true that for many companies leveraging competitive edge in their industry, videos are inevitable.
To overcome this intriguing problem, you will have to find ways to cut the budget. As a video production partner for several of our clients, we know all the best ways to help our clients chopping down on cost with uncompromised quality.
The secret ingredient to follow a fixed budget is good planning. Sounds simple, right? Many consider creativity loves a free reign but doesn't understand that budget won't. Creativity shall be entertained until design, but the execution requires a solid plan and budget.
Whether it’s a script, a story board or the rendition style, planning ahead is critical. Below are the elements you need to have in check to stick to the framed budget.
· Artist requirement
Keep in mind another fact, fixing the plan as per the budget during the entire course of production is a must. Even a minor deviation in the plan may make you shoot beyond your original budget.
2. Project Proposal
Having a concrete plan in hand, you need to have it approved as the next step. Create an outline of your corporate video scope, with a brief on budget requirement for each element of the project. Make sure this outline contains:
· Core message
· Rendition style
· Distribution plan
· Timeline of project
Get this brief approved by the finance team before you proceed any further with the project.
3. Location Planning
Production location is one of the biggest cost elements to consider. Studios and off-site locations are expensive if you are under a tight budget. A great way to lower your production costs is to shoot in your own space or one that you can arrange. Have a beautiful office space? A neat and tidy conference room? A creative video production team can help you come up with ways to make on-site shooting easier for you.
Whether it’s a fantastic location or green screen — solutions may be many and the savings can be huge! Make sure that you don’t choose a location because it's easy; be sure you have location complimenting the theme and also the logistic feasibility.
4. Pick a Deserving Creative Partner (Production company)
Two important responsibilities should be taken by the person whom you trust with the production.
1. The production of a high-quality and audience centric video.
2. Constant communication on the work flow, its complications and ways to tackle it.
Hence it is inevitable to wisely choose the best production company that can cater to your requirement at your given budget and the time frame.
5. Coordination is The Key
Taking over the coordination even for simple logistics can adversely impact by saving you some of budget. For instance, catering lunch to the crew at the set will save time getting lunch elsewhere. Whenever the production stops, especially for lunch hour, it’ll cost time & some buffer time to get things moving again.
If your production partner has to organize food, logistics for the team, and other repetitive tasks, it's sure that you’ll be billed for that. You can tackle this by saving yourself some money and work out the logistics among your own team.
6. Find talents among the team
Are you having a capable co-worker who is comfortable in front of a camera? Consider using them for the shoot. You might even be surprised to unearth the talents hidden in your own team.
Unable to source an artist within your team? Finding amateur talent is easier, which is useful for videos that demand multiple backup or minor roles.
If an actor doesn’t show up for the shoot, or doesn’t perform as expected, all the costs that comes with a reschedule falls on you. It’s advised to discuss casting options with your production partner before starting an actor hunt. They’ll be able to give you pieces of advice regarding that.
7. Simplify & Shorten
Generally, longer the video, higher is its production cost. Considering several aspects, shorter videos are better in many ways. You have just 10 seconds to capture your audience's attention.
When it comes to duration, be thoughtful and ruthless at the same time. If a portion won’t give strong value addition to the video, remove it ruthlessly.
Your creative director would be the best person to consult when to cut, what to cut, and how to tailor a good flow to the video.
8. Time the Post-Production
Post-production process can often extend to weeks. It makes sense for the delay as well. After devoting so much of time and energy to the corporate film, you have to make it perfect! But, keep in mind that all iterations of edits, sending video back and forth for review, and examining each screen is going to consume your budget and time.
A wonderful way to cut editing & review time is to sit with the production team on the edit. Instead of going through several iterations via email and/or phone calls, you can sit down together on the edit table. It'd turn out to be not only fun, but an effective time-saver.
9. Simplified Video Choices
If you simplify your video content, you can save a ton of extra work in all the stages of production. Be precise with the choice of visuals and your production team could bring out the best for the scope of visual choice.
Animations are looked upon as costly option, but it justifies for special effects or 3D animation. Other special features and compositing, such as the green screen, can adversely increase the cost involved.
The best choice would be to discuss with your video production vendor. They’ll provide suggestions on techniques to use and deliver an out of the box video animations without stretching your budget.
10. Bid for Vendors
If you feel that your vendor is costing little too high that what you had expected, look for options and gather a few bidders. But, if you look at several vendors to get a bid from each, it's going to cost you more time and energy.
Restricting with 2-3 vendors who have a portfolio that might interest you, will give you a better control over the bidding process. Also, keep in mind another fact that cost can adversely impact in terms of quality.
11) Reusability is Cost Cutting
I can hear you ask, "How does reusability comes into play here? Videos are for a lifetime, can be used until desired".
At this point what I'm mentioning as reusability is in terms of trends and advancements. If you look at TV ads older about a decade now, you can clearly say that it's not for this generation.
The same applies to your video as well. Although you can't specify an expiry date for video content, you can equip your video with a far-sighted approach so that they can be used for years to come. I've seen several of our clients spending a huge sum for a quality corporate video and using the same for about a decade. If we consider the extra spend on quality as an overhead, the savings on 2 new corporate videos for the decade is incomparable with the additional cost.
Having said the above facts if you still need further clarifications, feel free to write us. We'll be happy to help you out on working with the costing and planning.
Reach out to us at firstname.lastname@example.org to learn more about video planning and costing.