Video Production Cost Sticker Shock

dollar signI feel like we’ve cleared a major hurdle in a way, only to run into a potentially bigger one. That second hurdle involves video production cost.

Back in the… I won’t call them good old days because they weren’t all that good and we’re talking less than 10-years ago… anyway, not too long ago the biggest challenge we faced in video was convincing business leaders it’s something of value. That’s still a challenge today, but not like it once was.

Getting over the first hurdle

There’s so much data out there showing people about the popularity of online videos. Not only that people like to watch them, but that they’re more inclined to buy once they’ve watch.
It makes sense. Video is all about emotion. A good video stirs something in us, and we all know what a big roll emotion plays in purchasing decisions.
There are still plenty of business leaders who need to be educated about this, but overall… video is a much easier “sell” than it was less than a decade ago.

Over one hurdle, on to another

The big issue now is cost. Executives want video, they know it can be a big asset, but they don’t want to pay for it.
Let me rephrase that… they don’t want to pay much for it.
This is where they need even more education. I’ve been sending out proposals lately and have been on the receiving end of what I can only call sticker shock. I think people assume because they can shoot video on their phones that professional video must be pretty cheap these days.
Well… it is… if you want a cheap-looking video. I can go on Craigslist and find you someone willing to produce your video for less than $500. Ever heard the phrase, “You get what you pay for?”
That can even come into play when you’re talking about a good quality video. We offer incredibly competitive prices. I truly believe our price-to-quality ratio is about as good as you’re going to get… but you still have to pay for quality.
Our entry-level Elevator Pitch videos are $800-$1,000. Not bad. They’re really nice videos, but when you step-up to our Full-Service Storytelling… there’s a noticeable difference. Most of those video cost about $4,500-$6,000, but you get a lot more for those dollars. Longer shoots, more interviews, complex storytelling… you get what you pay for.

video producers… it’s all on us

What the video production industry needs if more transparency when it comes to price. Every project is unique, so every project is priced accordingly… but production companies can give some ballpark figures. We need to list prices on our websites allowing prospects to see what costs are like.
Until we start doing that, business leaders will remain uneducated and suffering from sticker shock.
–Tony Gnau
Tony Gnau is a three-time Emmy-winning journalist. He is also the founder and chief storytelling officer at T60 Productions. T60 has won 11 Telly Awards for its work over the last eight years.