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It takes a certain amount of courage to undertake the creation of a custom video production for your company. That courage often comes from the realization that powerful and unique employee communications can be one of the most important tasks you complete this year. Eventually, because everyone has a budget, new clients ask "how much does it cost to make a custom video?" Most of the time a figure is already in the mind of the person asking, and it ranges from "a small fortune" to about the "cost of a movie rental."
Quality, speed or price. This is what we call the "Unattainable Triangle" when talking about the cost of a custom video production.
GOOD service CHEAP won't be FAST.GOOD service FAST won't be CHEAP.FAST service CHEAP won't be GOOD.
So, what is the value of your message? After all, the ultimate goal in connecting with employees is to create value and improve your culture. Making sure your message is understood is what matters more than anything. But assigning a value (much less a ROI) to that message is practically an art form, and only you can do it.
We can, however, guide you toward the most effective way to craft and present your message to maximize its effectiveness for your audience. So how much does custom video cost? Well, it varies.
Think of buying a car, the base price may seem reasonable. But by the time you add on all the upgrades you need to make sure it meets your needs, like A/C, power windows, a sound system, or upgraded wheels, the price is 1.5 to 2 times as much.
Here are some of the more common "add-ons" found in custom video production that you may want to consider:
As you can see, production elements can vary widely depending on your project's circumstances. Sometimes there are alternate solutions we can offer and other times, something else can be swapped out or removed. The important thing is to maintain the value of your message throughout the entire process.
The average price of a 15-18 minute custom video production is $25,000–$32,500. This pricing includes scripting, on-camera narrator talent, 1-day studio shoot, 2-days location shoot for B-roll, executive shoot or testimonials, graphics & animation, music, and a week of post-production (editing). We've found that a 2nd language production produced at the same time is 60% of the cost of English, so $15,000 to $19,500.
The keyword here is "average price." After producing thousands of videos on all subjects, these are the typical production elements that go into every production. That being said, we've done videos for as little as $5,000 to over $100,000.
One last tip here is to consider "shelf life." How long do you think your company will be able to utilize your custom video? We have found that 3 to 5 years is a reasonable estimate, with changes in management or company branding notwithstanding. Take the cost of the production, $32,500 for example, and amortize it out by 5 years. Your cost-per-year for the creation of your powerful and unique custom video is $6,500.
If your company is needing a custom video produced, you've come to the right place. Projections, Inc. can help you with your custom video needs.
Walter is IRI's Director of Digital Solutions and founder of UnionProof & A Better Leader. As the creator of Union Proof Certification, Walter provides expert advice, highly effective employee communication resources and ongoing learning opportunities for Human Resources and Labor Relations professionals.