If you’ve ever worked with a contractor to get a remodeling bid, my guess is that the most challenging chore was getting him to quote you a price. You might have needed to pay a fee to get a quote at all. But why should you pay someone money just to find out how much something is going to cost?
As an executive producer responsible for putting together video budgets, I must sheepishly admit that I feel the contractor’s pain: contractors have challenges, too.
It may sound ridiculous, but put yourself in the contractor’s shoes and consider this scenario: Someone calls and says they want to remodel their bathroom. That is all the information they offer. You assess the job site and say, “Sure, $ 5,000.”
But after beginning construction, the customer tells you they want a toilet made of gold. At this point, it doesn’t sound like a “golden idea” anymore, does it? Gold toilets can run you anywhere from $ 187,500 to $ 5 mil’! (Just ask Kim and Kanye.)
As video professionals, it is our job to get these sorts of necessary details so that we can set accurate expectations. Your brand should do the same if you want to avoid a “gold toilet” surprise situation in your budget.
To create an accurate video budget, first translate the goals and final vision of the video. By narrowing down the job to some broad parameters, the sky is no longer the limit. For example, if you’re interested in using video to help drive engagement, look for talent with a significant social following.
Above all, remember that clearly-defined goals and a creative approach are the most important factors in pricing. Here are the other key factors to think about when building your budget:
- Location: From your mom’s basement to the Bellagio in Vegas, location can be $ 0 up to, well, let’s just say a Danny Ocean-sized price tag. But generally speaking, you can find good-looking video locations with ample space and amenities in the $ 1,000-3,000 range.
- Talent: I recommend having a network of talent that you work with on a regular basis. This can greatly facilitate budget accuracy, since you won’t ever have to guess their rate. If you are hiring a buddy who happens to be a chef, he might be willing to do a video for the promotional value. Agency talent or talent with large social following can vary significantly, charging rates in the $ 1,500-15,000 range (depending on details like rights, number of shoot days, etc.).
- Crew: This is one area that you should never skimp on or cut corners. Your video crew members are skilled craftsmen who often work long, grueling hours. If you demonstrate an appreciation for their work, they will work harder and deliver a better overall video. Crew day rates vary depending on job requirement and level of expertise needed, but usually land in the $ 300-2,000.
- Music: Sometimes the video might be best served without music. Other times, the client might want an original score from Philip Glass. The latter will take many more zeros to make happen. A ballpark number for something in between can cost anywhere from $ 200-1,000, depending on rights and licensing requirements.
- Equipment: These days, video can be shot on anything from a cell phone to cutting edge, top-of-the-line cameras. Let the creative direction dictate the best equipment for your video. In other words, at least know the look and style of production that you want. In general, budget at least $ 1,000 for camera/gear rentals to ensure premium quality, but know that this can soar as high as $ 30,000 when working with high-end gear like an Arri Alexa with lenses, dolly and Steadicam.
Keeping these factors in mind will help with costing and setting expectations, but don’t lose sight of the fact that even a clearly-defined budget is only as good as the story you are telling. And hopefully your story is as good as gold!
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