Stretching Your Video Production Dollar
You work hard for your money. Spending your money effectively is the best way to ensure your hard work doesn’t go to waste. When considering creating a video or implementing a marketing plan, it is critical that your spending is strategic and well planned. Spending money in the wrong areas can increase your video budget and reduce your ROI. In this article, we will review seven of the most common financial pitfalls in video production.
1) Over spending on Cameras
If you’re shooting a quick 10 second video for Instagram, is it necessary to have the new 4k movie camera? The answer is no. If you’re on a budget, downgrade the amount of gear you’re using to save money. Working with your director and producer to find the best camera for your budget and project is a great way to save funds.
2) Expensive Locations
Before writing a big check to rent the fancy location in the middle of town, you should reach out to friends, family and social media to see if anyone has access to a location that can be equally suited to your needs. If they’re not willing to lend you the space, try offering them your services as a trade.
3) Background Actors
Having quality actors is important and can dramatically alter the success of your video. However, when it comes to background actors you can save some cash by using friends and family. Having extras in the background of your next video will add a level of production value that would typically cost you thousands.
4) Parking and Lunch
Before you get to set on the first day of shooting, you should do some research on often overlooked expenses. Where is the cheapest place to park? Is it possible for your crew and actors to carpool? Where is a close and affordable lunch for your crew? These precautionary steps will save you the headache of unforeseen expenses.
5) Shoot Day Preparation
Proper shoot day preparation can significantly reduce the number of shoot days. Video production crews typically charge by the day so it is essential to shoot in as few days as possible. Take the time to create a shoot schedule, shot list, storyboards, and call sheets. These documents will prevent confusion on set and keep things moving. You’ll be surprised how much more you can accomplish with the proper preparation.
6) Hire a Crew with Gear
Renting gear from a rental house is expensive and unforgiving. It is standard practice for a rental house to charge for every cable, stand, backdrop and every other piece of equipment you may need. Those fees will stack up quickly. To save money, hire a production company that can supply the gear for your shoot.
Typically, the costs associated with the gear will then be drastically lower. Not to mention the added bonus of the crew being far more familiar with the gear, as they own and operate it on a daily basis.
7) Cost Per Video
If you plan on producing a series of videos, you should shoot them all at once. As video production crews charge by the day, the most cost effective thing to do is capturing all the footage you need in one fell swoop. It may cost more upfront, but will drop your overall cost per video and increase your ROI percentage.
With the proper budgeting, you can save hundreds, if not thousands on your next production. Schedule a 15-minute consultation with one of our video producers to learn how video can help your unique business.