Pricing a video based off of this question is as “shot in the dark” as it gets. With no information in regards to what needs to happen to accomplish the creation of the video, it’s as if someone’s given you a football, placed a barrel somewhere, spun you around, blindfolded you, and expects you to punt the football into the barrel. So how can you help a production company get that football into the barrel? How can we have happier clients, working with happier video producers?
There are many things that a video production company, or digital agency, or freelancer needs to know to be able to give you a price — but some things are more important than others. The 5 categories below are what we at BYB use as a starting point when engaging with a new client, and we hope that they can help you as someone who is hoping to invest in video communication, or somebody who creates video materials.
The 5 categories we gather information on before presenting a potential client with a first price are:
- Project Overview/Purpose
- Style/Story
- Production Size/Needs
- Timeline/Deadlines
- Budget/Possible Expenses
- Understanding the purpose of a new video project is a great place to start. Some of the ways that we figure out the real purpose of the video is talking to our potential clients about what goals they have from this video. Is the goal to increase sales directly of a certain product, or is the goal to inform people of a mission that the brand supports? Is this video going to be placed on national television, or run as a social ad and included in email campaigns? Only once the potential clients goals and purpose is understood can we as the production company begin to understand what the scope of work may look like and figure out a starting place for an estimate.
- The style and story behind what our potential clients are hoping to create help us figure out if we’re the right company for the job. Every agency, freelancer, or production company will have different capabilities and comfort levels with different types of projects. Speaking plainly between client and production team about what the video will look and feel like will help both parties understand if they’re the correct match for that project.
- Production size and needs is something that may not be relevant to all early client conversations. When working with smaller brands or organizations it’s possible that they have no prior experience working with others on video marketing projects; in those cases, trying to help them understand whats necessary to complete the style and story, and overview that they’ve given you in the first two bullet points above is what should be a priority. Other times, a potential client will have extensive knowledge of what is likely called for to complete a project from a needs standpoint (like working with an agency and their producers), in this case, this section is helpful to both parties to get on the same page.
- Timeline, it’s important that everyone is upfront about what deadlines and timelines will be possible for any project. It’s fairly common that rushed projects can cost more, as that means that the production team will only be able to work on that project for a period of time. Conversely, some smaller projects simply won’t require as much of a time investment, and therefore will likely end up costing less, and some projects with long timelines will just have a larger scope resulting in a larger cost. Regardless, being on the same page about what timeline is possible, doable, and effective for that project is of the utmost importance.
- Budget and expenses, this alone can sometimes answer many questions — if a company has budgeted for a video, and is comfortable sharing their budget, this can often help a video professional shape what’s possible as far as scope of a project to work within that planned for budget. More likely than not though, a potential client is hoping they can go through their needs and hear from you how much it’ll cost. We’ve been taught to never quote on the spot and always come back to our potential client after touching base with the team and making sure we’ve accounted for all potential expenses associated with the project and understanding the full scope of work, once everyones on the same page that’s when we’re ready to share an estimate.
These 5 bullet points definitely aren’t everything, but they’re a great starting point if you ever find yourself in a position where you need to guide a conversation about the price of a video project. Regardless of which side you’re on (client or service provider) being prepared with info for all of the above bullets will only help ensure clear and effective communication that will lead to a better end product and partnership.
