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What Factors Contribute To The Cost Of Producing A Corporate Video?
There are a very large number of factors impinging on the overall cost of a corporate video production but they can be collectively identified under a number of headings:
- Video Production team experience – it pays dividends to be selective in your choice of a video production company – do not be swayed solely by colourful advertising and loaded promises. Do the research and look at what video companies have already produced in terms of professional standard, effective promotional videos. Have they successfully promoted their Company brand and converted marketing expense to sales income? Videos must look good visually but it is how they impart their marketing message that counts most. In other words the objective of any corporate video is to attract brand customers and stimulate a call to action. If it fails to generate sales then it is a waste of money. A good video production team will create an exciting attractive visual message that will increase ROI. Remember that cheapest is not always best. It could be a quotation from an inexperienced video producer who has just set up business and if you choose to be the guinea pig then that could incur a costly risk. You have to balance your needs against the best possible means of fulfilling them. In the end you will only get what you pay for -a cliched expression you may say - but one that is too often painfully true. In terms of actual price for your video production, the current average daily rate is £500 + VAT. Do your homework and decide what will work best for you - both budget wise and production quality wise.
- Creative input - For a video to achieve your business goal it must have certain essential ingredients – there has to be a primary concept, a script and a storyboard. These provide the framework for the out workings of any corporate video – they create a master plan for the delivery of a coherent effective brand promotional tool. It has to tick all the business objective boxes to stand any chance of being an effective marketing tool. It must be visually appealing, but in a manner that compliments the message being conveyed. The images have to be relevant to the conversation - which in itself will attract visitors, hold their attention and enthuse them to make an on line transaction in the brand name. That is the desired result and it is worth the cost incurred if it achieves positive outcomes.
- Video length, editing and graphics:This is where your video footage gains added value through the skills of an experienced editor and use of professional editing equipment, to put all the pieces of the jigsaw together in a coherent video production. It should ideally last for between 30 seconds and at the most, three minutes. Your message is best conveyed in a time span that viewers prefer. How do you predicate for this? Simply choose the best available video team that fits your budget but be wary of skimping financially as a successful promo video is worth any money. It is the most effective form of advertising you will ever embrace and should be treated as such. False economies in video production can lead to a failed and useless marketing tool. You will recognise the skill of any video production unit by looking at their portfolio of work and by investigating how it has impacted on its owner's sales and ROI. Again research the market and you will find value for money. You are looking for enthusiasm, creativity, and general all round skill and those are the desired credentials of any serious video production Company. Graphics do generally form a part of the production process but are only valuable in contributing effectively to the marketing message. Your marketing message will dictate the extent of the necessity for graphic elements including motion graphics (animation / 3D). This can incur extra costs if not factored in to the initial video plan.
- If actors, models or presenters have to be hired to provide the professional standards required then that will inflict extra expense on the corporate video production in Belfast. These hired hands can cost from £50 to £500 per day depending on their experience and status in the world of media.
- Camera equipment, film location choices, sets and props: Even though a video company has the professional equipment to do the job, many shoots – depending on their needs – may require extras such as lenses, lighting or sound and these items of equipment can cost from £50 upwards per daily hire. Producing sets, if required, can be an expensive extra if not factored in to the original quotation. It is difficult to put a price on set creation but it could easily run into hundreds of pounds.
- Video operating crew : Extra crew would normally be the exception rather than the rule but if necessity demands, depending on how complex the video shoot is, hire of extra crew could be a very expensive outlay adding considerably to the overall costing of the production.
- Stock Images: These will most certainly be an extra cost and can vary in price according to the quality
- Voice over, Music and extra editing elements such as exporting footage: These can be subsumed in the initial costing but sometimes are an added extra depending on the type of technical work required.
- Agency or middleman costs and Hosting: If you are using a third party, it will cost extra and your video will have to be hosted by a third party which will be an ongoing expense that cannot be factored in to the video production bill.
- Edited versions – long or short versions, formats and possibly fees for translation into foreign languages are all additional costs to be considered.
About the Author:
This article is written by Damien Ryan. He is associated with Rycoweb. Rycoweb is an ethical company who specialise in making their clients/online partners money, ensuring high levels of ROI and maximising profit margins, locally and internationally. They have offices in the UK and Ireland, but work internationally for clients of all sizes in multiple industries.
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