Planning A Corporate Video and Understanding Competing Proposals
/Your business has decided to contract with a video production company in Orlando. You've decided you want to get at least a couple different bids. So what can you expect? Anything and everything!
Say your manufacturing company needs a three-minute marketing video that promotes your latest product, the amazing LLP Widget! The LLP Widget is better than any other widget known to man and the way your company manufactures them is groundbreaking. There are probably 999 different ways a video could be produced in order to promote the LLP Widget.
Every production company is different and will take a different tact in producing a video. That goes largely hand in hand with their capabilities. Not every video production company has the same skill-set or offer the same production value. They might not have the same qualified personnel or experience level.
Generally, the higher the production level the better the video will be and the more it will cost.
For this example let's say we have Company A and Company B. Company A has sent you a proposal whereby they plan on shooting a company spokesperson on camera talking about the LLP but they also want to capture B2B testimonials in different markets with your customers talking about the ROI that the Widget provides. They've also included in their proposal custom animation in order to demonstrate the advancements in technology that are offered with the LLP Widget. They're convinced that this strategy will show off the product well, demonstrate its capabilities and feature a client base that's very happy with the product. They firmly believe this will help sell the product and return on your investment.
On the other end of the spectrum is Company B. They've submitted a bid whereby they're just offering a company spokesperson to talk for the entire three-minutes on camera. Very simple graphics, no other footage. Just keeping it simple and to the point. If your company received those two bids from two different companies, Company A's bid might be in the range of $8,000-12,000, Company B for $1,000-$1,500.
How Can Two Companies Offer Such Different Prices For a Corporate Video??!!
Company A has developed a well-rounded attack. In addition to capturing a company spokesperson on-camera, it'll take multiple days of shooting testimonials since there are testimonials planned in different markets. But testimonials truly shine in corporate video. It also features custom animation which can be a game changer in a video. It offers another level of sophistication and can help explain complicated processes quite easily. But the key is communication.
Communicating your expectations early on and deciding on a budget is pretty important. But that's also the responsibility of the production company's to get those talks started. When Whitney Media receives an inquiry for a project we ALWAYS ask what the budget for the project is. We don't ask that so that we can get every dollar you have for the project! We ask to determine where you are, what's your mindset for this project.
Our goal is to devise the best plan suitable to meet your needs.
If your budget is closer to Company B but we're offering services closer to Company A's we haven't done a good job in our initial assessment. When sitting down with a client for the first time we ask different questions.
Corporate Video Assessment Questions
What's The Objective Of The Video
Who's Your Target Audience
What Action Do You Want Them To Take After Watching The Video?
What Do You Want Your Customer To Feel?
Who Are Your Competitors?
What Are Your Goals?
How Will You Distribute The Video?
What Have You Allotted For The Production?
These questions will be very important to you especially if your planning on making a substantial investment. It provides a glimpse of the depth of understanding a video production company is trying to ascertain in planning a proposal for your project.
If you have any questions concerning an upcoming project please contact us now.