HOW MUCH MONEY WILL A 1-MINUTE VIDEO COST YOUR COMPANY?

As online marketing continues to grow in popularity, more and more businesses are looking to create videos to engage with their customers. Creating a one-minute video for your company can effectively reach potential customers and promote your products or services. 

But how much should you expect to pay for a 1-minute video? In this post, we'll explore the factors that affect a corporate video's price and help you understand what goes into producing high-quality videos. So whether you're just starting with video marketing or looking for ways to make your current video strategy more cost-effective, read on for some helpful insights!

The Value Of Video In Your Marketing

Video is an excellent way to market your business. It can be used in many ways and will work wonders for your website or social media presence. Nowadays, visual media is 40 times more likely to get shared online than any other content.

Yes, videos are the new wave of marketing! But there's more to it than just going out and filming something. So many factors decide how much time, effort, money, and equipment you need to create a successful video. 

In addition, several factors determine how much this process will cost your company but fret not since it will surely be profitable in the long run. The following questions may help you determine what you should expect when deciding whether to invest in videos: 

• Are you interested in increasing the visibility and recognition of your brand among a wider audience?
• Do you have concepts for video creation but need help figuring out how to start?
• Do you consider social media platforms like YouTube and TikTok videos impactful and influential? 
•  Do you plan to engage your audience and build a community around your video content?

If you answered yes, you better start taking notes because making videos is meant for you!

DIY vs Professional Video Production 

There are two options for video production: DIY and professional. DIY production involves creating videos yourself, typically on a budget. Professional video production consists in outsourcing the work to a video production company. 

If you lack the budget for video content, you can opt for a DIY method. You can also consider hiring freelance video editors on sites like Upwork who could create high-quality videos for cheaper than professional companies. 

The downside is that hiring freelancers will take more time and resources upfront. And while they might produce good results, some will need to be experts in your industry with deep knowledge of communicating effectively with your target audience. 

DIY video production can be an effective and cost-efficient way of creating video content, but it may lack the polish and professionalism that a video production company can offer. 

Here is a comparison table of the two options:

Overall, DIY video production can be a good option if you are on a tight budget and have some knowledge of video production. 

However, if you are looking for high-quality, polished, and professional-looking videos, a video production company may be the best bet. They have the equipment and personnel to handle every aspect of video production efficiently and effectively.

The Strength Of A 1-Minute Video

When creating an impactful and engaging video, a 1-minute video is a great choice. It's short enough that viewers won't get bored yet long enough that you can effectively convey your message. 

A 1-minute video can be used for various purposes, from product launches to corporate campaigns. It's a great way to explain complex topics quickly and entertainingly. You can also use it to create memorable branding moments or to capture potential customers' attention. 

The power of a 1-minute video lies in its ability to capture the attention of viewers in an instant. But unfortunately, studies show that the average person has a short attention span and will decide whether or not they're interested within the first few seconds of watching a video. 

Using visuals, music, sound effects, narration, and other production techniques, you can create a compelling and engaging 1-minute video to captivate viewers and help them remember your message. Furthermore, 1-minute videos can positively affect your SEO efforts when adequately optimised. 

Just look at the success of Tiktok's short videos. They are easily digestible and shareable, which makes them incredibly popular among audiences, which is why it's no surprise that they were the number one downloaded app of 2021. 

Stages Of Video Production

The first stage in making your video is pre-production. During pre-production, you'll plan out what needs to be filmed, who will film it and how long it will take. In this phase, knowing what kind of video your company needs is essential before making significant decisions. Scriptwriting, location scouting, and scheduling are included too. 

Storytelling is a crucial component of video making, as it helps connect with the audience and memorably convey a message. By using compelling narratives and engaging characters, videos can evoke emotions and capture viewers' attention. Studies have shown that videos that tell a story are more effective in engaging audiences and retaining their attention than videos that provide information. 

Additionally, storytelling can humanise a brand and make it more relatable to the audience. For example, a video highlighting the values, mission, or people behind the brand can establish a deeper connection and build trust with the audience. 

A study at Princeton University concluded that listening to a story is like taking another person's perspective. Your brain lights up and responds as if you are the character in that narrative, which will be helpful when applied to corporate videos. Not only will people find it alluring to listen to a story, but they will also be able to relate to your services and products — according to marketers, one of the essential factors in producing a video is making relatable content.

After that, you'll move on to production. Production is where you'll shoot all of your footage. Once you have all of that footage, you can move on to editing. Editing involves piecing together your clips into one cohesive whole and adding any special effects or titles needed. 

Finally, you can move on to postproduction once you finish all these stages. Postproduction might or might not include audio mixing and colour correction since these stages are essential for creating a high-quality video.

The Cost Of Producing A Video 

As we've mentioned earlier, think of your narrative — you must know how to create a compelling account that engages viewers from start to finish. To help with this task, we recommend reading about storytelling best practices and researching what makes videos viral. 

Once you have a good idea of the type of story you want to tell, go ahead and figure out the production costs. 

Video production costs can vary widely, depending on the project and the type of video you're creating. So here are some of the main factors that influence how much a video production will cost:

1. Type of Video: The type of video you're creating will be one of the most significant factors determining how much your video will cost. For example, a simple explainer video might cost less than a complex 3D animation video. 
2. Duration: The duration of the video may or may not affect the cost. The cost of a video is sometimes determined by the complexity of the animation or special effects and the time it takes to create them. For example, a five-minute video that uses simple animation techniques may be less expensive than a one-minute video that requires intricate special effects. 
3. Quality: The equipment used to shoot the video, such as cameras and lighting, can significantly affect the overall quality of the final product. If you are using high-end equipment like professional-grade cameras such as Alexa, it may increase the production cost of your video. However, the price may be lower if you shoot with more affordable equipment like an iPhone or DSLR. 
4. Location: The cost of producing a video can vary depending on where it is made. For instance, if you're shooting in an expensive city like Singapore, your budget will likely be higher than if you were filming in a less expensive region like Malaysia. 
5. Talent and Crew: The size and expertise of your talent and crew will also play a role in determining your total cost. If you hire professional actors or work with more extensive staff, your budget will be higher than working with one videographer and a small team. 
6. Post Production: The time and resources needed to edit and finish your video will also affect the total cost. If your video requires extensive editing or special effects, the price will be higher than if you only need basic edits. 

These are just a few significant factors that will influence the cost of producing a video. Considering these will help you create a realistic budget for your project and get the most bang for your buck. 

Here are other factors that might get overlooked when deciding how to budget: 

• Level of production. A short, simple video with just one location will cost less than an elaborate film with multiple locations and actors in costume. 
• Equipment rental fees. It will also add to the cost if you plan to shoot outside your company's office or studio space. 
• Pricing for professionals like sound engineers, editors, and animators who will work on the video project alongside you.

So...How Much Will A 1-Minute Video cost?

Pricing will vary from place to place and from company to company. For example, the cost of a 1-minute video will depend on several factors, including the complexity and the type of production. Generally, most video production companies in Singapore charge an hourly rate for their services. 

For introductory videos, such as testimonials or interviews, a 1-minute video could cost between $2,000-$3,000. This cost covers the pre-production planning, filming, editing and post production work that goes into creating a professional video. However, if additional elements are needed for the video (e.g. motion graphics, special effects), the price could go up to around $5,000.

Fortunately, some video production companies offer their services in packages that include every production stage and outstanding results. You can also ensure that your video will get your message across and do so in an entertaining way that will likely make you stand out from your competitors. Video production companies will apply their expertise and know your goals and target audience better than anyone else. You just have to find the right one.

Let NEO360 Do The Job For You

Take your time with your company. Let NEO360 help you produce quality videos that speak to your audience and promote your brand. You don't need to learn how to shoot videos; we will provide you with a professional video production team that does it for you. We'll determine which videos are suitable for your project, and we will deliver results. Then, all you have to do is sit back and watch our work. 

NEO360 is a Singapore-based marketing company that offers an array of creative digital solutions, including production for videos. So contact us today to find out how we can produce a 1-minute video tailored just for you!