“A Company’s Production Meeting”
Setting: A conference room.
A CMO, marketing director and marketing specialist discuss a proposed budget from a production company.
Marketing Director: Where did they get those production numbers? They want WHAT for animation?! And a “cat wrangler”?!
Marketing Specialist: Uh… I think it has to do with the concept…and…
Marketing Director: Concept?! They don’t even understand our vision for the content campaign.
CMO: I thought my vision was clear.
Marketing Director: Tell them to come back with better numbers. We’re not hiring friggin’ Spielberg.
Companies and Video Production Creatives LOVE to talk about new concepts and marketing content first and wait until the very end to have the [CUE the horror film music]:
DREADED budget conversation.
Marketing Departments and creatives from the video content production company may talk shop for hours over a course of several meetings, walk out of a brainstorm session feeling like they are now of one mind and clients will whisper to each other “They really get it. They really do get our company’s vision for our new video marketing content.”
Suddenly numerical reality kicks in, the production company turns in the estimate to it’s (hopefully) new client.
So what is the solution?
At Kestum Bilt we believe in truth in advertising – and production costs.
Here are three ways Production Companies can mitigate this above conversation:
First, it’s important for agencies and organizations to understand how budgets are created for video production content prior to starting a conversation around content development.
Second, video production companies need to be transparent and explain the estimated budget instead of just sending a number.
And third, offer budget options instead of one definitive number. This helps in breaking down line items and costs. It also puts the client in the financial driver’s seat.
Below is our Kestum Bilt “Good. Fast. Low-Cost” chart.* Where are you on the chart?
*[Please NOTE these are general guidelines and Kestum Bilt always recommends hiring a professional video production company with a solid reputation for creating video content.]
We look forward to hearing from you and happy producing!
Stay Tuned: Future articles will dive deep into the video production budget conversation, this was a Video Content Production Budget – Lesson 101.