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Video Production Budgeting: Speed vs. Cost vs. Quality

Video Production Showdown - Speed vs Cost vs Quality

 With the advances we have seen in technology in recent years, there are now many different options for those looking for video editing and creation programs. Of course, we all know that videos will be huge in 2017 for online marketing which makes the video production teams, processes, and software more important than ever. If you have a limited budget and time constraints, the process can become somewhat frustrating and confusing. Luckily, we’re here to break it down and show you where to best place your budget to align with your video production campaign goals.

In project management, there are three key factors in play – speed, quality, and cost. Today, we are going to explain why it’s important to identify which of the three “project management” factors are most important to you and help tailor your video production process to best suit those needs.

The Project Management Triangle for Video Production

Speed + Cost ≠ Quality

If you are the example we mentioned previously and have limited time and money, there may be some sacrifices when it comes to quality. Rather than creating a video from scratch, you could potentially use template characters and many other recycled elements. For a start-up business perspective, this option may be viable but the lack of when quality is of the utmost importance; such as with mid-sized company and beyond, this may not be a viable option. Because there is a lack of personalization, branding may suffer along with engagement.

Speed + Quality ≠ Cost

On the flip side, you may be interested in producing a high-quality video is a short period of time, but lack the financial resources to fund such a highly involved turnaround. To help break things down further, according to a recent report, a high-quality video takes around 8-10 professionals to complete a given project. Taking into account all the moving parts involved: animator, creative director, producer, scriptwriter, illustrators, sound engineers and more, there is a lot of time and effort that goes into making your video production project quality within a short period of time. On average, high-quality production will take several weeks to complete, which means there are often costs involved for a corporate video production team to produce a quicker and higher quality end product. Considering you will be asking all the people above to work late nights and weekends, it’s quite common to incur additional expenses.

Cost + Quality ≠ Speed 

Finally, you won’t be able to rush a project when the priorities are high-quality and low cost. When a professional video is being created, it takes time. If budgets are a limiting factor, the video team will have to work in their own time to complete the project. There are many moving parts in the day-to-day operation of a corporate video production company, soto have

There we have it! It is truly a balance of managing all three factors at the same time. When producing a video for your business, this is important to remember because it will allow you to make the most of your available resources. If anybody offers you the world in a fast time and for little money, be cautious!

———-

At Viva Media, we understand that you probably have concerns around timelines, budgets, quality of the work, the creative (the list goes on…). With that said we also understand that sometimes you don’t know what you don’t know. That’s why we’re here to help. We make producing your project simple through our process-driven approach. If you have questions, concerns, need direction or a sense of what a budget may be – reach out to us and we’ll be happy to help 🙂

Get a FREE CONSULTATION with us!

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