Why is Professional Video so Expensive?
Here’s a touchy subject I’m going to try to shed some light on. I hope you’ll appreciate my honesty!
"Why does professional video cost so much?"
A common objection many people have. And I’m not here to tell you if it’s a fair one, but I am here to try to put some of the numbers you might be seeing in a quote or estimate into perspective.
What are you comparing to?
Let’s try to understand the question a little better before we can really begin to answer it.
“Why is video so expensive…” is only the first half of the question. The second half—at least implicitly—is “…compared to [something].”
That something can be a few different things. I’m willing to bet it’s one of these two:
1. “…compared to what I thought it would be.”
Well, where did you start guessing what the investment might be? What’s the benchmark you’ve developed? Consider this.
If I told you a t-shirt cost $1000, you’d think it was expensive, right? But what if I told you I have a car that only costs $1000 for you to buy? Suddenly that $1000 seems like not a lot of money. And chances are you’re actually questioning “What is wrong with your car, Aidan?” This shows that our frame of reference causes us to believe something is low or high more than the number in isolation. And I’m here to argue your frame of reference might be wrong.
If someone offers you a car that seems functional for only $1000, your first question is going to be "What's wrong with it?" and it should be! Because that $1000 car isn't going to give you everything that a $25,000 or $50,000 or $100,000 car will.
2. “…compared to another competitor’s quote.”
Chances are you’re comparing apples to oranges if there are 2 quotes you’re comparing which are galaxies apart. Instead of trying to guess why they’re so different, why don’t you ask each vendor why their quote is so different from each others?
In the mean time, I’m going to go ahead and venture that the differences arise out of one or a number of these factors:
Quality of the end product (production value, not pixel quality)
Experience of working with that vendor
Longevity of the finished product (and all associated planning that will ensure that)
Guarantee of your satisfaction when the job is complete
A deeper dive at each one of these:
Quality of the Video
Why do you drive the car you drive? Why not buy the cheapest possible option that can get you around? Surely a better deal could be had!
You don’t choose the cheapest possible option because you understand that, inherently, not all cars are the same. Even if both cars could get you where you need to go. Some come with a better warranty; some more bells and whistles; some are better brands. You get the point.
The same is true with video. Yes, there is always a cheaper option. But understand that, to save money, you're sacrificing something else along the way.
Just like you choose not to buy the cheapest, crappiest possible car to drive you around, there's a reason not to buy the cheapest, crappiest possible video.
Think about this: the car you drive says something about you, doesn't it? It communicates what you value and what's important to you.
The same is said about the quality of video you're willing to buy. Your audience might not be able to articulate what it is, but you can guarantee there's going to be a difference between a $1000 video and a $10,000 video. (Oh yes, videos can definitely be $10k. And that’s still, comparably, on the low end of things).
Experience of the Process
Again - in some instances, both cars will indeed get you where you need to go. But the experience of getting there is wildly different.
Would you ever dare a road trip in a car you wouldn’t be sure could get you to your destination? A car that might limp you along from gas station to gas station, ready to call CAA at a moment’s notice to get you out of trouble?
Most people want to road trip in a car that offers them comfort and peace of mind.
The video industry can be the same.
Professional video companies have tried and true ways of doing things that make your life as the client so much easier. Newbies that lack experience will have a more fluid and herky-jerky process that you won’t enjoy as much. Miscommunications, lack of preparedness, an uncomfortable time filming. All of it adds up. And the whole time you’ll be regretting being so cheap.
Cheap guys can give you something that might get you from point A to B. But the cheapest possible option won't have things the bigger guys do. We're talking more attention to detail in every shot. Custom, licensed, legal music that isn't going to get you a copyright strike. More participation in script development and storyboarding your film. And a much better product that is going to know your socks off right off the bat.
Longevity of the Finished Product
I don’t use the term “cost” when discussing my services because, if that’s all they are, I’ve failed before I’ve begun.
Every dollar you spend for your business ought to be an investment in a better business.
I’m here to argue that the bigger investment required of a better company is going to increase the longevity of your video investment and last you that much longer.
Back to cars. Cheap cars are going to break down when you least expect it and can least afford it. A quality car is going to last you years. Thus, the money you’ve spent becomes an investment and not an expense.
Side note: in general, cars are awful investments. I’m just trying to make a point. Humour me and follow along.
I touched on it briefly in the last one: if you're wise about how you spend your money with the vendor you hire, you have so much more opportunity to buy once, cry once, and enjoy with a product that is going to serve you well past the length of time you're even hoping for.
The cheapest possible option is going to wear out quick and feel outdated in no time.
Bigger video companies invest more time in strategizing for the longterm. Young guys who don’t know what they’re doing can’t think that far ahead.
Harsh but true. Sorry.
Little guys aren’t profiting enough to invest more than the bare minimum amount of time to meet the requirements of the project. Big guys are investing more time prior to filming to help with the next part.
Guarantee of Success + Satisfaction
Let's pretend it's your wedding day and you still own that hunk of junk car. Are you going to risk driving it on your wedding day when it might break down halfway to the church and leave you stranded? Of course not.
So many business owners choose crappier options that will likely fail, rather than than buying into the safety, satisfaction, and guarantee of a true professional.
If you can't afford for your video to tank, you know that you can't gamble on your cheapest possible option. Are you a gambler?
And to be clear, I’m not endorsing that the most expensive option is always going to guarantee more success. That depends on who you’re talking to and what they’re charging you (Frame of reference, remember). But I am saying that, chances are, if someone can charge that higher rate, it’s because they have a proven track record.
“Expensive” video might actually be a bargain
As we wrap up here, humour me by imagining one last scenario:
There are cars out there that many would argue are “middle of the road” (figuratively speaking). They’re cars that are not the cheapest option, and when compared to their higher-end counterparts, actually offer many of the same features at a more affordable price.
Video can be the same way. If we circle back to the “…compared to [something]?” example from the very beginning, you’ll remember that I pointed out how oftentimes we’re comparing the professional quote we got to a lower price we might’ve pulled from thin air.
The last argument I want to make is that professional video, if done right, might actually be a huge bargain for you compared to what you could be spending.
The goal is that the services you’re paying for punch above their weight.
What makes something a “good deal” is that it provides more value to you than what the monetary exchange might demonstrate. This can absolutely be true with video, where you might pay $10,000 for a video but receive something of similar value to what a competitor might charge $25,000 for.
Again - suddenly that price doesn’t seem so outrageous.
— — —
At the end of the day, a budget is a budget and I fully appreciate and respect that there are times you just don’t have the financial means. That is A-OK. Let me be abundantly clear.
But there are many times where, if you’re choosing the right video company who actually understands your business goals and has demonstrated to you how this video is going to help you achieve them, you could be walking away with a huge asset for your business that will last for years to come.
