Learning How to Price Video
[by Judy Herrmann]
Late last year, after creating some personal video projects, my partner, Mike Starke, and I started exploring the realities of producing video for clients. Over the years, we’ve learned the hard way to perform in-depth research before committing funds to any diversification scheme so we started the process by doing a series of informational interviews.
First, we called photographers we’d met through the ASMP to ask about their experiences making the transition. We gathered equipment recommendations, software and hardware tips and an extensive list of information resources, tutorials, workshops and courses. We asked about costs, billing rates, production roles, working with crews, and everything else we could think of on the business and production sides.
Next, we called some clients to learn about their needs and see if they’d be interested in using us for video projects. Several told us that if we could produce video that looked like our stills, they would send all of their video projects our way. Many of them shared what they liked and disliked about working with other video teams. A few even sent us links to videos they’d created for clients and told us exactly what those projects had cost.
Armed with information from our peers and clients, we agreed that adding video would be a smart move. To hone our shooting and editing skills as quickly as possible, we signed up for an immersive workshop. We spent a grueling week experiencing everything it takes to produce, shoot and edit a short video project. Everything, that is, but the business side. Finally, at the end of the last day, the instructor announced that the going rate for video is $1500 for a 3 minute piece.
Whoa! All that work for $1500???? The class freaked out! Luckily, our research allowed us to chime in. Sure, some editorial & photojournalism video projects pay that low a rate but the budgets our clients mentioned were substantially higher – 5 to 10 times higher for projects with similar production values to what we learned in class and even more for videos with lengthy shooting schedules, higher production values or broad audience reach.
History has a funny way of repeating itself. For me, figuring out what the market will bear was the hardest part of pricing photography. Video’s no different. And, like stills, talking with peers and clients still seems the best way to get a realistic sense of how the marketplace will value my work.
Photographer and Business Strategist, Judy Herrmann, helps people grow businesses by providing hard-working images that communicate key messages and through one-on-one strategy sessions, seminars and her blog, 2goodthings.com.
