When making an online video today, a business has many options. Depending on price range, a video can cost as little as $90 or as much as $20,000. Why such a huge difference, you may ask?

The price of a video varies depending on how customized it is; the more customized a video, the higher its price. You can think of this like buying clothes or furniture. However, unlike clothes or furniture, videos compete for eyeballs that make them money directly. For example, whether you buy a custom-made suit or have one that is premade is your preference. Other people might think of you differently when they see you in your suit; but, at the end of the day, it is about how you feel, not them. With videos it is a different story because it is all about whether your viewers enjoy the video. It is for their attention that you are vying.

Stock versus custom videos

Stock videos — With a $90–$200 budget, you can get a video produced with stock photos and video clips. Usually these companies do not write a script or storyboard. What they do is offer software that allows a person to make a video using premade pictures (stock) and premade video footage. Yes, these videos are inexpensive but to be honest, their quality can be poor. Also, it is difficult to be flexible with the script. I am not saying that all videos like these are not good, but they can come off as generic. The price, however, is low; but, at the end of the day, if a business wants to use the video in connection with its image, it has to be careful.

Custom videos — These types of videos can range from $1,000–$20,000 depending on the filmmaker. It is fair to say that you get what you pay for with custom videos; but, to be honest, you can get a great video for around $2,000–$3,000. The more expensive range of videos consists of using good spokesmodels, actors, and customized music. Depending on your budget, it is important to remember that a video displays a lot about the image of your company. In the case of creating custom videos, a business will have more flexibility. It can use unique animations and graphics to look distinct. It can also write the script in a way that is totally customized to what it is doing.

It is important to remember that a video can be very effective in converting potential customers into buyers. At the same time, you have to remember that it is a business's image that is shown in the video and this can say a lot about who they are.