What’s your budget? Reasons for including a budget in your next RFP or RFQ

 

Often, I’ve found that clients can be resistant to letting a video production company know what their budget is. There’s a fear I think, that the production company will simply charge the client whatever their budget is, regardless of the actual costs.

This is not the case. By providing a budget, or at least a budget range, you let the producers know what they have to work with. They can then come up with ideas and solutions to fit your budget.

Without it, they are working in the dark and you will not only get a less accurate estimate, but will have difficulty comparing estimates, as you will not be comparing apples to apples.

So perhaps you’re saying, “I don’t know how much to spend on a video”. “I’ve never done this before and I have no idea of the costs”

In that case, we recommend going online and finding examples of videos you like. The production company can then develop ideas and provide an estimate based on those samples. It’s a really good way of making sure you’re comparing apples with apples across multiple estimates.

I hope you’ve found this helpful and that it can assist you with getting more accurate, focused submissions for your next RFP or RFQ.

Cheers,

Peter Reynolds