How can you balance strategic value and financial feasibility when creating a media project budget?

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Creating a media project budget can be challenging, especially when you have to balance strategic value and financial feasibility. You want to produce high-quality content that meets your objectives and engages your audience, but you also have to consider the costs and risks involved. How can you plan and manage your media project budget effectively? Here are some tips to help you.

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Josh Usheroff

Commercial Producer ?? & Video Strategist ??

1 Define your scope

Before you start estimating your expenses, you need to define your scope clearly. What is the purpose and goal of your media project? Who is your target audience and what are their needs and preferences? What are the deliverables and deadlines you have to meet? How will you measure the success of your project? By answering these questions, you can set realistic expectations and avoid scope creep, which can increase your costs and reduce your quality.

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Josh Usheroff

Commercial Producer ?? & Video Strategist ??
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Keep in mind that the distribution platform for the video campaign will influence the appropriate production value, and consequently project costs. If you're producing a TV commercial, chances are you'll want to have a complete crew of production specialists to ensure a high quality production. Sound technicians, lighting and camera crew, art direction, make-up and styling, these are all standard members of a TV commercial crew. If your video is for TikTok, a more authentic approach with a single creator filming on a cell phone may actually perform better than a highly produced video. Also, keep in mind that licensing rights for actors, voice talent, music and stock video may be higher with broadcast productions compared to web-only.

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2 Estimate your costs

Once you have your scope defined, you can start estimating your costs. You need to consider both fixed and variable costs, as well as direct and indirect costs. Fixed costs are those that do not change regardless of the size or duration of your project, such as equipment, software, licenses, or salaries. Variable costs are those that depend on the level of activity or output of your project, such as materials, travel, or freelancers. Direct costs are those that are directly related to your project, such as production, editing, or distribution. Indirect costs are those that are not directly related to your project, but are necessary to support it, such as overhead, administration, or marketing.

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Krystina from Getaway

Building an EaaS platform | 1 million free health events by 2048 #freehealthcare
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These should be over-estimated numbers. Depending on the size of your project, there are still unknown variables that can drive costs up. By slightly over-estimating, you can better manage your your stakeholders and creators expectations.

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3 Prioritize your value

After you have estimated your costs, you need to prioritize your value. You need to identify which aspects of your project are essential to achieve your objectives and which ones are optional or nice-to-have. You can use a value matrix to rank your project elements according to their impact and feasibility. The impact is the degree to which an element contributes to your strategic value, such as quality, relevance, or engagement. The feasibility is the degree to which an element can be implemented within your financial feasibility, such as budget, time, or resources. By using a value matrix, you can focus on the elements that have high impact and high feasibility, and eliminate or reduce the ones that have low impact and low feasibility.

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4 Track and adjust your budget

Finally, you need to track and adjust your budget throughout your project lifecycle. You need to monitor your actual expenses and compare them with your estimated costs. You also need to review your scope and value regularly and make sure they are aligned with your objectives and audience feedback. You need to be flexible and adaptable to any changes or challenges that may arise during your project. You need to communicate your budget status and any issues or risks to your stakeholders and team members. By tracking and adjusting your budget, you can ensure that your project is on track and delivers value.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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James C McKenzie

Preeminent Marketer | Partnerships Specialist | Corporate Relations | MBA in Finance and Marketing | Journalist | Stakeholder Prioritisation
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Learn about finance. Calculate a net present value on comparative projects to decide the best option. Incorporate media types, project audience reach of the audience with your chosen disposable income to purchase your product or service, estimate how long it will take you to get it to mass media and your cost of finance slash budget. Minimise guessing maximise prediction success.

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How can you balance strategic value and financial feasibility when creating a media project budget?

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3

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5

1 Define your scope

2 Estimate your costs

3 Prioritize your value

4 Track and adjust your budget

5 Here’s what else to consider

Media Production

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How can you balance strategic value and financial feasibility when creating a media project budget?

1

2

3

4

5

1 Define your scope

2 Estimate your costs

3 Prioritize your value

4 Track and adjust your budget

5 Here’s what else to consider

Media Production

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