Sustainable Prospects – Produce an Estimate
We were set a challenge to create an estimate; task details below:
“A small communications agency contacts you and would like you to give them an estimate. They are re-branding Broadgate, an area in London, and need 25 images to use for printed materials, social media, web, tube ads and potentially billboards. The license term is five years. They think you can do the shoot in two days.” (Flex.falmouth.ac.uk, 2017)
Before starting the task, I researched about the area to get a feel for the task ahead.
“Broadgate is at the centre of one of the most exciting and vibrant parts of London: a neighbourhood that connects the creative communities of Spitalfields and Shoreditch with the City and is adjacent to Liverpool Street Station. Set across 32 acres, Broadgate includes four landscaped squares and places to shop, dine, and unwind. An estimated 65 million people visit Broadgate each year, which is set to increase with the opening of Crossrail in December 2018.”
– (Broadgate, 2017)
Over the last few years, the growth in social media platforms and the use of digital media to market products etc, the demand for corporate images is great. Advances in camera technology has made it easier for photographers to capture high-quality images and has made the clients more demanding and has opened the market up to photographers of different skill levels.
Figure 1: (Londonfreelance.org, 2017)
I used the http://www.londonfreelance.org/ website to get reference values for the day rates for photographers. The site was really useful to someone who really did not have a clue about how much would be acceptable to quote.
My estimate includes an assistant cost. The assistant would be used to help set up lighting, direct any people in the shot, and help carry the equipment around the location.
When working on this estimate, I was very mindful of the factors that could affect the overall quotation. I believe that these are my time, the usage of the images, my level of competence and expertise, and who my competitors could be.
The amount of time that would be needed has been estimated by the agency as 2 days. The proposed job is not a small one, and the proposed use of the images on billboards means that the lighting, depth of field and need for images without distracting objects or people will make this a tough assignment. The images captured would show the area at all times of day and how residents and visitors could and would use the facilities. The day rate that I have used in my estimate reflects the need to work long days in order to ensure the shots are obtained.
Also, there appears to be a trend at the current time for a very competitive market where photographers undercut other photographers to get work. I make this generalisation from my own observations of quotations offered in response to queries for prices for event photography, especially weddings. I wanted to make sure that my quotation would not promote this, but would also reflect the professionalism that I would bring to the job. I wholeheartedly believe that you get what you pay for.
The client intends the images to appear on billboards and tube ads means that the quality needs to be of the highest level and this places the job towards the top end of the spectrum. This is further reinforced by the profile of the area being on the increase.
The prestigious use of the images and their high level of visibility adds to the value of the overall quotation. The images are only licensed to the agency and not sold to them. A picture used on a billboard is worth more than that same picture when used in a newsletter, so I decided to set the initial usage fee to £1,000.
I would send the estimate to the client with a covering letter which would include terms and conditions outlining the usage rights of the license, the terms of the contract I would be offering them (including turn around time) and the costs of any additional usage the client may need. I would follow this up with a phone call to the agency a week or so after the quotation was sent.
This task was quite difficult to complete as I have never completed a quotation for this level of work before. As a first go, I am pleased with the overall structure of the quote.
Broadgate. (2017). About | Broadgate. [online] Available at: http://www.broadgate.co.uk/about#ZGIwZqEkmx2Le2Vy.97 [Accessed 18 Nov. 2017].
Flex.falmouth.ac.uk. (2017). Log in to canvas. [online] Available at: https://flex.falmouth.ac.uk/courses/84/discussion_topics/2837 [Accessed 18 Nov. 2017].
Londonfreelance.org. (2017). Freelance Fees Guide: Photography. [online] Available at: http://www.londonfreelance.org/feesguide/index.php?§ion=Photography [Accessed 18 Nov. 2017].
Figure 1: Londonfreelance.org. (2017). Freelance Fees Guide: Photography / Corporate work. [online] Available at: http://www.londonfreelance.org/feesguide/index.php?§ion=Photography&subsect=Corporate+work&subsubs=All [Accessed 18 Nov. 2017].