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In the video tutorial, Chase Turnbow discusses the difference between cost estimates and custom quotes for video production clients. He advises giving clients a rough estimate before delving into specifics to prevent potential sticker shock. Turnbow suggests providing a ballpark figure when clients inquire about pricing for videos, allowing for a more informed decision-making process. He recommends creating an estimate statement that balances providing a general idea of costs while also considering variables that may impact the final price.