Return on Investment is key in any business. In our world it’s all about measuring the video’s performance by evaluating the efficiency of an investment in video content.
By comparing pre-video statistics and online data with post-video engagement and reach we can compare the difference made by video content to your overall marketing strategy.
Video content distribution and promotion are essential to any video campaign. So often we see businesses focus on the making of the video, rather than the marketing of it. With the use of basic software you can measure how many viewers your video has, for how long they viewed it and what those viewers do next. Do they watch another video? Do they visit your ‘About Us’ page? Or perhaps they go to a competitors website?
It’s as much about preparation as having relevant content.
What do you want to achieve?
What does Return on Investment mean to your business? Return on Investment isn’t solely about sales revenue generated. It may be that you want to use video to increase your website traffic, raise your brand awareness or increase the number of Mailshot sign ups.
What about video for recruitment purposes? Will it be that your measured Return on Investment is an increased number of job applications? How are you going to provoke an immediate response (Call to Action) from your target audience? Will you guide them to a ‘Contact details’ page, or a landing page offering them a free trial?
Have the Analytics in place when you are starting out.
Once you’ve decided what your Return on Investment KPIs are going to be, you can track data before the campaign launch and use it as a comparison when you have launched your video.
Number of views
This will give you an indication of how well the video project has been distributed.If you choose to pay for advertising on YouTube or Facebook (for example) you can split these views into ‘Paid’ and ‘Organic’ to further quantify where those views come from. Try not to get caught up in the notion of ‘hits’ as it’s far more important to understand why your audience are watching the video as opposed to how many.
A strong indicator of why your audience is watching your video content is through consumer engagement. This could be in the form of comments, likes, shares, re-tweets, or other engagement such as video parodies and articles written about your campaign. It’s important to regularly monitor engagement so you can effectively respond to your demographic and in turn ensure your brand becomes more approachable and personable.
Length of plays
It’s all well and good having an instant thousand views, but what if 90% of these viewers switched off a quarter of the way through? They may be missing vital information displayed later in the video. You can quantify how many ‘complete plays’ the video has, ‘drop off spots’ (including the average view length) and ‘hot spots’ (which parts viewers play more than once). This will enable you to discuss re-editing capabilities with your video production company such as shortening the video, or splitting the original video content into multiple parts or simply including the most important information at the start of the video to hopefully increase engagement with viewers.
Tying it to a cash value
Video is a long term investment and it works best embedded into a long term marketing strategy, so quantifying monetary Return on Investment is sometimes more of a challenge. You need to determine what you are measuring (eg Mailshot signups) and how much 1 unit (eg 1 mailshot sign up) is worth to your business. For example, you value one Mailshot sign up at £20. After launching your video you see an extra 20 sign ups a month. £20 X 20 = £400 a month. Say you spend £2,000 on the production of your video your initial investment is made back in 5 months. After that 5 months, the video then becomes profitable for your business. Simplistic example, but you get the idea.
No-brainer, or a brain ache?
A lot of video production companies will offer analytical reports as part of the package. If so, what have you got to lose? It may be that in 6 months time, you can prove to your bosses that the commitment with video content was worth it, and your team can get the pat on the back it deserves. If the results aren’t as positive as first expected, there will be reasons for that and it’s only through tracking that you will learn what connects with your audience to allow for a more refined video strategy in the future.