How To Measure Video ROI
C-level management will be keen to know how your marketing efforts are performing, and more often then not will concentrate on the return on investment (ROI). Now you might be thinking, ‘how can I measure my video ROI?’. Well, take a look at our handy little tips.
What is ROI?
ROI can best be described as the performance measure that looks at the profitability of an action.
We’ve got an example:
A t-shirt printing factory spend £1000 on advertising. In return, they gain over £2000 worth of orders through that specific advertising campaign. You can see there has been over a 100% return on the money spent to attract customers. Therefore, we can regard this campaign as a success and a good investment – one that was relatively easy to track and analyse.
However, it gets a bit trickier when it comes to measuring video ROI.
- How can you tell if the people who saw it are the people signing up for what you have to offer?
- How do you know if the video was the first or last touchpoint with your brand before they converted?
Fortunately, there are a few ways we can see if a video is having the desired effect on your business – the internet’s clever that way!
The most obvious way to keep track of what sort of effect your video’s having, is to see how many times it’s been viewed. How? The simplest way to do this would be to embed it onto your site from YouTube. That way, you can see the view count on its page on YouTube.
However, you can also use Google Analytics tools to track the conversions of people who clicked onto the page that hosts the video to see if it’s having a direct impact on revenue. It’s important to find out how your customer got to the page and where they went afterwards. With this information, you can analyse other navigation paths and keywords that might not be performing particularly well. In which case, you can optimise your website to clearly direct your web users to watch the video.
Clickable links and embedded promotional codes
Your life is about to get a lot easier!
There are numerous techniques that can be used to monitor the effectiveness of the video, within the video itself.
Two of the most popular are:
- Clickable links
- Embedded promotional codes
Both of these tactics operate in the same way. You can place either one (or both) at the end of your video. The number of click through’s can be tracked, as can the number of times the promotional code is used.
However, this technique does pose a few hiccups. In order for people to access these links and codes, they have to watch the video through to the end. Unfortunately, it is very unlikely that 100% of your audience will do so. To tackle this, it is worth A/B testing your content. Place promotional codes or links at different time stamps throughout the video to see which time returns the best yield.
Is your video meant to return an investment?
Now this is a question worth asking.
Not every piece of content, especially video content, that your business puts out there needs to be going after the hard sell. More often than not, a blended approach of content marketing and specific selling tecnhiques are a healthier way to present your brand to your target audience. You need to provide your customer with value – perhaps your video is an explainer, or a brand homepage video. In these two instances, it would be very difficult to measure whether customers had converted due to seeing that video, as this wasn’t its intended purpose.
Moreover, you may commission a video that addresses your frequently asked questions. The return on investment here would be the decrease in hours of staff taking those calls, and now being able to focus on more important issues.
Corporate videos fulfil a number of different functions, so why not give us a call today and see how we can help?