So, you’ve finally produced an online video and started developing a video marketing strategy. You hired a great creative studio to tell your brand story, and you posted that video on your website. You got some views, but one big question remains: Do you know if the video had any effect on your bottom-line?
Unfortunately, few marketers can actually prove that their videos are successful. Sure, you could point to views or some other superficial data point to say that your videos are successful, but do you have data-driven analytics that show what’s working and what isn’t? Only 22 percent of marketers say they have data-driven marketing initiatives that are achieving any kind of significant results, according to Forbes Insights and Turn.
If you were investing in a company or your retirement, you’d be sure to have some way of tracking your investments. Yet, many businesses ignore data-driven marketing.
Nearly 54 percent of marketers aren’t even sure if their investments are working! These marketers are throwing money down a well and hoping that it grants all their wishes (high ROI).
Written content, social media posts, and other marketing ideas require relatively low budgets. Creating online video requires more time and resources, so ignoring whether your videos succeed or not can be detrimental to your business.
Video is taking over the content marketing and business world. If you don’t focus your marketing efforts on creating online video content and measuring your online video success, you’ll inevitably get left behind.
Adapting is the name of the game, and measuring video metrics will help you tailor your marketing strategy to your customers. We’ll guide you through six of the most important metrics that will help you measure your online video success and achieve your business goals.
Views are the lynchpin of determining online video success, but they can be a deceptive metric. View counts show the reach and popularity of your content (obviously, a video with 500,000 views will attract more customers than a video with 50,000 views), but the problem lies in how those views are calculated.
Platforms like Youtube and Facebook count their views differently: YouTube counts a view once the viewer has watched the video for 30 seconds, and Facebook counts a view after three seconds of watching. View counts can be skewed or not even counted depending on the platform where you share your online video content.
View counts also don’t show how relevant the content was to the viewer. Just because a video has a lot of views does not mean that it is engaging the customer or generating value for your business. View counts should be an important part of measuring your online video success, but you should not rely on them to drive your marketing decisions.
A more granular approach to view counts, play rate is the percentage of page visitors that actually clicked on your video and watched it versus the webpage’s total visitors. Have you ever attended an event and been handed event flyers outside that you immediately toss in the garbage? The same problem occurs if you have a video on your website that no one ever watches. What’s the point of spending money to create a video if no one ever watches it?
Play rate is a great metric for seeing whether the video content on your page is in the optimal location. If you have a low play rate, then your video content is not getting as many views as it could.
This information is helpful because you can adapt your approach according to the audience’s behavior. Some great ways to increase your play rate on your website would be to:
- Alter the thumbnail so it is more eye-catching.
- Change the location of the video on the page.
- Improve the headline so it’s more relevant to the surrounding content.
Remember that not all videos are created equal, so play rate may not be as relevant for specialized videos as it is for broadly appealing videos.
Social sharing on social media sites like Facebook or Instagram can be a boon to your overall brand awareness. More shares tend to lead to more video views and vice versa.
This metric can also show you how appealing your video is to your target audience. Video is shared 1,200 percent more than both links and text combined, so video content has the potential to generate far more conversions.
Is your goal to get as many viewers as possible? Then this will be one of your most crucial metrics to follow.
You can increase the social sharing of your video content by creating content specifically made for sharing and even passing it on to influencers on platforms like Instagram or YouTube. Regularly checking comments can also give you ground-floor customer input on your video and products.
The click-through rate, the percentage of viewers who click on your video’s call to action, is an excellent metric for videos shared outside of your native website. Driving traffic to your site from social media or video sites is the ultimate goal of your video content. Click-through rates offer you the ability to see how effective your video content actually is.
One of the easiest ways to improve your click-through rate is to make sure you provide a clear, enticing call to action for the customer. Your aim should be to produce a high-quality video that creates a desire in the viewer to learn more about your products or services.
Conversion rate is the number of leads or customers you have gained due to the video content you created. This is the “big cheese” of metrics, since nearly 39 percent of business decision-makers contact a vendor after viewing a branded video.
Yet, it can be tricky to capture. You need to set up separate analytic services like Google Analytics and determine your criteria for a “conversion.” Is a full view considered a conversion, or is it when a customer subscribes, signs up on your website, or purchases something?
Improve your conversion rates by providing videos most relevant to a customer’s the place in the sales funnel. If a customer needs to be educated about your product or service, create a video that explains your business in simple details. At the end of the sales funnel, customer testimonials might be the thing that sells them. Video heatmaps can be a great way to measure this type of viewer data.
Your video conversion rate is directly related to how much value you provide the customer and when you provide that value.
Measuring Your Online Video Success Is Crucial
Analytics and metrics can broaden your perspective and help you get the most out of your video content. If you’re looking to measure your social video, Delmondo is a tool that is unquestionably the leader. Additionally, Google Analytics is a great resource for information about your webpage traffic and video content and Vidyard is also an excellent resource that specializes in video marketing analytics.
There are many more metrics you could explore, but these main measurements will help you see the big picture. Seeing why your video is working will put you leaps and bounds ahead of your competition.