Video marketing has a range of solid benefits for businesses, especially in a world where consumers are searching for content that's quick and convenient to watch.
Through video, brands can tell stories, explain complex concepts, and improve the user journey. For complex products or services, a video can illustrate real-world benefits in a way that's easy to understand and accessible..
Video has always been popular, but consumers showed a lot of interest in videos during the pandemic. As a result, brands increased the amount of video marketing to reach their audiences.
Now, consumers now expect to see videos as part of their purchasing journey. For example, one study shows that 96% of consumers have watched an explainer video when finding out more about a product or service.
Dig a little deeper, and research also indicates that 87% of video marketers reported that video gives them a positive ROI. Add to that increased traffic, more brand awareness, and higher conversion rates, and it's clear why video marketing is continuing to rise.
But it's not a case of filming Instagram Stories and TikToks on the go or hastily throwing in a Facebook Live video. For video marketing to be successful as a long-term strategy, it needs the same planning as any other content. Videos should have clearly defined goals and structures that fit within your current content strategy.
You also need to measure your video marketing efforts to determine whether you're meeting your goals. Video marketing doesn't come cheap. Fail to look at your insights and data, and you could be throwing money down the drain.
However, measuring the success of your video marketing efforts can be challenging. It's not impossible, but it's certainly a little trickier than measuring the outcomes of your written content. Different video channels use different data and have varying criteria.
So, what's the best way to get the most out of video for your business? Use a variety of insights from each platform and set specific goals and KPIs to judge performance.
Find out how to measure your video marketing efforts to ensure your efforts are gaining the best possible ROI.
Using Key Performance Indicators (KPIs) And Goals To Measure Success
Sometimes it can feel like it's a data minefield out there. Video channels have so much data that it's difficult to judge the best analytics to use.
Click through rates, play rates, view rates, likes, comments, demographics – the list is endless. It's easy to fall down a rabbit hole and get bogged down by too much information.
So what's the answer?
Before creating videos, set out clearly defined goals and match them to the best KPIs available.
For example, if the goal is to increase engagement, the KPI could be the number of likes and comments.
Whereas if the goal is sales conversion, the KPI could be how many consumers click a link to the product page and the number of purchases.
Businesses generally set goals based on:
- Building authority
- Generating leads
- Boosting awareness
- Creating conversions
- Improving engagement
There will be times when some goals overlap, so flexibility is necessary with video marketing data.
What Data Should Businesses Use To Track Engagement?
Tracking conversions is challenging. Therefore for most video marketing, goals based on awareness and engagement are easier to evaluate. When it comes to engagement, there are several ways to track the success of a video.
Likes And Dislikes
Whether it's the thumbs-up sign on Facebook or a heart on Instagram, each video platform has a unique way for users to show they like a post.
Because it's so easy to see, and the social media insights generally add up the likes for you, tracking engagement using this method is easy.
If your video generates lots of likes, your content is a winner. It resonates with your target audience, and they're responding with the like. However, get some "cross face" emojis, and it's pretty clear your content isn't hitting the mark.
But consider this: Social media interactions of this sort are vague and generalized. For example, are the likes coming from your target audience? Perhaps competitors are trying to affect your data.
Don't forget to use a range of measurements before making a final judgment on your content.
Impressions are a great metric to use if you want to track brand awareness. Impressions note the number of times your content was displayed, regardless of whether users clicked on it.
Keep in mind that impressions are slightly different from reach, which is the number of unique people who see your content. Your impression data will always be equal to or higher than your reach data. This is because if somebody sees your video more than once in their feed, it counts as another impression.
What's useful about impressions?
When targeting brand awareness, impression data tells you if your content has visibility on social media on its own. If your impression count is low, it indicates something is wrong with your marketing plan – perhaps targeting the wrong audience or keywords.
Comments And Shares
Getting comments on your social media videos is an excellent indicator that your content resonates with your audience.
Comments also tell the algorithms that your video is attracting attention, so the more comments you get, the more likely it is to feature in Explore tabs and within more feeds.
It's not surprising, though, that shares are even more valuable than comments. When a user shares your video, it's a statement that they're happy to associate your content with their opinions and views. The user finds your post interesting enough to want to pass on the information.
Brands need to heed all feedback – positive or negative. Controversy can be beneficial, sometimes. You won't appeal to everyone, and a little controversy gets a conversation started.
Comments also help shape future content. Take note of suggestions and feedback and use them to inform your next campaign.
Want To Know If You’re Getting Conversions? Try Using These Key Indicators.
Tracking engagement seems relatively straightforward. However, tracking conversions within video marketing is a little more time-consuming (although platforms like YouTube offer analytics that you can print in a matter of minutes).
To figure out if your video has led to customer conversions, try using these data points.
Play Rates And Watch Time
Once you've got your video content out, you'll want to know how many people are playing and watching it.
Play rate refers to the number of people who see your video and press play. So, for example, if your play rate is 25%, only a quarter of the people noticing your video are actually hitting the play button.
If your play rate is low, it's time to re-evaluate your content. Are you hitting the wrong audience? Is the topic off-trend? Is the type of video incorrect for the platform you're using? Are you failing to capture attention from the start with your title or thumbnail?
On the other hand, watch time is the cumulative time your video has been watched. For example, say you put out a five-minute video. If five people watch your video for two minutes each, the watch time is 10 minutes. But if only one person watches your video for the entire five minutes, the watch time is five minutes.
Match this data with your play rate, and you have the building blocks to figuring out how successful your video is and how you can improve.
One of the most important parts of the data for video marketing is the click-through rate (CTR). The end goal for some conversion videos is to get the viewer to head to a website or product page. It takes the potential customer down the next stage of the sales funnel.
The CTR also helps you judge what went well and what needs revisiting for future video campaigns.
Each video platform has different methods for calculating the CTR. For example, YouTube uses the number of clicks on the ad divided by the number of impressions. Google AdSense uses the same formula for their PPC ads CTR.
When using CTR to measure the impact of a video, make sure to leave the video for a while to get the best data. YouTube recommends marketers avoid checking their CTR immediately after uploading as there won't be enough impressions to make an accurate calculation.
CTRs vary according to different platforms. An average CTR on Facebook will differ from an average CTR on another platform like LinkedIn. Keep this in mind as you review this data.
Ad Lift Recall
YouTube and Facebook offer a service called ad lift recall. Both platforms ask their users some recall questions to determine how memorable your video was. There are some restrictions on using these features, but they're a valuable metric to measure.
Having ad recall data lets you figure out why an ad didn't reach many people, yet it was memorable content. It means you may not have to alter the content much but change your target audience.
Take Your Video Marketing To The Next Level
Using metrics and data to measure your video marketing strategy is the key to increasing your ROI. By tracking your video marketing and acting on the information, you'll build a strategy that's defined and accountable.
Remember to match your metrics to your goals, and don't be afraid to experiment. What doesn't work on one video channel may work on another. Be prepared to carry out testing alongside measuring analytics. Vary your video content to give your brand the maximum opportunity to build engagement with consumers. --- Author Bio:
Torrey Tayenaka is the co-founder and CEO at Sparkhouse, an Orange County based video marketing production agency. He is often asked to contribute expertise in publications like Entrepreneur, Single Grain and Forbes. Sparkhouse is known for transforming video marketing and advertising into real conversations.
Rather than hitting the consumer over the head with blatant ads, Sparkhouse creates interesting, entertaining and useful videos that enrich the lives of his clients’ customers. In addition to Sparkhouse, Torrey has also founded the companies Eva Smart Shower, Litehouse & Forge54.