Monday, 31 March 2014

How to Analyze the ROI of Video Marketing

Today, video is at the heart of many companies' marketing strategies. In fact, 95 percent of best-in-class marketers are using video as a content marketing tactic. This makes sense; video is dynamic, it's engaging, it increases your SEO, and it helps your audience learn about you in a different way.

We know video marketing works, because that's what the data tells us. The average cost per marketing-generated lead is $93 for companies that are using video. For companies that are not? That cost is $115 per lead. Video content users enjoy an average of 4.8% website conversion rate, compared to 2.9% for non-users.

But how do you know if it's working for you? Unfortunately, with many aspects of digital marketing, measuring ROI for yourself isn't always easy, but there are a few things you can do as well as a few indicators you can look for which can give you a hint whether your video is paying off or not.

1. Set measurable goals.

You can't know if you're achieving anything if you don't know what it is you want to achieve. If you're brand new to video, there may be a bit of a learning curve to determine what goals are realistic, but you must start somewhere. Will you measure new fans? Shares? Clicks to your website? No matter what it is, every campaign should start with a goal. It is the seed that directs the growth of every aspect of your project.

2. Track your campaign with analytic tools.

Say you've decided to measure how many people share your video on Facebook, LinkedIn, and Twitter, and at the end of the campaign you've fallen dramatically short of your goal. However, using simple analytic tools like HootSuite, you might notice that while your video received few shares on Facebook or LinkedIn, Twitter users were tweeting it like mad at a certain time of day. Now you've learned something; this campaign can be successful, you just need to refocus your targeting.

3. Look for unintended results.

Google Analytics is just one of the many analytic tools
available for measuring ROI.
Using the aforementioned example, say you're measuring your video's total shares and it doesn't happen, but thanks to Google Analytics, you find out that this video has a ridiculously high referral rate to your website. All is not lost!

4. Sometimes quality beats quantity.

Measuring ROI is, of course, a numbers game, but bigger isn't always better. Your video may resonate highly with one particular segment of your market to an extreme, whereas it falls flat with others. Much like in life, you can't please all people at all times, so don't beat yourself up about it, be grateful for the extreme positive impact it had on that group, and get to work thinking about how you can reach other segments of your audience as well!

How do you measure the ROI of your videos? What tools do you use for measurement? Share with us in the comments below and be sure to subscribe for more Swagger-y goodness.

No comments:

Post a Comment