3 Steps to Measuring Your Video's ROI
Video is king. There is not a marketing page on the internet that will tell you video is not an important part of your business' strategy. We've all seen the stats about how video is taking over the web. Brian Halligan, CEO, and co-founder of Hubspot said, "50% of your content in 2017 should be video. Stop looking for that blogger, start looking for that videographer."
So you've finally done it—you had a great marketing video made. You spent a few thousand dollars producing quality content. Now you want to know how to figure out if all the time and money spent was worth it. So what do you do? It may not be as obvious as tracking ROI in other areas of your business. How do you know if the customer is engaged in your video? How do you know how much they're watching? At what point do they stop watching or click through to your website? And of course, how much extra money has come in as a direct result of watching your video?
We've listed below three of the top metrics that need to be considered when tracking your ROI and several tips on how to do it efficiently.
1. Makin' Money
This is obviously one of the more important areas to track. It's also one of the more difficult areas to track. The problem is, there is no way to get the exact number of customers who made a purchase specifically because they watched your video. Maybe they watched your video a few days ago and came back later to make a purchase. In this case, the traffic might look more organic.
One method companies use is comparing data. They note their current revenue and match it against the revenue received after the video was published. You can use the number of views as well as your analytics to draw your conclusion. If your video is not receiving any views but your revenue increased, it's coming from another source.
Another method would be to create a custom landing page with links from your video's call to action (CTA). Using link tracking mentioned above, you can follow the customer's journey and track if it turns into a sale. For example, you can setup a landing page with the URL, www.yourcompany.com/campaign. At the end of your marketing video, add a link to this specific URL. Avoid using this URL anywhere else as to not skew the results. With proper analytics setup, you can now view how many people landed on this page because they watched your video.
2. Creating Leads with Your Video
It goes without saying—leads are important. Leads turn into sales and sales equal money. How do you know if a lead came from a google ad or from watching your video? The answer is in your analytics. If you haven't already head over to Google Analytics and get your website setup. If you don't know who is coming to your website and from where you're missing out on a lot of valuable information.
Google has a useful tool called URL Builder that you can learn more about here. Once you have Google Analytics setup, head over to the URL Builder and create custom tags. These tags are added to the links that go to your video and track your customer's journey through your website. It will tell you where your traffic is coming from, specifically if it is coming from your video. It will also track shares so if the video is passed around, you'll see where.
Choose the right tool
There are also a number of great tools built into the different video hosting platforms like YouTube, Vimeo, or Wistia. Wistia has a really nice feature for collecting emails called Turnstile. This tool allows you to require an email address before your customer can watch the video. This is an effective way to gather emails (if you have content worth watching). It is also much more streamlined than traditional ways. No more getting customer emails on your website, hoping they confirm their email address. All before they get a link to your video. Very few people make it that far.
3. Measuring Engagement
Video is a powerful and effective way to build your companies brand. It builds trust with your customers. If you provide them value now, it will pay off in the long run. It's important to remember it's not all about the money upfront.
When your customer engages in your video, they share it with their community. They become promoters of your brand. They leave their comments on social media. Tracking these metrics is a great way to measure engagement.
There are many built-in tools found on all the major social networks that help you track this information. Facebook Page Insights is a great tool for seeing when your customer stops watching. It compares your campaigns against each other to see which one did the best, relative to the others. Twitter and YouTube also provide similar tools, built-in.
Where are you in regards to tracking your video content? Are you watching your analytics and tracking your ROI? Or are you hoping for the best without knowing the truth about your investment? Are you using an amazing tool not mentioned here? We'd love to hear about it!