In general, video marketing ROI is your measurement standard that tells you if your video has been effective to your marketing campaign. So what exactly is your video marketing ROI?
Well, as in most things in business, it depends on your goals.
ROI stands for Return On Investment. It is a technique to compare your marketing costs and profits from a variety of other types of investment. It will allow you to zero in on the areas that you can improve upon in your current or future campaigns. Calculating your video marketing ROI can tell you how impactful (or not) your video campaign has been.
Here are few tips to calculating your Video Marketing ROI:
Set Realistic Goals for Your Video Marketing ROI
Before you start planning a video production ask yourself, “what do you want to this video to achieve?”
Setting realistic goals that are actionable is one step you need to make before calculating and tracking your video marketing ROI. Though you may have a complicated video strategy most effective goals for video marketing ROI break down to the following:
Brand Awareness –This goal simply lets future customers know that your brand exists.
Revenue Generating – The name speaks for itself. This goal is meant to drive more customers to purchase your products or services or, at least, express interest in buying them.
Customer Education – Use this goal to educate potential clients about your products or services. You can also teach current clients how to use your products effectively.
It is possible to have multiple goals in a single video campaign. You need to, however, identify which among the two is the most important to your company. Build your campaign tracking around this goal first.
‘Going Viral’ Should Only Be Part of the Plan
A single viral video may give you a great immediate push, but it can stop as fast as it starts. A well rounded plan can include viral elements, but should also include other types of video at various stages of the customer journey. AKA video marketing funnel.
To focus on maximizing your video marketing ROI, start with ideas that appeal directly to your audience (niche). Use highly targeted messaging based on persona, demographics and interest. Think about how numerous videos can be tracked, measured and tested across your entire funnel.
Use Your Videos to Draw in Qualified Leads
While creative storytelling is always important, don’t make the mistake of forgetting the point of the video. Drawing in qualified leads.
After you create your video and distribute it around the web, be sure to create a dedicated landing page for it. This gives you further opportunities to convert and you can retarget any visitors with more paid ads all across the web.
Pick Your KPIs and Track Them
KPIs or key performance indicators are the key to getting the most video marketing ROI. Look at the statistic of your videos and track important video metrics like:
- % of viewers who watch the whole video
- % of viewers who respond to your CTA or click through
- Time on landing pages
- CTR on landing pages
- Sales tracked to landing page or individual video.
- Average video view duration
- Engagement rate
- Click-through rates
- Audience retention
You can also measure video marketing ROI through social media stats like comments, likes, and downloads. Video view count is great for awareness, but it’s not the be all end all. If your goal is revenue, view count doesn’t necessarily mean people will convert. Think back on your original goal and focus your tracking there.
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