Video content can be a great tool to help drive leads, sales, and brand awareness to your target audience. But, as with every marketing campaign, it’s important to track the ROI of each video to determine the effectiveness and value it brings to your business.
There are two type of factors that play into the effectiveness of your video content: Quantitative and qualitative. Looking at both factors will give you a better overall view of the performance of the video content you’re producing.
Quantitative Metrics
Quantitative metrics are the numerical data used to help track your ROI. Factors, such as click-through-rates, impressions, play rates, and viewer engagement are a few of the standard metrics used to gain insight into the effectiveness of your video. You can use this data to get a better understanding how your video is performing and what action to take next.
If you’re using your video to generate leads, there are several ways to track results. Calculating the dollar value of leads generated by your video is crucial, both in determining real-world revenue and building a case for producing additional video content.
Adding video to your landing pages is one way to drive conversions. Using A/B testing. you can determine if video is generating more conversions versus non-video landing pages.
Additionally, adding a lead form to your video or landing page can help you track leads generated as well as conversions from those leads.
Bridging your Video Content
Adding call to action links to your video content can help you bridge video content to other marketing initiatives. Linking to a sign-up or product page can provide valuable data on who is converting and who isn’t.
Saving Time and Money
Video content is an excellent way to convey messaging that might have been delivered in person in the past. Sales demos, common support questions, and onboarding are all great examples of where video can save human hours. If a video can save minutes or hours each week, that’s time that your employees can use for more valuable interactions.
For customers, having accessible video content that answers common questions or explains how to use a product can increase their satisfaction and save time on support calls.
Qualitative Metrics
Hard numbers aren’t the only way to determine the ROI of your video content. Other, more nebulous factors can also contribute to the long-term ROI of your video.
Knowing how people feel about your company or what they think when they see your brand is another metric to track. Brand sentiment is one of the more nebulous factors, but equally important to track. Browsing comments on your video or social media posts can give you an idea of your overall brand sentiment.
Building a following and motivating your audience to talk about your brand is essential to growing your online presence. Creating video content that shows what makes your company or product unique can help grow your audience.
Product Education
Video is a great way to demonstrate or explain complicated topics to your customers. Tracking how well your video content educates customers can be tough though. You can look at factors such as the number of support requests, reviews, and word-of-mouth acquired customers to get an idea of the effectiveness. But, asking customers for their feedback might be the best method to track how useful your video content is.
Putting your Metrics to Work
With the quantitative and qualitative data you’ve acquired, you can make informed decisions on how to optimize your video content and maximize the ROI for each video. Looking at real-world numbers, such as leads and sales, can help make the case for producing additional video content to build upon the momentum of your existing content.
