Video marketing can be a valuable tool regardless of your marketing objectives. Yet oftentimes organisations are hesitant to invest into video marketing because of concerns of video ROI. When compared to other marketing endeavours such as text-based marketing, video offers great ROI, but only when employed correctly. Video is not an all encompassing solution to marketing. Just like any other marketing tool it needs to be employed strategically to yield great results.
What is ROI
What is ROI? Return on investment refers to the yields/profits from a initiative, and in this case the initiative is video. Measuring your video ROI depends on what your goal is for that video. Determine what would constitute success for that video (i.e. views or donations), and then look at the applicable data. Thus how you measure video ROI can change depending on what your definition of success is for that particular video.
To get the best ROI from your video you need to know what you want out of your video. This is how video optimisation will happen. You cannot expect to make a video without a purpose and receive great results. Just as with all other marketing endeavours, you need to have objectives. Video objectives can vary greatly, but some examples include increasing brand awareness, inspiring donations, increasing applications etc. Once you have determined what the objectives are for your video, than you can begin to determine what your video ROI is. Thus for video optimisation you need to know what you want to achieve.
To determine your video ROI, you must ensure that you are tracking results and collecting data on your marketing initiatives. Without this data to measure success for your video, you need to look at return on investment metrics. Using your objective for the video, determine what the data was like before you launched the video and after a predetermined time determine the post-video data. This will help you see the impact of the video.
Online video metrics
There are great video metrics that can allow you to determine your video’s audience retention. These tools allow you to see more than simply how many people viewed your video. With metrics like youtube analytics or wistia, you can see how long audiences watched for and at what moment they stopped. This information is integral to determine how many people received your full message, and it can help you improve your next video. Unlike text-based marketing efforts, video marketing is able to capture more information such as individual views, duration of views, etc.
If you are not satisfied with your ROI, than return to the data you collected. Look and see if you can pick out any trends. Check out the view duration and note when viewers stopped watching. All this information can be incredibly valuable for future video marketing endeavours as it tells you what did and didn’t work. Tracking is crucial to understand the success and effectiveness for your campaigns whether they include video or not.
In order to have a good ROI, you need to have a preliminary investment in video. Its called a return on investment, and you cannot expect a great return if you don’t invest.