Whether it’s a blockbuster film or the latest viral hit, video has become a popular medium for engaging, inspiring, and entertaining audiences. It can also deliver measurable business benefits such as subscriptions, website traffic, and sales.
To see a positive ROI on your video production efforts, start by clearly defining the metrics that move the needle for you. Then make a plan to track these.
1. Views
Depending on the goal of your video campaign, you may choose to measure its success by overall reach or engagement. Regardless of what you choose, the key is to define clear goals before you start production and be sure that you have a system in place to track them throughout the process.
View counts are an easy metric to keep an eye on for top-of-funnel campaigns like branding or awareness. Unique views can also be a helpful metric for understanding the reach of your videos and are often used in SEO rankings.
2. Conversions
Once you’ve attracted viewers to your videos, you need to ensure they actually take the actions you want them to. This could be as simple as a click to your website or a call to action on social media or it might involve more complex conversions like closing new business or increasing sales.
At this stage, it’s a good idea to focus on absolute metrics like click-through rates and conversion rate increases as these are the easiest to track. It might also be useful to determine how many of your customers are saved time or money by your video content. If a video helps to answer frequently asked questions that would otherwise have to be addressed by your team, for example, this will directly impact the amount of money you make from those videos.
3. Engagement
While hard numbers are vital in proving ROI, there are also invaluable aspects that don’t involve specific numbers. These include things like the time customers save by gaining answers to their basic questions through video and the value of that saved time in terms of decreased staff hours.
Depending on your business, you may be able to tie your video marketing efforts to actual sales and revenue. For example, if you have an online store you can track people who flow directly from a video to your website and then go on to make a purchase.
Alternatively, more advanced businesses can correlate social media traffic and engagement with leads/accounts in a CRM or automation software and report on their impact on accelerated lead qualification and new sales pipeline.
4. Reach
Getting your video content seen by more people can boost your ROI in several ways. More viewers can bring in more revenue, and they can also help spread your message further, which can lead to a bigger reach and an even better ROI down the road.
The key is to understand your goals and what metrics are necessary for those goals, then create a plan to track these important elements. Using a mix of hard and soft data can help you assess your ROI and see how your strategies are working.
Be sure to keep in mind the value of your videos, which can go beyond just numbers and include intangible aspects like customer satisfaction and brand recognition. In the end, if your video content is delighting customers and creating loyalty, that’s a win for everyone involved.
5. Referrals
The most important step is to nail down what you want to achieve through your video. This will determine what metrics you track. It will also help you define success and what your ROI will be. This can be anything from more traffic to your website, increased email signups or even revenue creation.
These are all important and measurable metrics that can be used to demonstrate the impact of your video production efforts. By ensuring that the big-picture goals are understood and acted on, your video can deliver great results and contribute to a strong ROI for your company. This will be obvious to your leadership team, as well as your customers and leads. This is how you can really make a difference.
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