Entering the world of video marketing for the first time is exciting. However, the hard work has only just begun. It’s not enough to simply have a video. As with any marketing content, there is no guaranteed audience. For your marketing campaign to work, you’ll need to measure the video’s relative success or Video ROI (Return on Investment).
Simple ROI System: The Conversion Rate
This is one of the oldest and simplest ways of calculating your ROI. In most cases, it may provide enough information to tell you what you need to know about your campaign. Simply, work out the ratio of the number of views against the number of sales/value of the revenue. If you’re far more concerned about the bottom line than about income source, demographics and drop off rates, this straightforward metric may suffice.
Calculating Cash Value of a View
Your first instinct may be to assume that the more views you have, the greater the ROI (and therefore, successful campaign). But views and its relationship to sales is not the only metric and may not provide enough information. Cash value is calculated by looking at traffic in greater depth such as conversion funnel and length of play. The analytics you use should be able to tell you precisely which sources you are getting the traffic and its effectiveness.
Use Dedicated Apps
The best way to measure your video ROI is to use dedicated apps. Some of the web’s best-known apps include:
- Brandwatch which monitors hashtags associated with your video, and permits trend measurement
- Clicky provides real-time analytics permitting you to view traffic to your site as it happens (timing is everything)
- Wistia is one of the most diverse options, working in conjunction with some of the web’s most popular CRMs. It’s a video uploading site with some superb analytics tools