Most businesses have a video marketing strategy, and close to 90 percent report a positive return on investment (ROI) when using video marketing.
Video marketing can successfully boost sales and interest in your business. It is one of the most effective tools you can use.
In order to use video effectively, you need to know how and where it is working, and where it’s not effective. The best way to measure video metrics, or key performance indicators (KPIs), is to keep track of some key factors, such as:
- Video conversions.
- Number of views.
- Length engagement time.
- Number of shares.
- Reach of video.
All these KPIs and video metrics impact your ROI, which is the bottom line in any business. The more return you can get for the least amount of investment, the better.
Video marketing can be extraordinarily successful even with a limited budget. Here is how to get the most bang for your buck.
Determining the Success of a Video
The goal of marketing is to generate interest and ultimately drive revenue. If you are selling a product or service, you want your marketing campaign to increase awareness and elevate sales.
We all know that a positive ROI means you are spending less than you are making. The greater your profit margins, the more money in your pocket at the end of the day.
Video marketing successes are often not as easily defined as in-person sales can be. But to measure your video metrics and KPIs, there are many tools at your disposal.
Numerous software platforms and services exist that are easy to use. They can help you track how many people click through the links in your video, your video conversions, the reach of your video, the number of views or hits it gets, and how long a prospective customer stays engaged with your content.
Tracking Video Conversions
A video conversion in digital marketing is when an event, such as a click on a video, results in the desired interaction, like a sale. You want to turn visitors to your website into paying consumers. When video conversion is the goal, it is helpful to track these conversions.
Here are some tips for tracking video conversions:
- First, consider the goals of your video marketing campaign. What do you want the video to accomplish? Is the end result a product sale? Begin with the end in mind.
- Use tools on your website to track conversions, newsletter sign-up forms, or direct purchasing options. These are relatively easy metrics to track.
- Embed conversion code on the backend of your website. After a consumer has been converted, this bit of code that is embedded into a confirmation or thank-you page helps you to track conversions.
- Get help through analytics software. There are multiple products on the market, like Google Analytics, that help to track video marketing conversions.
- Keep up with current trends on social media and through search engines, as the landscape can change rapidly.
Conversions don’t just happen when someone clicks on a link or watches your video in its entirety. Google is marketing a new software to track what are called engaged-view conversions (EVCs). An EVC occurs when a consumer doesn’t necessarily buy your product immediately but instead is converted later.
New software is enabling the tracking of these less easily quantifiable conversions. This can greatly help you plan your marketing strategies.
Examining Number of Views and Time of Engagement
The most obvious way to measure video metrics is to look at how many times a person has viewed your video and then how many of those people have clicked through the video to the embedded link. Number of views can be a skewed metric, however. Just because someone has looked at your video, it doesn’t mean they will be converted.
Knowing the number of views your video has tells you its reach. The more views, the more people have seen your video. This can spread awareness and increase the chances for a conversion, but it is not the end of the story.
Viewing platforms count views differently. For instance, Facebook counts a video as “viewed” if someone watches only 3 seconds of it, while YouTube requires 30 seconds of viewing in order to call it “viewed.”
This is where time of engagement comes in. The longer someone watches your video, the more likely they are to be converted. Videos that are shorter than 2 minutes are most likely to have the most engagement.
You want to capture a user’s attention and get them to click through, and ultimately convert, in as short a time as possible while still getting your message across. Brevity is best.
Increasing Your Reach
Blogs and social media are some of the biggest channels for content and video marketing. Content that includes video garners 300 percent more leads and traffic than content that doesn’t include video. More than half (64 percent) of consumers who watch branded videos on social platforms will convert and make a purchase.
Social media is a huge asset and platform for video marketing. It can greatly increase the reach of your video.
Social sharing metrics can help you track how often your video is being shared across social media. This is an easy and free way to expand your reach. This tracking indicates how much your target audience likes what they see. More shares equals more viewers and a bigger reach.
Channels that can increase your video’s reach include:
- Your website.
- Email marketing.
- Social media.
- Pay-per-click (PPC) marketing.
Social media is a game changer when it comes to video marketing. The most popular social media platforms for marketing include Twitter, Instagram, and Facebook. TikTok and Snapchat are additional popular channels that can be used to further expand your reach.
The biggest platform for sharing videos and advertising is YouTube, with 30 million daily active users watching 1 billion hours of video content every day. If you want to increase reach for your video, YouTube is a must.
Let Gather Voices Help
Among the most effective video marketing tools are video testimonials shared from people who support your cause, use your products, or subscribe to your services. People are more likely to be more interested in a product or service if they see and hear positive reviews from others.
At Gather Voices, we can help you encourage videos from current customers. And we provide easy-to-use tools to then edit and share these videos.
Video testimonials will not break your advertising budget and can be extremely effective in increasing video views, shares, click-throughs, and conversions. We can make the process of gathering and producing quality video testimonials easy. Contact us today to learn more.
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Google Analytics. Google.
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Content Marketing: Videos Attract 300% More Traffic and Nurture Leads. (December 2011). Marketing Sherpa.
Facebook Video: Views of Sponsored Video Content Jump 258% Since 2016. (August 2017). Tubular.
Benefits of Social Media Marketing Worldwide 2020. (July 2020). Statista.
YouTube User Statistics 2020. (July 2020). Global Media Insight (GMI).