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Video is an incredibly accessible and effective way for any business to make an impact and reach a new audience. 78% of people view online videos every week while 55% watch every day. It’s estimated that by 2020, around 80% of consumer internet traffic will be made up of video.
Not only do consumers enjoying interacting with video but it’s highly effective too – according to Forrester Research, a single minute of video is worth 1.8 million words. Just let that sink in.
However, video may not be the right solution for every business – to gauge whether it’s a good investment it’s important to be able to measure its impact and the ROI that it generates.
Define your goals
To understand the performance of video, the first step is to define what you’re going to measure that performance against. It’s likely that video is just one link in a whole conversion chain but you, nevertheless, need to set goals with respect to the outcomes you want to see from investing in video for your business.
Establish your metrics
There are three key ways to measure video campaign ROI. You can measure it as a comparison, for example the performance of the video campaign compared to print ads you have run. Another way to measure ROI is with an absolute measurement such as cost per download or cost per subscriber. Finally, you can measure your video campaign using attribution modeling, which looks at the impact of the video on every marketing channel, as well as each part of your buying funnel.
Choose analytics to evaluate with
A wealth of analytics tools exist to help you evaluate how people interact with your video marketing campaign. You could focus on shares or views, for example, as well as the success of the campaign in terms of new followers or target demographic engagement.
Define your distribution
Your video can only be effective if you get it in front of the right people. It’s important to have a plan in place for distributing your video via channels that you can monitor and measure. Your YouTube channel, website, social profiles and email newsletter are all good places to start.
Track your metrics
You’ll need to check in with your campaign results on a regular basis to see how it is performing. It may be obvious that changes are required so you can tweak and amend as you go – just remember to note any changes so that when you come to analysing performance afterwards the data makes sense.
Analyse your results
Take the goals you set at the start of the process, measure them against your metrics and integrate the analytics you’ve used. Together, these should give you a good idea of whether the video campaign generated a sound return on investment for the business.
If you’re new to video marketing, your first campaign could well be a learning curve if you’re going it alone. Give us a call.
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