Sales and marketing teams can track videos to know how their prospects and customers are engaging with them videos, their preferences, usage patterns, bounce rates, and frame-level analytics.
April 24, 2005, was an important day in the history of video marketing. YouTube co-founder, Jawed Karim, uploaded its first video titled Me at the zoo, which garnered 66 million views and 2 million comments.
Talk about content engagement, eh?
If you don't have a video for your business, chances are you aren't giving enough outlets to spread your brand’s message. For sales and marketing teams, videos are an essential piece of their marketing collateral that convinces prospects faster than anything else.
But, even for those marketers who swear by their video content, tracking its efficacy is often a struggle. The IAB Ad Spend study for 2018 highlighted measuring video ROI as the second biggest obstacle to video advertising. 34% respondents said they struggle to measure ROI, up from 32% in 2017.
What is Video Content ROI?
In simple terms, video content ROI is the net of returns it generates and cost, entirely divided by the cost of producing it.
Video ROI (in %) = (Returns on Video Content-Cost of Video Content)/Cost of Video Content
Cost of producing a video includes:
- Money paid to contractors, agencies, in-house employees to create it.
- Time spent in creating it
- Money spent in distributing it across channels, medium, social media
- Money spent on dubbing artists, voice over artists, etc.
Returns on video content include:
- Sales that you can directly map to a video
- Visits that it drives to your website
- Enhanced brand sentiment
However, it is not so easy to track down video content ROI as we figured in the picture above.
When you create a video and publish it on YouTube or Content Management Systems, you feel elated when you notice sales reps using it for campaigns or during customer meetings. It feels like a sweet victory. You’ve succeeded in getting out word of it to your target audience.
You can’t just sit back and consider it a win. You must measure and track video content so you can carefully examine the results and impact of your work.
To do that, you need two things primarily:
- What metrics to measure and track for videos, and
- How to measure and track those metrics.
So, let us step back a moment and understand the metrics that make sense for video content.
Tracking Video Content
Here are a few metrics that a content management system can help you track video content:
- Number of Views - The number of views for a video tells you which videos are more popular amongst your target audience.
- Number of Downloads - As people begin to notice your videos, they get downloaded more, which means people want to look at it later.
- Number of Reshares - When somebody likes a video, they want other people to know about it or use it to show it to key decision makers. These instances are known as re-shares. More re-shares mean your customers are finding value from your videos.
- Frame-level Analytics - Ever wondered what makes up a video? Videos are a continuous sequence of images rendered at a fast pace. People often want to view a portion of a video more than once. Knowing how your target audience interacts with every frame gives you granular details which portion of a video is working well. We call this as frame-level analytics.
- Bounce Rates - When you track frame-level analytics, you have access to powerful insights such as:
- At what point in a video, do people drop/bounce off?
- Do people view an entire video from start to finish?
- How/where do I optimize a video for its efficacy?
How do these metrics help?
Sales and marketing teams can use video analytics to know how their prospects and customers are engaging with videos, their preferences, usage patterns, and their popularity.
Video analytics enables sales reps to leverage the right videos at the right time to convince their customers faster. Marketers know which video themes, types (animation, explainers, testimonials, etc.) to invest their efforts.
Use Technology to Measure Video Content ROI
Don’t lose your sleep if you aren't able to track video content ROI because it is humanly impossible to track down every video created, its journey through campaigns, social media, emails, and customer engagement.
An efficient content management system can help you track video content metrics. It enables you to track down each video through its origin and classify them by their metrics.
It gives you a granular view of how successful each video is rather than just a big-picture aggregate number of pickups.
Track Video Content: Conclusion
Tracking videos can enable you to develop and finetune your video marketing strategy based on what your target audience’s preferences.
As your videos get more audience engagement, it indicates your video strategy is headed in the right direction. Ultimately, better videos mean more engagement and more sales.
Word of caution: There are probably many more metrics that you can track for your videos. However, don’t fall for vanity metrics such as likes and shares on YouTube. All of us get easily swayed by it (after all, who doesn’t dream to have metrics like Jawed Karim’s video?), but when it comes to knowing which videos are giving more bang for your buck, you need to dig deeper.