Wow we are on our 8th installment on ‘Video Marketing Revealed’ series. I wish whatever I have shared until now give you benefit by using videos the right way for your marketing efforts. Now let’s the valuable video marketing metrics.
Valuable Video Marketing Metrics
You've dedicated time, energy and money into creating a great video marketing campaign; now it's time for you to take a step back and analyze how the videos are performing. Because each campaign is unique, different metrics act as the main performance indicators. In this chapter we'll discuss the metrics you'll find most valuable to your brand.
These metrics are important to everyone from the expert marketer to content creators, advertisers and the average business owner. A large number of diligent and empirically motivated marketers don't handle video analytics the same way they do web analytics and conversion metrics and this has a terrible effect on their marketing campaigns. Let's dig into correcting that.
1. Earned Media
This is any viewership you get as a result of social trends or behaviors, i.e. word of mouth, as driven by owned and/or paid media. Let's say for example you paid to have a video promoted on YouTube, someone watches it and likes it, then decides to share it on their own social networks. The views derived from that share are what marketers call earned media.
This is an important video marketing metric because people have an easier time trusting recommendations that come from their own networks (family and friends). According to a recent Nielsen report named Truth In Advertising, over 80% of global respondents from 58 different countries asserted that they find digital word-of-mouth advertising to be the most trustworthy.
A different survey conducted by Harris Interactive for The Webby Awards reported the same thing: seven out of ten millennial social users are more likely to make a purchase on different items after seeing a friend's post.
When you track earned media it allows you to see where your content is being shared and as a result you can gain some more insight into the more engaging social channels.
2. Engagement Metrics
Along with earned media, this should be a common metric to every marketer in the format of the ubiquitous; Shares, Likes, and Comments around your video content. In any video campaign, you have to make sure that actual people are watching and interacting with the videos you post online. Of course the initial sharing of the videos will fuel this engagement, which is why we mentioned earned media as the most important metric.
Engagement and earned media can fuel video discovery across different social media platforms, which expands your reach and ultimately, awareness. As a marketer or entrepreneur the success of your efforts will lie on your ability to make videos that people want to watch. It sounds easy but it's really not: which is why keeping an eye on engagement metrics is key to the success of the campaign.
3. Click-Through Rate
This is the percentage of time viewers click on the CTA in your video. Your video should have a link that people can follow through with. This particular click can lead viewers to a different video, your website or product purchase page. Basically, the click-through rate is a measurement of how well your ad drives action. Your video won't do you any good if it doesn't convince the viewers to do something.
Unless the sole purpose of your video is branding, you will need viewers to take action in order to justify the investment made in video advertising. In order to maximize your ROI, pay close attention to the click-through rate.
4. Completion Rate
Want to know just how compelling your message is? Completion rates will give you a fairly accurate idea. In case you have no idea what completion rates are, this is the percentage of people who watch the video to the end. It's a good way to measure how engaged the user is with your videos. If you find the percentage high it means that the content has been well aligned with the targeted audience.
According to TubeMogul, a software platform for digital marketing, viewers remember brand messages at a higher rate when they watch the entire ad: additionally, brand awareness grows significantly when viewers watch the full ad. A crucial metric for any video campaign, the completion rate will let you know how engaged and captive your audience is.
5. Subscribers
Subscribers are important in our effort to raise the total amount of time viewers have spent on the videos, or 'minutes watched'. When each fan subscribes to your channel, they get automatic updates whenever you upload a new video, and this will ensure they get new content on their YouTube channel.
You can get this information in your Engagement report under the subscribers tab. The report will contain details about how perhaps you've gained and lost subscribers on different content, dates, geographical locations, etc. By using this feature, you'll be able to find out which video helped gain you more subscribers, and in contrast, you can also find out which content drove potential subscribers away.
Remember ROI
It might seem obvious but if your videos don't make more money than they cost to produce then there's a problem somewhere. Your ROI, or the amount of money generated from sales resulting directly from the video vs. the amount of money spent producing the video, should be measured as well. It will let you know if your campaign is gaining traction or if you're looking at the whole thing wrong.
6. Placement Performance
This is more a summary of metrics than a metric itself. When evaluating placement performance, you'll need to consider most of the metrics we've mentioned. Let's say for example your campaign involved distribution of video through social games, social networks, blogs, etc. Comparing the metrics for each of these placements will give you a good idea as to what the best channel is for your future marketing efforts.
Your key performance indicators will determine this but you can use the aforementioned metrics to gather information on placement performance and then you can focus content distribution on placements that meet the KPI better.
By leveraging these metrics, you will have gained the intelligence needed to optimize your video and as a result, increase the average watch time. This will get your videos more visibility and that will lead to more opportunities to funnel the mass of viewers back to your website for into your conversion funnel.
So that’s it for today’s installment of knowledge in ‘Video Marketing Revealed Series’. In the next blog I will dive deep into how to employ effective online video distribution channels.
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Until then If you have any questions, just let me know. I help Small Business with Big Dreams to achieve their true potential & much awaited growth. If this is useful for you and you’d like some help to leverage the unmatched benefits of video marketing, or just need to put in place predictive client generating strategy using videos - just send me a message with the subject ‘VIDEO’ at mithun@mithunnarkar.com, and perhaps we can help you put together a strategy to achieve your dreams & targets as well.
Hope this has been helpful.
Talk to you soon.
Mithun Narkar
P.S. Don’t forget, I’m here to help, so if you have questions just ask!
The fastest way to reach me is here: "www.mithunnarkar.com"
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