Measuring video ROI, much like any other marketing campaign, needs to be carefully thought out and planned. There’s little point in creating and distributing videos and just waiting for your clients to roll in.
You need to continually monitor, test and measure to get an indication of your video ROI.
Without goals, how are you going to measure the performance of your campaign?
Yes, it’s pretty, but has it lead to any sales? Has it increase your website traffic?
You need to have clear indicators that will tell you whether your video has been successful.
If you have a stand alone video campaign, it’s also beneficial to work out the total costs involved. Then, calculate the number of sales you’ll need to make to break even.
Work out the best distribution channels for your video. Consider your target audience, where they’re likely to spend time and think about the length of your video. Platforms like Vine and Instagram have time limits, so keep that in mind.
Measuring video ROI is also easier on some platforms than other, but most offer analytics.
Measuring video ROI
The goals you set will determine the metrics you’ll be looking at in order to assess ROI. But you also need to be familiar with the tools that are available, their capabilities and the costs involved.
There are a lot of tools that help you measure video ROI. Just to name a few:
- YouTube analytics – free service
- Vimeo Analytics – free service, with paid plans available, ranging from $0 to $220 per year
- Google Analytics – free service
- Wistia – free to paid plans, ranging from $0 to $100 per month
If you choose to go with a paid plan, make sure you incorporate these costs into your budget.
Measuring engagement takes into account the combinations of:
- Reach: number of people your video was presented to
- Views: number of views of your video
- Actions taken: number of comments, likes and shares
- Watch time: length of viewing time
Most analytics tools (even Facebook’s Insights tool) will give you access to these figures, so they’re easy to keep an eye on.
Lead generation and sales
Side note: Make sure you include a call to action (CTA) in your video! If people like your stuff, they will want to take action – you just need to tell them what and how!
One way to track lead generation and sales in is to track links through UTM parameters.
UTM parameters are tags added to the end of a URL that communicate with Google Analytics and help track custom campaigns.
Make sure the link people follow from your video (or CTA) to your landing page includes a tag for a simple way to measure lead generation.
For an in-depth look at UTM parameters, read this article by SproutSocial.
You can also compare sales landing pages with video to those without. See which ones are performing better and how you could improve them. Keep testing!
Third party services like Wistia offer more in-depth analysis that show CTA completions, rewatches, email submissions and the like. They come at a cost, so make sure they can fit in your budget!