Video is an increasingly key component of marketing. Just consider that:
- more video is posted to the web each month than was presented on TV over the past 30 years;
- video is forecast to account for nearly three-quarters of all Internet traffic (74%) in 2017; and
- over three-quarters of people watch at least one online video per week. [source]
Since video is so incredibly prevalent, it is a fundamental content format to leverage – but how do you track your return-on-investment (ROI)? Here are a few important tips to see how much you’re making back from your video:
#1 – Consider the impact on mind share.
Before looking more directly at dollars and sense, it’s important to look at the extent to which you generate awareness and cultural relevance in your target group. This assessment is much rougher than looking at a figure such as how many viewers your video garners. You can check mind share through surveying, or by carefully reviewing how people are discussing the video on social media or in the press. Don’t neglect this element of video, which Jonathan Hunt of Ad Age calls “arguably the most important metric for valuing the impact of a marketing investment of any kind.”
#2 – Get a sense of your expenses.
Make an outline of your estimated campaign costs; be sure to include the marketing hours in your projection. A video marketing company can provide an all-inclusive plan that will make this forecast easier. If you are managing the campaign independently, it’s prudent to give yourself a cushion of 20% minimum so that you are prepared if you need to do any additional editing, reshoots, etc.
#3 – Calculate your financial break-even point.
Figure out how many sales you will require in order to make back your expenses. Assuming your estimate is on-target, anything past that point will be profit. Keep in mind that the money coming in probably won’t be steady year-round, so track year-over-year as well as monthly to account for fluctuations.
#4 – Use a URL shortening service.
You can use a URL shortening tool to simply track viewers of a video. If you put a link from one of these services into your video pointing to your site’s order page, you will be able to determine the click-through rate (understanding that this figure only refers to immediate purchases and does not include those who return). To check engagement throughout the video, you could potentially place these links at various points – beginning, middle, and end. Examples of URL shorteners include Bit.ly, Tiny.CC, Goo.gl, TinyURL, and Moourl.
#5 – Use more robust analytics solutions.
To analyze your campaign more comprehensively, these tools are helpful as well:
- Brandwatch – Helps you to quantify brand awareness.
- Clicky – Separates your viewers into demographics and provides real-time tracking.
- Wistia – Tracks engagement seamlessly and gives you demographic data. Calling it “one of the most advanced video analysis suites available,” Joe Forte of Social Media Examiner says that “Wistia can integrate into your sales funnel and give you critical information about optimizing your video marketing results.”
- YouTube – Provides outgoing clicks and demographics, along with the ability to embed CTAs in the video that send viewers to your sales channel.
Getting the strongest possible ROI for your video marketing starts with the quality of the videos themselves. At Golden Arm Media, we amplify your online marketing and sales through compelling visual content that builds your brand and converts your ideal customers.