Video Marketing: Understanding the Analytics Aftermathby russlaw | June 22, 2015 | General
Video marketing is a crucial part of marketing strategy for most organizations. Besides looking at your own viewing habits and discovering you watch a lot of YouTube and Facebook videos every day (you’re not alone), the numbers are convincing that video needs to be part of your marketing efforts.
For starters, your fellow marketers utilize video and your customers prefer video to other content types. The 2015 Social Media Marketing Industry Report found that 57 percent of marketers use video in their marketing strategies and 72 percent plan to increase their current usage of video. When 96 percent of consumers say videos help them with their online purchasing choices and 58 percent of customers say brands that create online videos are more trustworthy, how can you argue with that? You can’t.
But creating and distributing videos is only half of the equation. The other half involves tracking and measuring the right metrics.
Even more important, before you can track your video metrics, you need to set goals for your overall video marketing strategy, and for each individual video you create. Without goals, how do you know when your videos are successful? Setting realistic goals and video marketing objectives leads to more effective video planning, implementation and results.
Video Marketing Metrics: Going Beyond Views
When it comes to video marketing, views aren’t all that important. In fact, views do nothing for you unless you can tie those views into ROI. It’s OK to be aware of view counts, but the following list provides better, more effective metrics of success.
Rewatches (the number of times consumers rewatched part or all of your video) tell you which parts of your video are the most interesting or relevant to viewers. With this knowledge, marketers can create highly targeted email lists and send those viewers other relatable content to hopefully convert them into customers.
Pass these analytics onto your salespeople, too, so they can better prepare for the specific topics they’ll have to discuss or pain points they’ll need to provide solutions for as they interact with customers.
Rewatches could also mean a certain part of your video is confusing, so go back and review the most rewatched sections and look for potentially unclear concepts or ideas.
Play rate (the percentage of page visitors who clicked play and began watching your video) shows whether your video was appealing enough to page visitors to entice them to watch.
Your goal should be a play rate of 100 percent. If you aren’t getting that high of percentage, your marketing team has to determine what factors should be altered (video title, description, thumbnail, page location, topic, etc.) to make your video more enticing.
Engagement rate (the length of time spent watching the video divided by the total length of the video) lets you know if you’ve provided content that viewers actually want.
The engagement rate tells you if you made a useful, compelling video or if you need to create a more engaging video that’s going to hold viewers’ attention longer. Someone viewing your video is great, but if they only view it for 10 seconds, that view doesn’t really mean much.
Comments gauge how strongly your video and its message resonated with viewers. Comments are evidence of an engaged brand community, and they can be a great way to get ideas from your audience for your next video topic.
You want viewers to like your video so much they share it with their online friends. Social shares tell you how your target audience has received your video and whether it motivated them to take action. Take into account not only how many social shares your video receives, but also what the people sharing your video are saying about your content and brand.
When your goal is to convert consumers into qualified leads or customers, then conversion rate (the percentage of consumers who take a desired action) is the metric to focus on.
With the right analytics in place, you can track where your viewers go after watching your video, or if they stop watching your video halfway through to move forward with a purchase. Evaluating your conversion rate shows how effective your marketing strategy ties everything together.
Measuring the right metrics is a must for your marketing efforts, and that comes as no surprise to most marketers — but it’s a futile effort unless you use that data to better your video marketing efforts and overall digital strategy. Put these metrics in place to start making measurable improvements to the ROI of your video marketing today.