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How Will We Measure ROI on Video?

video-roiYou can’t dedicate a portion of your budget to any form of marketing, including video, without understanding how it will directly impact your company’s bottom line. Speculation and estimates simply won’t do when you’re making significant investments. You need concrete figures to measure your success. Plus, you’ll need to show positive return on investment to get buy-in at the executive level. These are just a few of the factors needed for analysis to calculate ROI on video.


Check the total number of views and where they came from. The number of views is your primary measure of success, even though other considerations can be more exacting. This figure mainly points to how well you’ve done in distributing your video across platforms where viewers actually see it. You want to know where they came from so that you can focus your efforts in the right places. In addition, a higher number of views can give you more credibility when it comes to those who are new to your video.

See how many completed views your video gets. Just because a large number of prospects arrived at your video doesn’t mean they actually viewed the whole thing. If they don’t see your call to action, your potential customers may not know what you want them to do. Completed views are useful in measuring ROI because they can help you see where viewers are dropping off, thereby enabling you to make corrections. You can also focus on the hot spots where users watch more than once or otherwise interact.

Identify those views responding to your call to action. If you’ve been smart through the production process, you’ll have included a call to action at various spots during the video. Take a look at your analytics to find out who arrived on your landing page via your call to action as opposed to opening a new page, going directly to your website, or engaging in an online search to find out more about your company. Those who clicked through because you directed them to should be given more weight in ROI measurement because it demonstrates the level of engagement your video provides.

Review deals closed and compare them to videos watched. You may not be able to correlate views directly to purchases, but you can use time periods to assess your ROI in producing videos. When you distribute a new video, take a look at your converted sales in the period shortly after its release. An increase obviously means that your content was effective in closing business.

Look at your customer support savings. Customer service costs can be quite telling when calculating video ROI. If your video hasn't been clear about your product's functions and primary features, you aren't satisfying the expectations of your customers nor solving the problem that inspired the purchase. You're likely to see a surge in support calls initiated by disgruntled customers.

Of course, there are advanced metrics that can be used to measure your video ROI, but these are some of the basics. Your website analytics are the “tell all” to how you’re doing with online promotions, so check them often to make adjustments where necessary. You might even consider investing in solutions that help you make sense of your analytics.

 

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