Getting the Most Bang For Your Buck: Determining Your Video ROI August 20, 2014
Embracing video into your marketing strategy is definitely a step in the right direction, but it shouldn’t be the last step. A recent study showed that 71 percent of marketers who experimented with new media failed to deliver quantifiable business results because they weren’t tracking metrics (warc.com). Determining the Return On Investment (ROI) of a video is crucial in finding out what is actually contributing to your bottom line.
To understand the real impact your video is having, track viewer engagement. Take note if the video is being liked and shared and what comments are being generated. In a recent DCP fundraising video, the goal was motivate people through emotion. Watch the video clip below to learn how that was achieved and measured. By knowing how your viewers are responding to your videos, you can better prepare future content. It’s also key to determine what your demographic is and who’s watching your videos. Where are these viewers watching from and are they your target audience? Understanding who your audience is allows for a more specialized approach to future videos and branding.
Finally, get creative. Measuring ROI isn’t always an exact science and allows room for seemingly nontraditional ways to validate a video’s effectiveness. For example, determine if money was saved by driving traffic to your company site via a video rather than a push advertisement. Did an internal tutorial video save valuable time in the training process and did that time result in more sales? These benefits might not be recognized through general metrics but they are equally as important.
“It’s safe to say that having online video as part of a company’s marketing efforts is finally universally accepted” (socialmediatoday.com), and it’s easier than ever to measure video ROI through various analytics tools and software. No matter what method you use, measuring your video’s ROI is the next step in harnessing the power of this new media – Happy Hashtagging!
For more information on creating video content that will boost your ROI, contact Lauri Oliva at 954-797-6889