Scroll down to the infographic below to learn everything you need to know about how to calculate your video marketing return on investment (ROI).
When employed strategically, video marketing can result in big benefits for your business. Time and time again, studies have shown that well-made videos offer an excellent return on investment (ROI), resulting in increased brand awareness, lead generation and conversion rates. But how can you measure this?
To be effective, the marketers of today need to take a data-driven approach. This means identifying relevant metrics, measuring your performance, learning and tweaking future output accordingly… all the while remembering the very important words “return on investment.” As social media marketing guru Dan Zarrella once put it: “Marketing without data is like driving with your eyes closed.”
Setting Objectives
“Sometimes the issue isn’t in the video or delivery, but in what happens next — such as having a poor conversion page or another issue with the website or call-to-action. Only by defining objectives and measuring them can companies improve their understanding of video marketing and its results.” – Eric Fischgrund, Owner of Fischtank
Before putting your money, time and resources into creating a video, be sure to ask yourself what your overall goal is in creating the video. This will set the parameters of what your ROI is for you and your video. Once you have settled on this, think about what counts as a conversion (i.e. a click through to your website, a like on social media) and consider which metrics will help you best measure your success.
Identifying Relevant Metrics
Klipfolio define a metric as “a quantifiable measure that is used to track and assess the status of a specific process”. To save time, only monitor the metrics which are most relevant to your overall goal. Some examples of the most commonly used metrics include:
- View count
- Engagement
- Conversion rate
- Social sharing
- Feedback
- Total cost
Planning your Video Content Strategy
The best way to guarantee a good ROI is to create a high-quality video. When planning your video content strategy, you will need to keep the following factors in mind:
- Know your company and what you’re trying to achieve. Identify what aspects of your company’s brand are valuable and unique and find a way to incorporate these into your video.
- Develop an understanding of your audience. Without this knowledge, you won’t be able to create the types of videos that resonate with and engage.
- Assess the market and your competition. Look at gaps that exist in your own content and externally. Home in on any untapped opportunities to increase your video’s chance of success.
Planning Your Video Distribution Strategy
When you have completed the finished product, you will need to distribute it far and wide for maximum impact. Plan ahead and consider which platforms will be most helpful to you in achieving your goal and reaching your audience. Some of the most popular distribution channels include:
- Website
- YouTube
- Social Media
- Email Marketing
Learn More about Video ROI
Scroll down to the infographic below to find out more about how you can effectively measure the return on investment on your video. If you are interested in learning more about video marketing ROI, why not read our article, “Video production – can you measure ROI? Yes, and here’s why you should”.