Digital video ad spend is expected to increase by 62 percent by 2023. Video marketing has positive ROI, but it’s still important to optimize your investments.
Measuring video by ROI or direct conversions only can be misleading, however, since it can appear that your video campaigns are less effective than other types of ads.
This is because videos are effective as an upper-funnel or brand awareness strategy tool, so it’s not always easy to connect the outcome to your overall goals.
The best way to ensure your video marketing efforts are successful is by paying attention to video-specific metrics.
Video Content Views
The number of times your video was viewed is the video content views metric.
This is important for your strategy because it shows if people are interested in your video enough to watch all – or most – of it. It also shows you if you have enough data to create compelling, targeted content.
If you don’t, that’s something you need to refine before you invest in videos.
Keep in mind that each platform has a different definition of a “view.”
Facebook considers a video viewed after three seconds, while YouTube and Google consider a video viewed after 30 seconds.
If your video is under 30 seconds, these platforms would consider it viewed if the audience engages with it or watches the whole thing.
You can also see how much of your video is viewed by percentages: 25, 50, 75, and 100 percent.
This can give you insights into whether your viewers got the information they need early, whether they lost interest, or whether they felt compelled to watch the whole thing.
You can use these insights to shape your future content and campaigns.
Cost per Thousand Impressions
Cost per thousand impressions, or CPM, is the average cost for a thousand impressions on your video.
This can vary according to your targeting parameters, such as retargeting existing visitors or focusing on unique visitors, and where your videos are running.
If you’re looking at long-term ROI, this is an important metric to determine what a conversion directly from your campaign costs.
Full Funnel Attribution
Videos can drive conversions, but they can be really effective for brand awareness. But, using a video for brand awareness can be harder to measure and determine if it’s contributing to your larger marketing objectives.
Fortunately, you can get a clear view of the direct impact of video campaigns by viewing your video marketing as part of the full funnel.
Even if the video isn’t driving a direct conversion, you can see how it contributes to the overall process.
For example, you can see where in the sales funnel the videos are watched and how they contribute to the end conversion, the time between touchpoints, and more.
Video Marketing Key Performance Indicators
Though we’ve discussed the flaws in these key performance indicators (KPIs), they’re still valuable as part of your overall strategy. Here are some other KPIs to consider:
- Rate of Play: This KPI shows how often people are clicking on your video to play it and how many people are engaging with it. This may be impacted by the thumbnail, its original location on the site, and other small factors. Rate of play helps you determine if you need to tweak some of these factors to get more views.
- Click-Through: Depending on the goals of your campaign, the click-through rate is a critical metric. If your video has a call-to-action (CTA), this is even more important. Whether your goal is to increase website traffic, divert customers to a high-value landing page, or to make the sale, the click-through rate has to be high. Make sure your content leads the viewer to the CTA and compels them to complete the action.
- Social Shares: One of the major benefits of video marketing is that videos are shared more often than other types of content. With any social media campaign, you’re likely tracking social media shares – video is no different. A high rate of social sharing means your video is boosting brand awareness and providing enough value that the viewers want to spread the information to others in their circle.
Video Marketing Best Practices
Here are some best practices for successful video marketing:
Short Videos Get the Best Engagement
20 percent of your audience will click away from a video within 10 seconds. So, those first 10 seconds must be compelling and memorable.
It’s also a good practice to have a product image, brand logo, or other identifying feature that will stick with your audience, even if they click away.
Videos Should Evoke Emotions or Tell a Story
Though sales generation videos are a helpful tool, videos can be used for more than direct sales pitches.
Videos offer a unique opportunity to tell a story in a visual way and tap into the viewer’s emotions. You can also use a video to make your content funny in a way that may not translate in written form.
Take some time to explore and test different approaches and see what works best for your audience.
While videos can be enhanced with music or sound effects, most social media users watch videos without sound.
This could be because they’re watching at work, in a waiting room, or with other people they don’t want to disturb.
If your video relies only on the sound to make sense, your audience is going to skip over it if they’re not in a position to listen.
If you include subtitles or content that doesn’t need sound to make sense, you can still captivate the viewers that prefer to watch on mute.
Know Your Audience
Between social media, your website, and your past marketing campaigns, you probably have a wealth of data to choose from.
But with the investment of video, it’s crucial that you have an in-depth understanding of who your audience is, what drives them, and how you can best reach them.
If you’re not sure, put in the market research time to get greater insights into your audience, then tailor your content to meet their needs. Without that, you won’t have meaningful, effective campaigns.
Set Your Video Marketing Campaigns Up for Success
The best video marketing campaigns drive positive results and help you achieve your business goals.
With these metrics and best practices, you can monitor the effectiveness of your campaigns and continuously improve the content for better results each time.