CHAPTER 7: Measuring the Performance
“Success is a science; if you have the conditions, you get the result.”
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So now you have learned pretty much everything ranging from coming up with the ideas for videos to creating a perfect video for your brand and distributing it, what’s next? Well, there is one more thing that you need to do before you can finally decide how your whole video marketing strategy has been and that is the measurement of its performance.
You cannot say you have been successful with something if you don’t even know whether you have done it right or not. If suddenly you are called into the office of your boss and if he asks which video has been most effective in achieving our objectives, what will you tell him? You cannot say that we tried and now you just need to pray!
Furthermore, you will need facts, figures and authentic data to see what you did right, where you went wrong and what made your specific video so successful. You can then replicate those right doings in the next campaign and make it even more successful.
So this section of our guide is all about paying attention to that part (measuring results) and seeing why it is important and what metrics to look for when determining the success of your strategy and ROI. So with that said, let’s dive right in.
Importance of Video Marketing Metrics:
Just like in anything that is track-able through metrics, video marketing metrics will provide you with the data that you can use to improve the performance of your strategy and discard the use of videos that are incurring a loss. By looking at metrics like views, CTR, attention span, watch time and more, marketers can identify whether their videos are helping them generate any leads, close deals with key accounts, retain their customers and increase revenue or not. These are the reasons why the use of video metrics to track progress is so crucial.
A significant number of businesses now leverage video analytics tools to analyze where they are and what they need to do to get to where they want to be. According to a study by ImpactBnd; Businesses that used advanced video analytics were twice as likely to report the improvement in their ROI. This tells us that video analytics is not just limited to tracking the progress of your videos but it also helps you increase your return on investment that you made in videos.
The data gathered from videos also help teams that act on data understand key factors like how much their individual prospects watched their videos, what parts of the videos they watched the most and who they shared the video with as well. This will not only help you understand what your prospects are focusing on in your videos but it will also help you get new prospects (the people your current prospects shared the video with.)
5 Most Important Video Metrics That You Should Be Looking At:
There are different metrics that you can use to determine the performance of your video and ultimately increase your ROI. Some of the most important metrics that you should never ignore are:
- View count
- Play rate
- CTR (click through rate)
- Conversion rate
You need to understand what these metrics do to be able to analyze them and take necessary actions to achieve the objectives of your whole video marketing strategy. So with that said, let’s learn about all of them:
- View Count:
This one is the simplest of all because it just provides you with a number of the total views on your video. If you watch YouTube videos, you will see a number beneath each video, that number is the view count. Simply put, the number of views on your video tell you the reach of your video so if you want your video to be seen by millions of people, you will have to pay attention to this metric.
However, you need to understand that different platforms have different rules for what is counted as a ‘view’. This means that Facebook counts the watch time of three seconds as one view while YouTube counts 30 seconds as one view. So if you have placed your videos on these distribution channels, make sure to look at their terms and see how many seconds of watch time is counted as a view.
Furthermore, if you want to boost the view count on your videos, make sure to keep these things in mind:
- Leverage email and social media to share your videos with your audience
- Get the influencers relevant to your products to share your video
- Pay for the promotion of your videos on channels where a good amount of your targeted audience can be found
Keep in mind that views can greatly deceive you if you are not careful enough. This is because you cannot just base everything on the view count. You need to see if the engagement you are getting is good enough for the number of views or not.
- Play Rate:
In layman’s terms, the play rate is the number of people who visited your page and clicked the play button to watch the video. The benefit of this metric is that it helps you determine how relevant your content is to the channel it’s placed in and the audience it is shared with. So if you want a certain percentage of people in your target audience to play your video then you need to keep an eye on this metric.
This means that if you are not getting enough people to play your video, this metric will tell you that and then you can increase your efforts, make some tweaks in your current strategy to boost that number. Also, if you want to increase your play rate, have a look at some of the tips below:
- Move the position of your video on the page to where it can easily be seen and also increase the size of video embed
- Pick an engaging thumbnail with eye-catchy graphics and appealing colors
- Make some changes in the copy around your video to ensure it precisely tells the audience what the video is about
- Try moving the video to a different page that seems more relevant
- If you are emailing the video, try to add the word video in the subject line
Keep in mind that not all of your videos will have equal play rates. It heavily depends on the content your video has. Also, a video that appeals to a large number of people in your target audience will have a higher play rate than the videos that are targeting specific people.
This is where the magic happens! Engagement shows how much of your video each individual viewer has watched and is expressed in percentage. And then there is average engagement that tells you an average of how much your video is watched by all of your viewers. This metric is very powerful if you want to see how your whole audience watched, re-watched or stopped watching your video.
By leveraging this data, you can increase the usefulness and quality of your videos to get higher engagement rates. You can get a clear idea of things like whether your viewers are watching your video till the end like they should for a video that has an engaging story? Are they jumping to specific parts? If yes, what parts are they?
These things will help you assess whether it is a good tactic to add a CTA at the end of the video or at places where most of your viewers are jumping in or at both. Now if you want to know what you can do to improve the engagement rate of your video, have a look at a few tips below:
- Keep the content short and clean, cut all the unnecessary things
- Try to grab their attention at the beginning which you can do the best with animated videos because you can show unexpected things through the use of animation
- Try to provide more value and fewer sales pitch because people want to see the value before they decide to buy something
- Pay close attention to the average engagement and the graphs of your engagement to see where you need to work the most
Engagement is the most relevant and widely weighted metric for videos in every industry. Whether you are doing B2B or B2C, you need to keep a close eye on your engagement metric.
- CTR (Click-Through-Rate)
Another most commonly used metric for videos is the CTR which is the percentage of people that clicked on the call to action you added in your video. CTR will indicate how effective your video is at compelling people to take action. Remember that engagement and CTR go hand in hand because if people do not see enough of your video, they may not reach to the stage where your call to action is embedded and that means they will not take action which can be clicking on the purchase button or a sign up form.
If you want to derive your audience to somewhere or compel it to do something, then CTR is the most important metric to track. By looking at it, you can determine the factors that are making your viewers click and not click so you can take the necessary steps to improve. Here are a few tips to help you improve your CTR:
- Edit your CTA, place it at a different point where most of your viewers are reaching before closing the video
- Improve the average engagement of your video first especially if your viewers are abandoning the video before reaching the CTA
- Make the CTA as relevant to the content of the video as you can or vice versa
Always make sure that the CTA matches with the video it is placed in and also fits the look and tone of the video so that more people take action.
- Conversion Rate:
The number of customers or leads you get through the video is the conversion rate. This is a little tricky metric to track because it might require you to set up a separate analytics tool to the host of your video like Google Analytics. Conversion is one of the most important metrics to track if you are producing videos that revolve around the service or product you are offering.
So if that is the case, you need to keep a close eye on the conversion metric and make efforts to increase it so that you can get more sales and ultimately increase your revenue. If you want to know what you can do to increase your video’s conversion rate, have a look at some tips below:
- Depending on the stage of your funnel, make your video as relevant as you can to what your target audience wants
- Try to provide as much value as you can by answering questions of your audience and encouraging them to take action
- Place the video in the correct section of your website where it can be seen by most of the visitors and is relevant to the page of the website.
According to Unbounce; an explainer video on a business’s landing page can increase the conversion rate by 80%. This shows how powerful videos can be when it comes to boosting the conversion rate. Just make sure that your video is highly relevant to your targeted audience and keep tracking the conversion rate metric for best results.
What Metrics to Focus on?
This is the question that a lot of people stepping into the vast world of video marketing have and there is a perfectly good reason for it. The analytics of different platforms will show different data that can make it challenging for you to analyze and take action. The primary reason for it is that the analytics that comes from different distribution channels like Facebook or YouTube will show a different type of stats than a dedicated video platform.
The use of distribution channels is ideal for making sure that your video is seen by your target audience, but the data they provide is usually ‘general’ and not very precise. Since you will be using tactics like ABM where you need to focus on individual accounts, you need a platform that tells you who viewed your video, what they did while watching it and whether they took action or not.
So for this, you need the help of CRM (customer relationship management) or marketing automation platform that can provide you with both the generalized and precise data at one place.
So Where Do We Go From Here?
Well, that concludes our detailed guide on video marketing strategy and now you might be wondering what to do next, right? Well just take action! That is the best advice we can give to you because no matter how much data you consume, it will never be enough. If you are dead serious in having explosive success with your own video marketing strategy then you need to start from today.
What we can do tell you, however, is that creating a professional video is the most important part of your whole video marketing strategy because if you do it wrong, all of your investment, effort, time, and resources will go in vain. We do not mean to scare you but that is the truth and therefore, you need to be pretty sure about the video creation process.
You need to ask yourself if you can really create a video by yourself. If you have even a fraction of doubt, we suggest that you consult with someone who is an expert in making videos. And the good thing is that we at Purplefox Animation are here to help you.
How Purplefox Can Help?
As a professional animation company that has helped major brands crush it with their compelling videos, we can help you get massive results. Our team is comprised of industry-leading experts who can turn even the most complex processes or products into engaging videos that can be easily understood by even an eight-year-old.
Team up with Purplefox to dominate your industry. We can take care of everything ranging from coming up with a fantastic script to creating a killer video that even your competitors would love to watch. And even if you think you can create the video by yourself, you can still call us to discuss your concerns and get valuable insights because we are all about helping you get things done the right way. Click here to schedule a call.