The ROI Of Video
January 16, 2015
January 16, 2015
It’s 2015 and Marketing, Public Relations, and Communications professionals know their organizations need video. It’s no longer just the early adaptors leveraging storytelling and brand journalism to engage key audiences. After all, “facts tell, stories sell,” as the saying goes. Video helps organizations connect on an emotional level. That’s crucial when many purchasing or website conversion decisions are made with the heart as much as the brain.
According to a 2014 study by the Aberdeen Group, those organizations which utilize video content on their websites, experience a 4.8% conversion rate (converting interest in content into a sellable contact), compared with 2.9% for those who do not use video. That study goes on to conclude that organizations “using video required 37% fewer unique site visits to generate a marketing response.”
To achieve quantifiable results, here are 5 ways to measure and increase your ROI when it comes to video marketing.
1) Take Advantage of Rich Online Video Metrics
There’s no way to tell if someone who has downloaded an e-book has stopped reading after the second page. But with video, you can track not only how many downloads a video receives, but how many completed views a video registered and when certain viewers stopped watching. This is all valuable information which provides insight into what your key audiences find compelling and when they lose interest. Using those metrics can help you tailor your pitch to a certain prospect—or, at least, spend your video marketing budget more effectively by only producing the types of videos that have a high completion rate.
2) Utilize the Wealth of Data
Video, unlike forms of written content marketing, serve up such a rich set of metrics because it lives in players. It’s because of this “hosted” nature of video that it travels differently and can be tracked more effectively. No matter how it’s syndicated or leveraged across the web, reliable engagement data can be accessed from video players.
3) Include a Call to Action
These can be inserted anywhere in your video and can take several different forms such as registration pages, surveys or polls that require the viewer to enter an email address or other contact information. In exchange, you’re giving those visitors something of value.
4) Experiment with Video Thumbnails
According to Vidyard, a Canadian software company which helps analyze video performance, testing multiple thumbnail images (the still image that appears in your video player before you click) can result in an average 10% increase in click-through rates. It’s an easy but effective way to increase the click through rate on every video in your library.
5 )Incorporate Data into Customer Relationship Software
Individual video viewing data can be directly added to contact records, including which videos that person watched and for how long. That way, marketers can approach prospects in a much more informed and targeted way. Conversations will be more productive and, ultimately, increase the odds of a positive outcome.
SM& Vice President T.J. Winick is a former broadcast journalist who writes regularly on video and leads Solomon McCown's Creative Content Team. To learn more about our capabilities, click here.