You’ve shaken hands with your production team and “that’s a wrap” has been uttered. But the challenge now lies in proving the ROI of your online video.
Is your video going to reward your business’s hard work and hard-earned money with an even larger benefit? How will you be able to tell? The trick to measuring the ROI, or return on investment, on your video is knowing what to measure.
1. The play rate of online video
When potential clients visit your page, your video will load, presenting them with the opportunity to make a choice: to click play or not to click play. The play rate counts how many times visitors to your site decide to hit play. A lack in play rate signals a possible issue with the title, description or thumbnail of your video because these provide a first impression. Fortunately, a quick change in wording is an easy fix. Play rate may also help your business narrow down the best video topics for engagement with your brand to capitalize on while also revealing what topics are least likely to draw traffic.
2. Audience engagement with online video
Engagement occurs when your video is interesting enough to watch without coffee. But in all seriousness, engagement indicates how interested a client is in your company. The engagement rate of video can be measured by dividing the time viewers spend watching by the length of the video. Some refer to this as how “sticky” your video is. The average engagement of all videos on your website suggests how compelling your video content is as a whole. Compelling content educates, informs or makes your viewers laugh. People who engage with your video content are more likely to become leads, which eventually increases your ROI. Tracking the engagement rate of your videos is important to determine what your viewers want from your company.
3. Number of online video plays over time
Not to be confused with play rate – which refers to the number of plays in proportion to the number of loads on your page – the number of plays over time is a testament to the popularity of your video, as well as its ongoing relevance. This metric shows the views your video is still getting in the days, weeks, months and years following its original launch. If your video lacks the “stickiness” discussed before, this metric will decline over time. After the initial excitement received by any new post to social media or new video release, your video should experience a steady number of views day after day. If not, it might be time to replace it with a newer one.
4. Re-watches on YouTube
Whether a soccer fan reveling in that replay of the USA scoring a goal in the World Cup, or a six-year-old watching Frozen for the seventh time in one day, soccer fans remember exactly what corner of the goal the ball entered the net, and young children can sing an entire song from the film. People experience better recall of what they have seen after re-watching a video.
A business video is no different. YouTube metrics show re-watches by individual viewer or as from your entire viewership over every time it was watched. Specifically, your business benefits from knowing what particular sections of your videos are viewed more than once. This metric serves as a great indicator of best selling points by analyzing what section of your video is being replayed. For example, if you release a video reviewing your product and a potential lead watches the section dealing with the product’s longevity, you could use their interest in your warranty to target emails to that end. Conversely, sections of your video that are not being re-watched may suggest a lack of relevance to your target audience.
5. The online video buzz
In the age of social media, nothing helps boost popularity of a brand better than a share on an individual’s platform of choice. The more compelling your video, the more likely it will be shared and shown to a larger consumer base than it would simply sitting on your company website. If your video is embedded into a non-video sharing site such as Facebook, viewers will be directed back to where the original video lives. The ROI here is seen in the number of website visits. Another way that your video can become part of a discussion is through tweets. The capability of Twitter to maintain a conversation or contribute to a trending topic is best fueled with relevant hashtags and keywords.
When done right, online video can produce great ROI for your business. Hooah Production Studios not only creates online video campaigns, we also provide the analytics that measure their effectiveness. We'll be glad to talk with you about how an online video campaign can achieve your marketing goals. Contact us today!