The New Year is a great opportunity to start fresh in nearly every aspect of life - including business. It's a chance to reset the books and get the jump on all the strategies you'll use for success in 2015 and beyond in the world of video content marketing. To ensure success, here are a few key best practices for measuring video marketing ROI that you and your organization will definitely want to pay close attention to.
1. Define your goals as quickly as possible.
Whether it's to increase hits to a particular landing page or get a video with 100,000 views, goals will give you something tangible to measure against.
2. Define your goals in the most realistic way that you can.
Contrary to some popular belief, it's hard to create a viral video. And not every clip online will reach millions of hits overnight. Defining realistic goals will give you data that you can actually work with.
3. Assign values to actions that help you achieve those goals.
Determine how many viewers of your video are making a purchase, for example, and find out the average dollar amount of that purchase to determine what each click is ultimately worth.
4. Use tools like Google Analytics to measure gains as they occur.
One example would be including a promotional code that will only be revealed when a piece of video content has finished playing.
5. Test different thumbnails.
If you find that a piece of content is performing poorly, try leaving the video alone and change its thumbnail image to something more effective and enticing.
6. Embrace the idea of backlinks.
This will help tell you where your video content views are actually coming from.
7. Don't forget about the number of people who are watching a video multiple times.
If a video gets 1000 views but 400 of those come from return visitors, it may point out a trend that you had previously been unaware of. This will help provide an unbiased view of your video marketing ROI.
8. Disregard total view count for your videos.
Instead, multiply your total views by the average percent of the video viewed by the percent of a particular demographic that those views represent. The number you're left with will tell you your video's level of engagement per demographic.
9. Track the leads that each video is generating.
Get specific ROI on your video by inserting a "Contact Us" link in the description of the video.
10. Track the effectiveness of your call to action.
Google Analytics is one of the best indicators for showing video marketing ROI. Install or connect your current account to track the total number of people who watched a video and then went through to the linked sign-up page.
11. Pay attention to cost-per-visitor.
This will tell you how your content marketing budget is paying off in terms of the cost it takes to get people to visit your actual site.
12. Don't forget about time-on-site.
Site visits are one thing, but if each visitor is only spending a few seconds on your site you aren't going to see the type of results that you're after. This goes for video content marketing as well. Determine if your whole video, or just a portion, is being watched.
13. Determine your lead value price.
This involves taking the amount of money you're spending for a piece of content and comparing it against a dollar value assigned to each lead it then generates.
14. Track conversions.
Conversions refer to people who start out as casual viewers of a video who then ultimately turn into established customers.
15. Embrace repeat visitors.
Track how many people are coming back for more and use it as an indication that a piece of content is compelling enough to entice people to do just that.
Above all else, it's always important to remember the simple quality that video content excels at: engagement. Remember that when trying to measure return on investment, the ultimate best practice involves making sure that you're measuring using both soft and hard metrics. The total number of hits or even the time spent watching a video, on their own, don't tell you much. It's the level of engagement that you're trying to measure, as that is where the maximum value for your dollar really rests.