How to Measure the Success of Your Video
- 1:25 am, Posted by Andrew D
Here at Lumeo, we’re often asked by our clients – “how exactly can I know if my online videos are providing me with good return on investment (ROI)?”
Return on Investment (ROI) is the gold-standard when it comes to assessing the effectiveness of any business move, but when it comes to measuring the success of your videos, determining what constitutes a positive ROI can be a bit of a head-scratcher.
Here’s a quick rundown of the factors you can use to measure the success of your online and explainer videos:
First, Define Your Online Video Goals
There’s lots of free tools and monitoring services that can be used to track the metrics associated with your videos, however, statistics on views, social media shares and comments are somewhat meaningless – that is, unless you first define what exactly it is you’d like your online video to do for your brand.
For example, if the goal of your explainer video is to simply raise brand awareness among an audience you’ve targeted through an email marketing campaign, you might decide that what really matters is how many recipients open the email and watch the video.
If you’re looking to boost conversion rates, you might want viewers to click a live link that’s embedded within your online video, browse through your site after arriving at your landing page, or add a product to their e-commerce cart.
Before you post your video (and ideally, before you even produce one), decide on:
- Why video is the best medium for your message
- Who your target audience is, and where they’re located
- How you’ll use trackable metrics to measure your outcomes
Remember, It’s Not A Popularity Contest
Be careful not to get too caught up it what’s known as ‘vanity metrics‘ – the total number of ‘likes’, ‘shares’ and ‘followers’ a particular online video garners, since these numbers fail to directly link to any real action that viewers could take to increase your sales and overall revenue. It’s not to say that these numbers are worthless – it’s just important to understand that online videos aren’t all about reaching as many viewers as possible, but about reaching the right viewers, at the right time.
To really understand the true value of your online videos, you need to dig deep into the metrics – the factors that tell the true story of the success, or failure, of your online video campaign.
View Counts & Watch Time
Back in 2012, YouTube realized that simply tracking the number of times a video was clicked on by a unique user wasn’t a true, accurate measure of the popularity of a particular video – some unsavory YouTube posters were actually paying Internet users to quickly ‘click’ on their videos, rapidly, and artificially driving up the total number of views.
This practice, known as ‘click-fraud’, was curtailed when YouTube adjusted their algorithm to positively rank videos that users actually watched by measuring the total view time, since the longer a user watches a video, the more likely it is that they are truly engaged and interested in the content.
So, when judging the success of your online videos, remember – it’s not just the number of unique views your online video garners, it’s also important to know what percentage of your audience remains engaged, watching your videos from start to finish.
Sure, it’s important to grab your audiences’ attention, but the real key is keeping their attention.
Another valuable measure of the success of your online video is how often users ‘share’ it on a social media network.
Because research has shown that “92% of consumers believe recommendations from friends and family over all other forms of advertising“, so when you pair a snappy, engaging online video with a high share rate, you’re truly maximising the ROI of your online video.
Remember, online videos are all about wanting your viewers to actually do something, so it’s important to track the relationship between video views and call-to-action compliance. Does having an explainer video on a product page impact purchase rates? Do users tend to fill out online forms more often when there’s a video on the page?
Tracking your action completions provides a clear picture of how exactly your online videos are impacting real-time consumer behaviour.
By choosing a few measurable goals, and tracking the associated metrics, you’ll be able to obtain a clear, customized ROI picture for your videos.
Want to know more about how explainer videos can drive your conversion rates and brand awareness? Drop us a line today – our consultations are always free.
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