Video marketing is hot, with 61 percent of businesses engaging in the practice, according to a recent Wyzowl survey.
So, why do many marketers struggle to quantify its ROI? Given that marketers use distinct types of videos for particular purposes, there is no single method for measuring their success.
For example, you might use a general explainer video to attract visitors or create a product demo to convert prospects into customers. When you pair a smart video-hosting platform with a marketing automation solution, you can engage with prospects and customers throughout the buyer journey.
You can also understand which video content is getting watched and for how long. (For example, did viewers press “play” and then leave, or did they watch the entire video?)
Combine that with activity on your other channels to gauge overall interest in your products or services. By integrating video and marketing automation, you can score leads, trigger an automated email and alert salespeople when a hot lead has watched a certain volume of video. You can also build a list of leads who watched specific videos to send personalized follow-ups based on their interests.
You must understand your specific goals for each stage of the buyer journey and the attendant videos, and then build in appropriate metrics for gauging ROI. Here’s how marketers can make their videos more measurable in each of four stages of the customer life cycle:
Videos created to attract prospects and build brand awareness can ultimately boost your bottom line. How do you measure that impact, though?
This humorous explainer by Poo Pourri has received more than 36 million views on YouTube alone, has helped increase its Facebook fan base by 70 percent and has doubled its Twitter following, according to Social Media Today. That suggests a huge boost in brand awareness.
To calculate the impact of your video, do a before/after comparison of soft metrics such as brand impressions, website views, engagement and followers.
Videos do more than just educate or entertain; videos engage your audience and increase conversions. About three-quarters (72 percent) of communicators who use video believe it has improved the conversion rate of their business, according to Wyzowl’s survey.
How do you prove it? When you make a video to prompt a prospect’s action (filling out a form, requesting a demo, clicking to purchase), you can measure its ROI by those actions. Here’s how:
Video embed links
Once you’ve grabbed a viewer’s attention, your video can do more than build brand awareness. By adding a unique URL as a call to action at the end of your video, you can track exactly how many conversions your video generated.
For a scalable system that integrates with your marketing automation platform, check out this video marketing software, which can track detailed metrics about your viewer.
With Google’s URL builder, simply fill in a few details, including the source medium and the Web address to which you are steering users. Through it, you can track the viewer’s path.
In the screenshot below, the website URL, campaign source and campaign medium are required fields, but the rest are optional, in case you’re running multiple campaigns with different fields.
Use Google Analytics to see how many viewers clicked the link directly from the video. Simply log in to your Google Analytics account, then go to Acquisition > Campaigns > All Campaigns. From there, you can scroll through all your URLs to get specific data on each one.
Another way to measure conversions is to gate your video content. Gated videos offer the viewer something in return for contact details and other key data. On certain hosting platforms you can add a turnstile to your video, restricting some content, as shown below:
Videos designed to make a sale are usually brand-centric and product-heavy. To gauge their impact, include promotional codes at the end of your conversion-centric videos; when a viewer uses the promo code, you will know that the video induced the sale. Here’s an example:
This type of video can persuade a longstanding prospect to finally become a customer. Search Engine Watch says video helps convert 73 percent of people who buy a product or service.
Content that delights customers can make them even bigger fans and brand advocates. Similar to videos that attract, they should engage and retain your customers.
To measure the success of these videos, track the shares; you might also use a heat map tool to uncover detailed metrics. A heat map shows what users clicked right after watching your video.
For example, a user might view the video, click share and then click to make a purchase. A heat map tool would show you this, as would a video marketing platform connected to your marketing automation system. The latter would link viewers’ activity to their contact info in your database, providing juicy retention and acquisition metrics.
Have you added video to your marketing toolbox? What metrics help you track their ROI?
A version of this post first appeared on the Marketo blog.