So you have your video… now what?
Patrick Landy is a Customer Success Manager at Vidyard, an online video platform designed to help businesses get the most out of their video content. You can find him on twitter @padraiglandy
Congratulations, you’ve created a video! Now what?
In our first post, we discussed the 3 things you should think about before undertaking a video project and how to focus on aligning your goals with your content and budget. Unfortunately, many video projects flop. The reason? No one ever sees them. A successful video strategy is about more than just creating great content. It’s about using the right set of tools to track, measure and drive action; all of which are crucial to ensuring you achieve the goals you’ve outlined during the content creation stage.
Here are 3 ways to help you get the most out of your video:
1 - Use Analytics
Like any marketing strategy, you should use analytics (checkout Vidyard's analytics) to track the success of your video project. This ensures you are garnering a positive ROI out of your investment and provides a critical feedback loop to make adjustments based on what your viewers are doing. Basic analytics that provide the number of views, geographic location, conversion rate etc. will provide a solid understanding of who your viewers are and how they are responding to your video. Drilling down can help to understand how your viewers are getting to your video. The following are different avenues they could be taking to get there:
There’s so much information out there that I could likely write an article on how to optimize traffic within each of these categories. Based on your own video content and resources, you should already have a clear idea of which channels you will be leveraging based on what has worked in the past, who you are targeting and your overall messaging and goals.
2 - Know which views are relevant
A common misconception about videos is that they need millions of views in order to be a success. However, it is more important to ensure you are getting relevant views based on the original goals you outlined for your video project. Views can be qualified by looking at the attention span of your audience across the different channels.
Your analytics can provide content feedback, enabling you to see when a spike or drop-off occurs. If the purpose is to increase awareness of your product/service amongst your target market, the quantity of views is a good measurement. However, if your video is later in the sales cycle and targeted towards individuals who have an interest in your product, the quality of the views are more important. How long are they watching the video for? What action are they taking after watching the video? Tracking conversions provides a better measurement of your success in this instance.
3 - Implement Call to Actions that convert
Getting people to watch your video is only half the battle! An effective video strategy must drive your viewers to act. Great content may captivate your audience, but if they are left staring at a black screen at the end of the video, you are missing a perfect opportunity to move them closer to becoming a customer. A Call-to-Action (CTA) that prompts them to share the video, subscribe to a newsletter, fill out a web form or sign up for your service, are great ways to increase your conversions. Once again, the type of Call-to-Action you employ should align with the content, which should also match where viewers are at in your sales cycle. Take a look at your attention span analytics to ensure that you are hitting the mark with your Call-to-Action in order to maximize your conversion rate.
All 3 steps come back to whether or not you’ve had a positive ROI on the time and resources you’ve invested in your video. How do you calculate the ROI? First you need to know the overall goal of your video. Let’s say it’s to convert visitors to trial sign ups. This is what the process of calculating your ROI would look like:
Identify that cost of resources that went into the video. Let’s say it was $5,000
What is the marketing cost per trial sign up for your company? For this example, let’s say, $10 per trial sign-up.
How many sign ups did you acquire through this video? You would have provided the opportunity to sign up through your CTA. In this scenario, we will say you acquired 120 sign ups over the course of the week.
How do I calculate my ROI on all this work?
Now it’s time to measure. If each trial is worth $10 and you acquired 120 sign ups, you have a negative ROI - Spend: $5,000, Return: $1,200. Your lowest goal should be to acquire an additional 380 trials to make that video worthwhile.
Take a look over the 3 steps on how to get the most out of your video in order to increase your ROI. For more information about calculating ROI on your marketing efforts, take a look at “How To: Calculate the ROI of Your Social Media Campaign” from Mashable.
Looking for some more help on creating a successful video? ReelSEO has some fantastic channels that discuss everything from becoming a successful Vlogger, to implementing a successful B2B Video http://www.reelseo.com/video/marketing/