With reels and TikToks still on a meteoric rise, social users are watching more video content online than ever before. In fact, the amount of video consumed online has nearly doubled since 2018 according to HubSpot.
Whether you’re producing video for your business’ latest product launch or promoting your brand’s livestream webinar, creating and utilizing video content is a great first step in crushing your marketing strategy. But how do you quantitatively measure the success of your video?
HOW TO MAKE MEMORABLE VIDEOS THAT leave A LASTING MARK ON YOUR TARGET AUDIENCE
Attracting New Customers
It’s time to say hello! If new customer awareness is your key objective, we’ve got great news for you. While this crucial stage of the marketing funnel can be susceptible to error, there are a few key performance indicators (KPIs) that you can watch out for in order to keep your goals on track. KPIs like impressions, views, unique users, ad recall lift, and brand awareness lift are essential to measuring ROI for this stage.
When you’re analyzing metrics, it’s vital that you remember views don’t necessarily mean sales. Because your audience isn’t quite ready to purchase at this stage (remember, they’ve only just learned about you), relying on relative ROI elements like brand recognition, engagement, and lifts in brand sentiment are more effective. You can also utilize formulas to help calculate more absolute numbers!
Engaging Your Audience
Now that your new audience knows your name, it’s time to set the hook. Where do you start? More KPIs, of course! In this stage, KPIs like brand interest, watch time, view-through rate, consideration, and lifts in favorability are your main tools. If you’ve ever answered those short surveys on YouTube, you’ve seen these metrics at work.
Accurately measuring the effect of a KPI like view-through rate on your bottom line requires substantial quantitative measures, so tracking your viewer’s journey over time is a key element to this stage. Your new customer might watch your video, check out your products on your site, and then ultimately convert weeks or months later. Your ability to work with your development and marketing team to establish these trackable instances will be highly impactful when working to measure your video’s ROI.
Nurturing Your Prospects
Congrats, you’ve done the hard work— you’ve landed a lead. This stage is where you can acquire more absolute data from your audience, so use this time to show them some love. KPIs to watch at this point include clicks, calls, signups, and sales.
When it comes time to nurture, clear calls to action (CTA) that lead your customers to your site become imperative. This is especially important if your business falls within the realm of e-commerce. An effective video will return a high conversion rate and high click-through rate (CTR). Now to move on to the fun part!
Creating Customer Delight
Ah, our specialty: customer delight! Give yourself a pat on the back—your customers have converted. The metrics you use to analyze success at this stage will depend wholly on your goals. Do you want repeat purchases? Sharing on social media? Positive reviews? With the right CTA, tracking these objectives can be a relatively easy task.
Be sure you’re still tracking your CTR and keeping an eye on your return visits, favorability lift, and social engagement. With the right tracking measures in place, your ROI should be evident.
It’s important to remember that the best part of the delight stage is just that: delighting! This is the perfect time to focus on entertaining your customers, making them laugh, educating about the product and answering their questions. These opportunities offer an authentic way to build engagement and value with your audience. Icing on the cake, right?
Ready to Get Started?
With 2022’s forecasted trends all pointing to the continuing rise of the video, developing an effective video marketing strategy for your brand is a necessity. While there are many variables that determine ROI for your video marketing strategy, there is one thing you absolutely must have—an incredible, cutting-edge video that represents your brand perfectly.