Video became popular in 2015, but truly exploded in 2016. By including a video on a landing page, you can increase conversion rates by 80%. In addition, after watching a video, 64% of viewers are more likely to buy a product online, with 90% of users saying that product videos are helpful during the decision process. If it wasn’t clear before, it should be clear now, video is crucial to your marketing strategy.
In light of the recent Facebook video metrics scandal, it’s more important than ever for marketers to repair the damage to advertiser’s reputations by ensuring that metrics are correctly tracked and accurately measured. Although Facebook issued an apology, and marketers tried to downplay this gaffe, with 85% of digital ad spend going to giants like Facebook and Google, their actions can have a serious impact on future marketing practices and affect trust within the industry.
So what metrics matter when tracking video? We’ve listed some suggestions to get you started tracking correctly, and accurately for your next video campaigns.
Many marketers rely on this metric as the end all be all of their video measurement strategy, yet it tells you nothing if you can’t demonstrate that the views are driving traffic to your website or concrete conversions. If the viewers aren’t your target market, then it really doesn’t matter if you receive a million views because they won’t be purchasing your products or services.
If you really want to accurately assess whether your campaign is working, you need to dig deeper and look at measurement values from play rates, completion rate, and lead generation.
The “play rate”, i.e., the percentage of people who click on your video divided by the total number who access the page where your video is embedded, is a better measurement for ROI versus “views”. A play rate above 50% is considered ideal. What does that mean exactly? Play rate tells you whether you’ve done a good job of presenting engaging video content, by letting you know if your video was appealing and grabbed viewer attention. If you discover your play rate is low, it means that you need to make some changes such as making your video more interactive and interesting to capture, and more importantly, retain your audience’s attention.
How long are people staying tuned into your video? By looking at completion rates, you can get a sense of the impact your video has had. The amount of time they are actually engaged with your content and what they do with it is a much better marker of success that just “views”. This is a good metric to use when judging the effectiveness of branding campaigns.
If you are using the skippable ads format on YouTube consider how many people skip the ad after 5 seconds. This is a good indication as to whether your video is compelling enough or perhaps you are not reaching the right audience.
Video advertising is an excellent means of attracting attention and initial interest in your product or services. Video tends to do better than other forms of lead generation for garnering conversions and currently accounts for 50% of all mobile traffic. Beyond click and convesion statistics, there are a few other metrics to look at to judge campaign performance including post view website visits and prompted searches.
How can marketers capitalise on video for viable leads?
- Create “how-to” videos, and offer tips and assistance. Show that you have something valuable and unique to offer them.
- Include a strong CTA at the end of the video to draw viewers to download an app, fill out a form, or visit your website to get more information
- Be authentic by creating videos that showcase the people behind your brand to get viewer buy-in. Concretely explain what you do and how you can help your viewers.
- Take advantage of formats where you can insert lead generation forms directly in the video. While this form of gatekeeping may turn some viewers away, the ones you do capture have a much higher likelihood of converting because they have demonstrated a genuine interest in the product or service your video is offering.
- If you’re using YouTube, you can add CTAs via YouTube Annotations to drive desired viewers back to your landing page
Video is here to stay will continue to grow exponentially in 2017 and beyond. It’s now a vital part of marketing campaigns, no longer the afterthought it was a scant three or four years ago. Marketers need to look beyond how many “views” they’re receiving to get an accurate picture of what is and isn’t working in video campaigns, and how they can best incorporate other metrics into their future strategies.
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