03 Feb Measuring the ROI of Video Marketing
If you’ve looked into video marketing, even a small amount, you’ve probably gathered that it’s tough to measure exactly how videos help your bottom line. There are a hundred different metrics you can track for your video itself- how many views it got, how many repeat viewings, how many comments, the quality of the comments and discussion, how many times it’s been shared over various social media networks, page views and bounce rate statistics on webpages it’s been embedded into… and the list goes on.
All of these things are great. But most of the time, it’s difficult, if not nigh-impossible, to see how having a video actually added more dollar signs to your final conversion.
There’s unfortunately no magic answer to this problem. It’s just about impossible to know if someone buys your product or uses your service based on a video they’ve seen, as compared to any other ads. Many times, your videos will be more general about your company. They’re usually meant to be more entertaining with a tilt towards brand awareness, rather than selling one specific product.
Measuring brand awareness is in itself a difficult task, as it’s such an ephemeral concept to get a grasp on in the first place. Trying to measure how much of your brand awareness is because of a video is like trying to measure a ghost.
However, this doesn’t mean it’s not worth doing. Quite the contrary, videos are absolutely vital if you want to keep up with your competition at all in your market. Here’s why.
The Video Marketing Mindset
The best way to think about video marketing is to get out of the mindset of believing videos will show an immediate, instant boost in a certain aspect of sales. Take a step back and look at the bigger picture. As your brand becomes constantly healthier and larger, video marketing becomes an integral cornerstone of your growth.
Take a look at any large successful company out there- they’re going to have a video campaign. Commercials, web videos, mobile videos, email videos, and more; these companies are household names for a reason. Video connects with people on a level that no other medium ever can. That’s why it’s an important tool to integrate your brand into your audience’s lives.
Videos for Improving Online Sales
Having a website with videos is a better way to get leads. It’s just like having a website with images is more powerful than a website without. More dynamic content has been shown to reduce webpage bounce rates, and that can keep people there to read, and see and hear, your call to action.
Oh, and there is one other data point we can point to. A recent study has shown that videos in email campaigns have increased email marketing revenue by 40%. It doesn’t take an advertising guru to realize that’s a lot. The same study found that many companies didn’t have enough video content to use, or simply weren’t aware that this was even an option. Now you’re aware. But do you have enough video content?
Even though it can sometimes be hard to quantify, it’s tough to deny that videos have a strong positive effect on your business. Engaging content, a soft sales pitch, and some light entertainment can change your brand from a no-name to a home name very fast. If you’re looking for more- or better- content, look no further than Studio B Video Production. Contact us today to start discussing your options.