You’re already an expert at video creation, but the niggling doubts still remain: Are you getting through to consumers and generating leads? Are you spending your money wisely? In this era of data and digital marketing, statistics and marketing metrics are your best bet when it comes to answering questions about the effectiveness of your strategy. Let’s take a look at some of the most important numbers to watch.
Return on investment (ROI)
ROI is your primary, top-level metric, and one you’re likely familiar with. In the most basic form, your return on investment is the growth in sales divided by the cost of all your video efforts driving those sales. But video content marketing brings some hard-to-quantify benefits, also. Increased brand awareness and loyalty from video engagement leads to more returns over time, but can be difficult to track in the short term.
Generally, if you’re spending a lot on video content but not seeing many conversions come out of those efforts, you’ll want to reconsider your strategy. Consider how you might adjust your video content to speak more directly to your target audience in a genuine, engaging way.
Return on ad spend (ROAS)
ROAS is similar to ROI, but focused specifically on your video ad efforts. Ad campaigns often involve a higher immediate investment, and are focused very specifically on sales and conversion. Paying attention to your ROAS will tell you if you’re spending ad dollars wisely. If your ads are driving enough sales and high-quality leads to make the campaign worth it, then your videos are working!
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Video isn’t very impactful if people aren’t watching it! You need to pay close attention to whether viewers are watching all the way to the end, or when they are tuning out. You can find these analytics behind the scenes on the major social platforms, like Facebook, Twitter, and YouTube. Getting viewers to the end is especially important if you’re closing with a lead-focused call-to-action (CTA). Pay attention to the retention curve of your videos to see where people are tuning out, and investigate why that might be. Is the video too long? Or better suited for your own site than social media?
Click-Through Rate (CTR)
Every good video includes a CTA. It might be as simple as encouraging a share or a follow on social. Or it could be more lead-focused, sending viewers over to your own site or even to a product. The percentage of viewers who click on a CTA or on a hero image is your Click-Through Rate.
Whatever the goal of your CTA, pay attention to its effectiveness. Your most popular videos should also be driving a lot of follow-through on your CTAs. When that’s not the case, consider if you’re making the right ask for the piece it is tied to.
CPC is a straightforward metric that tells you how much you’re spending for each click on your content. What does it cost you to get someone to click on your ad? Or click through to content on your site?
There are a number of ways to track your CPC across campaigns. Google Analytics is the industry go-to, but the social networks provide their own metrics, and third-party services can consolidate all your campaign metrics in one place.
These are the classic social metrics for your videos. Likes/reactions, comments, shares, and views work together to tell you how your videos are performing on social.
Obviously, higher numbers across the board are better. But comments and shares are the bread-and-butter of social success. When a video gets a lot of comments and shares, take a closer look at what made it work so well and put what you find to use in future videos.
Leads by channel
One more metric to watch is the leads you’re receiving by channel. This means your brand’s various social channels, as well as your own site and syndication.
Look at where you’re having the most success, versus where you’re putting the most resources. Your content could be performing better on Facebook simply because you budgeted more ad dollars towards it, but you may also find that the video content you’re pushing on a particular channel is resonating with that audience more than others.
Following these key metrics will give you the insight you need to make your video content strategy as strong as possible. Keep a keen eye on these 7 metrics and synthesize your insights to allow you to learn from your successes and keep your strategy fresh and effective.
We can’t wait to see what you create!