One of the biggest hurdles we hear from companies looking to implement video is “How can we track ROI?” Sure – seeing the number of people who watched your video grow feels good, and knowing a handful of people clicked on your CTA definitely means it’s working, but what does all of this mean for revenue?
Drawing a line from video viewer to paying customer continues to become easier thanks to modern marketing tools, and today I want to give you an overview of how you can start tracking whether or not viewers really do become customers.
What You’ll Need
First things first, you’ll need some marketing technology to make this happen:
- A Marketing Automation System: Whether you’re using Marketo, Eloqua, or another system, you will need a way of aggregating your leads behaviour into a useful format, or you’ll miss out on the crucial data you need to make all this happen.
- A CRM system, or a way of tracking your closed deals. You can get away with manually searching through your lead database to complete the last step of this, but having a CRM that integrates with your Marketing Automation platform makes this as easy as one click.
Let’s Get Started
The basic idea behind campaign attribution for video is similar to attributing closed business back to your other marketing assets. If someone downloads a whitepaper, and two months later becomes a customer, you can look to that whitepaper as the first step in their customer journey. Watching a video is no different – especially when you can measure how much of that video they engaged with.
Modern Marketing Automation systems allow you to track a prospects behaviour on your site, even if you don’t have contact information for them yet. As long as your prospect is consuming content on your website, you can keep track of their behaviour, and store it for later when they do self-identify (called closed-loop marketing). Since 60-90% of the buying process happens before your prospects put their hand up to ask for help, this is info you need to have.
Adding Video to your Marketing Automation
First things first is integrating your video data into your marketing automation – if you aren’t tracking video engagement, or at the very least tracking when people click ‘Play’ for the first time, your videos are going to be a big black hole in your data. If someone signs up for your newsletter, but you don’t know that they watched six of your videos before, that’s six indications of their interest in you that you’re completely missing out on!
Depending on what video platform you’re using, you can either track viewers clicking the play button, or dive deeper and track their engagement on a video-by-video basis. Marketo has an excellent guide on embedding a YouTube video on a Marketo Landing page. With a video marketing platform, you can go even further to see see how long prospects are watching videos for, what they skip and re-watch, and which topics interest them most. You can learn all about incorporating a video marketing platform like Vidyard with your Marketo and Eloqua instance.
Following the Buyer’s Journey
Now that you’re tracking video views, you’re also able to associate the first action that initiated your buyer’s journey. Your prospect may then go on to download whitepapers, or they may request a demo right away … or maybe they’ll drop off the map and never return. The point of tracking all of your prospects behaviour once they hit your site is to give you an understanding of what actions they are taking before they (or you) begin a more formal buying process.
If the first interaction your prospect has with your organization is watching a video, this is good news – that means your top of funnel content is working. Tracking how they engage with video content from that point forward is important as well, because video works from the top of the funnel to the bottom.
Pulling it all Together
The last step in attributing video really depends on how your sales program is set up. If you’re using a CRM system like Salesforce, you can actually build reports that directly tie your video views to pipeline, and ultimately closed business. Here’s some info on how you can set this up, and a free report package you can download.
If you aren’t using a CRM, you can still pull this kind of data together, it’s just a bit more manual. For each closed deal, you’ll need to look in your Marketing Automation system to see how your new client has interacted with your content. In Marketo, all of this info will be stored in the Activity Log, and you’ll want to look at their initial activities to see what content they interacted with first. For Eloqua, this info will likely be stored in the Object Record for a particular lead.
While this process is more manual, it still allows you to measure the effectiveness of your video content.
The Finishing Touches
Understanding what content your prospects are interacting with before they become a lead is integral to understanding the ROI of your content, and for driving new content initiatives. Conversely, it’s also an excellent way of seeing what ‘deadweight’ content you have, and understanding how to avoid making the same mistakes twice.
For example, if your product tour video has been step one of a single closed-lost deal, but your latest thought leadership content has influenced 20 new opportunities, you can safely say that your video content is performing well, but maybe your tour needs some work. Understanding how leads are consuming your content – and more importantly what puts people in the mood to take the next step in the buying process – means you can produce more of what works, and less of what doesn’t.
Want to learn more about calculating your video ROI and measuring other video metrics? This guide will teach you what you need to know.