There’s a reason that “actionable insights” is such an overused, buzz phrase: because data that measures the past with no insight into what to do in the future is as good to us marketers as that dusty sock that’s been underneath your bed for the last 6 months.
So … use that data! Aight?
Oracle, Deltek, and even ourselves (yes us … we may have a little thing going with video data) all know that there’s a lot to be learned from video analytics that can guide future marketing decisions. Amanda Batista from Oracle, Kristin Connell from Deltek, and our own Joe Gelata shared these experiences in last week’s webinar, “Using Data to Make Your Video Marketing More Strategic”.
This post will cover the key takeaways from the webinar – if you want to dive into more detail, see the recording at the end of this post!
Oracle’s “Modern Mark” Proves the Power of a Tiered Commitment-level Approach
Through an industry research study completed in partnership with B2B Magazine, Oracle identified 5 pain points that their target consistently encounters on their journey to modern marketing. Herein lay a campaign opportunity for Oracle to educate their prospects and gain more high-quality leads.
So Oracle introduced “Modern Mark”, a character that embodies everything about their target persona. “Modern Mark” was created as both a peer and teacher to the target market as they learned about modern marketing together.
The “Modern Mark” campaign utilized a number of components to walk prospects through the journey towards modern marketing. These included landing pages, video stories to tease the next step of the marketing journey (like the one below!), downloadable ebooks with best practices and tips, and social promotion.
According to Oracle, this was one of the most successful campaigns they’ve ever run. Take a look at the results:
- Increased form submissions: averaged more than 30% rise in form submissions for this multi-channel & video approach versus an email-only approach
- Increased time on page and content exploration: over 1 year of this campaign, average time on page was 4.5 minutes. Since videos were only approximately 2.5 minutes each, this means that the videos were likely piquing interest and encouraging the audience to continue throughout the landing page.
- Increased lead scoring and interest qualification opportunities: adding video AND the tracking components of the video to this campaign allowed Oracle to add points to leads who viewed parts or all of the video as well as determine what topics they were specifically interested in and tailor follow-up sales calls accordingly.
Top Lesson Learned
Offer different levels of engagement throughout campaigns.
Oracle learned that not all prospects are ready to get a demo from their sales team. And the same goes for you. In fact, some may not even want to give you their contact information yet. But that doesn’t mean you should forget about them. Give prospects different options according to commitment level and their stage in the buying process.
Vidyard’s Pirate Marketing Fail Teaches the Importance of Realistic Goals
Knowing that many marketing departments are under pressure to use the rest of their budget at the end of the year, we decided to create a message to specifically address this situation. Ultimately not one of our most proud moments, as you’ll see below; although our CFO, Matt, and that owl seemed to have developed a pretty strong bond.
The goal of this video was to encourage viewers to speak to a sales rep by sharing their info in a form displayed at the end of the clip (shown below).
The video had a dedicated landing page and was promoted mainly through social channels.
The results were acceptable at first, at least from an overall video performance perspective
- Low-Mid retention rate performance: 40% viewers completed video
- Low-Mid click-through-rate: 58.5% of visitors to the landing page clicked play on the video
But when we drilled down to see if our video was performing from a business goal perspective, we realized it was underperforming:
- Extremely Low Form Submissions: also known as 0
Yes, that is indeed a zero, zip, nil, nada form submissions. Which, to be clear, was the point of the video.
Top Lesson Learned
Set realistic goals and measure according to your goals.
In retrospect, it was unlikely that simply asking prospects for extra budget money was going to drive action (wouldn’t that be nice?!), particularly the action of speaking directly to a Vidyard representative immediately (which was the form fill out). But hey, we learned our lesson! And learning from your marketing mistakes is just as valuable as learning from successes. Now we know to set realistic goals, align CTAs accordingly, and always, always, always measure against these goals (that’s how we discovered this fail in the first place!).
Deltek Realizes the Value of Video Analytics in Shortening Sales Cycles
Just over a year ago, Deltek’s video marketing existed mainly on their YouTube channel. But they weren’t getting much of a detailed view into their video viewing behavior. It was very important for Deltek to start using video throughout the sales process, but without these insights, there wasn’t an obvious way to determine a video’s effectiveness. And uh, what’s the point of implementing anything in marketing if you can’t measure it?
Yah, there’s no point.
So Deltek integrated a video marketing platform (a.k.a. Vidyard) with their Eloqua instance and sent video viewing data to Salesforce. From this, they were able to see how much of each video viewers consumed and who consumed which videos.
- Increased # known viewers: Known viewing audience increased 50% over 1 year.
- Increased lead scoring abilities: Greater ability to score leads and identify higher quality leads based on video viewing behavior.
- Increased lead interest qualification: Greater insight into product features and solution areas of interest for prospects.
Top Lesson Learned
Video data can enable sales team and shorten sales cycles.
Deltek has learned that by syncing their video data to their CRM, they can improve the efficiency of their sales team, identify better quality leads and not only tailor customer conversations by knowing which videos they’ve viewed and products or topics they’re interested in, but also improve the impression of the customers by saving their own time with these tailored conversations.
As you can see from these three examples, without the visibility into this video data, none of us would have been able to identify the successes and failures within each of our campaigns. But with this data in hand, we’re well-equipped to keep the good and ditch the bad for future marketing initiatives. Watch the webinar to learn more about these campaigns and the role of video data within them as well as dive into the Q&A to understand:
- Whether to produce videos in-house or outsource
- How to promote and drive traffic to snack-sized videos
- How to identify content to modify versus content to amplify
- What technology is used to analyze video data and identify viewing behavior