So you’ve created a video, shared it online, sat back, and watched the views climb. Success, right? Not so fast. If views were the best measure of success, then why aren’t those viewers pouring in to the sales team?
There’s a reason that views (and therefore virality – sorry boss) aren’t the be-all and end-all in video metrics: they don’t provide an accurate picture of what you’re actually trying to achieve with the video.
Ask yourself this: why did we create this video in the first place? Surely the reason extends beyond “to hit 30,000 views on YouTube” to something more like “to bring in more qualified leads to our sales team”. If that’s the case, then it’s time to widen the scope from vanity metrics to a few, targeted metrics that relate directly to your company’s goals for video.
Set Goals and Define Success First
Before you even create your video … no wait, before you even decide to create a video, you should have a goal in mind for its creation and use. Video, like any marketing tool, can be utilized to fill gaps before or during the sales funnel like bringing more people to your website or converting more leads to sales. In terms of determining which metrics to use, these goals are absolutely critical. How can you measure success if you haven’t defined what success is?
Some of the most common goals for video marketing are:
- Driving more traffic
- Building contact lists
- Qualifying prospects
- Converting leads
Once you’ve decided on the goal or goals for your video, determine the best metric(s) to measure success from our top picks below.
Driving More Traffic
If you’re looking to drive more prospects to a link included in your video, then you’ll want to measure click-through rate. Click-through rate measures the percentage of people that viewed your video who also clicked through to your website.
CTR = # Clicks to Website
# Total Viewers
You can also modify this metric to relate specifically to those who viewed the link, if it is displayed at a certain time in your video. For example, you may want to focus on the number of people who clicked out of the total number of viewers who made it to the time the link was displayed (and beyond).
Note: If viewers aren’t making it to the link, you may have other issues to solve. Digging deeply into viewer’s attention span to identify the segments of your video they’re watching and when they drop off will do wonders for pinpointing opportunities for improvement.
Building Contact Lists
Maybe the purpose of your video is to grow your contact lists. Growing contact lists allows you to communicate with prospects at a future time.
This might include subscribers to email, your blog, or an invite for sales demo. If you’re simply asking a viewer to click through to an alternative form, then click-through rate will come in to play here.
But there is a simpler, more effective way to grow your contacts. Utilize an email gate and it will ask viewers to enter their email before viewing the video (or allow those who aren’t feeling that friendly yet to skip this part!).
To evaluate success here, the best metric is subscription rate. What percentage of total viewers provides their contact info?
Subscription Rate = # Subscribed from Video
Compare this metric to historic numbers of this video, other videos, or other marketing techniques for building contact lists.
The real golden nuggets appear when you drill down the aggregate video metrics to an individual prospect, lead, or customer level. Here you can understand who watched what, how long they watched for, and what they did afterwards. All of this boils down to your sales team being able to better determine where to spend their time.
There are many metrics for qualifying leads, but engagement data is often the most telling. Engagement involves any action that viewers take related to your video. It categorizes those who are interested enough in your video and message to take the additional initiative to act.
When qualifying leads, this can include things like:
- Playing a video sent to them in an email – not only are they interested enough in you to open the email, but they engaged, too!
- Sharing your video after watching it – they believe enough in what you’re saying to share it with others.
- Future action on your site – viewers that continued to browse your site are particularly interested in your product.
Previously, these metrics were extremely difficult to measure. But thanks to video marketing platforms and CRM integrations, you can now easily qualify leads in your system based on their engagement with your videos.
Video can be a powerful conversion tool. Linking to a sign-up page is one great example of using video to convert leads.
So how do you measure the success of a video with a goal of converting leads? The beloved ROI metric, that’s how. Return on investment is particularly applicable here since this goal is so closely linked to sales, and therefore money (we hope!).
The question for every video is: are you making more money than you’re spending on producing and sharing these videos?
ROI = $ Sales from Video Conversions
$ Spent to Create Video
If you’re not making more money than you’re spending, then these videos are certainly not a worthwhile investment in their current state. That’s when analyzing your viewers’ attention span to determine where viewers are becoming disinterested is critical!
(Psst…want to learn more about the ROI potential of video? Check out our whitepaper here!)
Now you have the tools, it’s just a matter of putting them into practice. First thing’s first: determine your goal for your marketing video. Then determine (a) how you’re going to measure if you’ve successfully met that goal and (b) if not, how you can identify the issue and improve your video for better performance.
Want more? Download “The Video Marketing Handbook” for a more in-depth look at video marketing metrics for individual videos and overarching business impact.