Measuring the Success of Your Video: how and why?
Marketing in the digital age has taken a new and improved form. With so many features available for marketers and business owners, the most crucial of all has to be the ability to measure campaigns and ROI. From the number of clicks, purchases, views , bounce rate etc, measuring the success of your video is critical to obtain a successful marketing campaign. The tricky part however, is analyzing the data measured. For that, we decided to guide you into what to do with the stats you collect.
Measuring the Success of Your Video
As in any marketing investment, the result is highly affected by the objective:
Short-Term Objective
Well that’s the easy part! If you’re launching an online campaign and want your audience to take an action, measuring the success of your video is as simple as checking the number of people who made a purchase, signed up to your newsletter, downloaded your app etc after viewing your video. Mathematically speaking what you’re looking for is Conversion Rate , i.e the amount of conversions taken over the number of times people clicked on your video. For example, if your video was viewed 500 times and the number of new downloads is 300, that’s a a 60% conversion rate and a standing ovation to you.
Long-Term Objective
Well, here comes the tricky part! If your objective is to create awareness about your product and to gain credibility, exposure and loyal customers in the long run, measurement gets smarter. It’s no longer straight forward as the number of purchases, instead you’ll need to analyze the number of video views, bounce rate and returning visitors. How many times was your video viewed? Was it shared? Did people watch it till the end? Did they watch it again? In mathematical terms, it’ll be Click through Rate (CTR) i.e the amount of clicks to your video over the amount of impressions.
No matter what your marketing objective is, measuring the results of your video is crucial to know what your ROI is and how you can improve or build on it. If you’re still looking for a video to get you started, contact us today and put your marketing objective to good use.