Great art belongs in museums. Not in your online video content driven marketing plan. Unless, of course, it’s driving sales. A winning online marketing campaign is not just about aesthetically appealing videos that are highly appreciated but videos that drive action; be it sales, shares, likes, ratings or comments. A creative video must be accompanied by a well thought out strategy to achieve your goal. And for that you need metrics to track your success or lack thereof!
With countless statistics to take into account, it can be confusing and even overpowering trying to figure out which to track. The type of product or service you provide will be instrumental in determining your “Key Success Factors” (KSF) and related tracking metrics. It is critical to understand your KSF and metrics so you can analyze and optimize your video’s performance.
Play Rate – Are your videos actually reaching their target consumers? How many new visitors are loading your videos? It’s imperative to understand whether your marketing channels are presenting your content effectively and which channels are working for you. The play rate also helps you understand if your preview image or CTA is enticing enough to get people to watch the video.
Demographic – Is your content engaging its target demographic i.e. age, gender, culture, language etc.? Knowing statistics for these will help your understand what you are doing right and where you are going wrong. And once you know you can evaluate and evolve your content.
New/Repeat User – Often, your business requires more than just traction among new users. Studying the transfer ratio from new to repeat users will help you determine if your video content is exciting enough to trigger repeat views and shares. This metric is usually applied to engagement videos.
Drop off rate – The drop off rate is an invaluable way to analyze the success of your video. Viewers may be clicking on your videos but how much of your video content is actually watched. If viewers are dropping off early; why? If they are watching the full video and not converting you know your video is capturing attention but is not compelling enough for conversion. You might want to add a strong call-to-action to increase your video conversions or gather an email as part of the viewing process for later lead development.
Conversion Rate – This is the heart and soul of your entire campaign. Just watching a video from start to finish isn’t enough. Your video should achieve your video marketing goals. Such goals can be revenue conversion or additional buyer information to drive future conversions; examples include email sign-ups or customer profiles and interests.