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Before you publish your next video online, make sure you know what metrics to use in measuring your campaign’s performance. Numbers are just numbers unless you know how they impact your business and goals.
Here are five of the most important metrics in video marketing and how they work:
My video’s gonna go viral and I’m gonna get 1 billion views.
Ok, let’s not get delusional here. It’s common for any excited video marketer to dream about millions (or billions) of people watching the marketer’s latest video concoction. Everyone wants their 15 minutes of fame, and for video marketers, that’s tons of views for each video they create.
Views is a basic metric for how many times a video has actually been opened. A view does not necessarily mean that the video was watched all the way through either. Views stats can be skewed too. Not all views come from unique visitors. However, there are filters that prevent users from intentionally inflating views stats, so sleazeballs cannot rally all of their friends to hit Refresh hundreds of thousands of times for 10 million views.
2. Click-through-rate (CTR)
I have views, what else do I need?
Well, if you’re a web-based business, you probably also need people to click onto your site.
Click-through-rate is calculated by the simple formula of Clicks / Views = CTR. Basically, you take the number of clicks referred to your website from a link shared with your video, then divide it by the number of views your video has. If you’ve added a link to your website in your video’s description box and your site receives 1,000 new visits while your video gets 4,000 views, then your video has a 25% CTR. A higher CTR means higher engagement with your video and more traffic to your blog, website, or landing page.
Conversions! Sales! Yes!!
Simply put, conversions are the number of desired actions taken, including sales, email sign ups, or account registrations. Depending on your key-performance-indicators (KPIs), you probably don’t just want tons of viewers or a high CTR. If you sell a product or service, you’ll probably want your video to help generate more sales. You can optimize your conversion rate lots of different ways, but to get the most sales, you have to improve viewers’ experiences with your awesome videos and their on-site experiences too.
How do you quantify effects of branding?
Branding is often a complex metric.
You have to measure how your video impacts customer experiences in your other marketing channels and how it improves overall sales even if you do not receive many direct sales from your videos. Great business videos foster more brand awareness. The video serves as a strong touchpoint for potential customers who are more likely to convert as they move further along the sales funnel. While branding isn’t always easy to quantify because it’s not as straightforward as views or conversions, it’s an important metric for all video marketers.
5. Return-on-investment (ROI)
Return… on.. what?!
All these terms may be confusing you now, but this one’s the real money maker.
As a video marketer, you should always be thinking about your return-on-investment for each video you create. ROI is calculated by Revenue – Costs. In essence, it is how much money you make (as a direct and indirect result of your video) after considering all costs for producing and promoting each video. ROI helps video marketers evaluate the actual value derived from their videos.
Now, go on and harness the power of video marketing metrics! It’ll be impossible for you to publish another business video without measuring and tracking its performance. With all this valuable information, you’ll constantly improve your video marketing skills with each new video.