It turns out that the return on investment for online video marketing is considered very difficult to measure. The latest report from Econsultancy lists video marketing at the bottom of its Ability to Measure ROI Chart. Yet, there’s lots of evidence that indicates that, when tracked and measured, investing in online video production and marketing does generate a high ROI. That’s why it’s so important to be able to track and measure video content’s impact on engagement, response and sales conversion.
B2B clients are watching video. According to Media Caffeine, 63% of executives who watch videos will visit vendor sites post-viewing. Just adding the word “video” to an email marketing campaign can improve your open rate by 20%. There’s also evidence that suggests people who watch videos are better able to recall your product or service from memory. The evidence is stacked to suggest that video content can be a great source of conversion rates, but content needs to be tracked in order for it to prove successful.
Data measurement for video content can be difficult because you’re tracking engagement, which is less tangible than response actions, conversions and click-through rates. Some marketers don’t even bother to track video content conversion rates because they don’t understand the process. That’s why it’s important to implement a video marketing measurement and tracking process that delivers easy-to-understand reports that can help you identify and analyze video viewer engagement data and how it compares to other components of your online marketing efforts and marketing automation program, if you have one in place.
Marketers that track detailed video engagement activity usually are the ones that see better conversion rates. Knowing that video results in conversions can help you better tailor your pitches to your CFOs and Directors. You can use them in campaigns where you know you’ll get a guaranteed boost in ROI, such as email campaigns and targeted landing pages. You can even use growth-hacking tactics to plan your video campaign.
These techniques will earn you big results and even bigger budgets to create more engaging content, such as 3-D animation videos. But first, you will likely need to demonstrate that your investment in video content is achieving a positive ROI. Use that data to win over your budget decision makers and prove that you’re video marketing strategies are adding to top-line growth. That way, everybody wins!