ROI (Return On Investment) can seem difficult to measure at the best of times, particularly with video. However,
’52% of marketing professionals worldwide insist that video has the best ROI of content’
So, while statistics show that it’s definitely worth doing, how easy is it to actually measure your video ROI?
Measuring Your Video ROI
When working out the ROI of a video, you need to find the investment gains and costs, and multiply your result by 100.
The gains of your video are usually your objectives; what you are trying to achieve. For example, creating an industrial video to generate leads on your website, the gains would be the number of leads you managed to generate.
The cost of your video is the money spent, for example, filming costs, the cost of producing the content, editing time etc.
Divide the gains by the cost, and then multiply by 100 to find your video ROI as a percentage.
Improving Your Video ROI
To improve your video ROI, you need to either increase the gains, or reduce the cost.
1. Know Your Audience
There’s no point in creating a good video if it has no relevance to your target audience.
Your video needs to have genuine value that is useful for, or engaged by, your audience in order for it to have a good ROI.
2. Choose The Right Platform
Once you have a well-defined target audience, it is important to know where your audience are and how they spend their time. There’s no point in creating a good video that is relevant to your target audience if it is not seen.
Distributing your video content effectively, whether it’s on broadcast, e-media or print, will help to make sure that your video is watched, engaged with and gets results. The more your video is watched, the better your ROI will be.
Having established your target audience and platform on which to reach them, you need to think about how you want your audience to respond after watching your video.
If you want your audience to take action, give them direction as to where to go next, whether that’s visiting your website, filling in a form, or making a purchase.
Guiding your audience to your desired action will enable you to measure and improve the effectiveness of your videos, and in turn will increase your ROI.
4. Keep Track
Tracking your videos will allow you to work out your video ROI more effectively, and will allow you to plan for future videos.
Video metrics that should be considered are: play rate i.e. if the video was watched once loaded, average engagement i.e. how much your video was watched in total and click-through rate i.e. the number of times the call-to-action link at the end is clicked.
5. Reuse, Reuse, Reuse
To get maximum video ROI, don’t just use your videos once, but reuse them across different platforms. This could involve cutting your videos into smaller segments for social networking use, or for writing a blog.
By reusing your video content you’ll save time, money and effort, that could otherwise have been spent creating new videos.
If you would like to increase your video gains, and improve the return on your video investment, please contact us for an initial discussion.