Before you start measuring the Return On Investment(ROI) of a video, it is important to first look at why you created the video at first , and who is their target audience. Businesses and brands create videos for different purposes. Some of the common reasons why people create videos are:
- To be Famous. i.e. Via Youtube, Facebook and Tiktok.
- For Reporting purposes– N.G.O’s and corporate organizations set aside money for documentation of their achievements through video.
- For Marketing Product and services – Good example of this is advertisements, landing page videos, explainer videos e.tc.
- To Educate – Through online video courses shared online that people can learn from.
- To Entertain – E.g Music videos, drama, comedy e.t.c.
- To express creativity or show people how to do things – e.g How to build, cook, edit videos e.t.c
- For memories – e.g Travel videos, anniversaries, events e.t.c.
With all these factors considered, you will be in a good position to know if your video strategy is working and you can start measuring your video ROI.
On this blogpost, I will share with you 5 key metrics to look at when measuring your video ROI.
This is the easiest and most obvious metric to track. It tells you how many people have watched your video, either on your website, social media platforms, or other channels.
View count can give you an idea of the reach and popularity of your video, but it doesn’t tell you much about the quality of the views or the impact on your business goals. This metric is ideal for fame videos, educational videos, entertainment videos e.t.c.
This metric tells you how long people have watched your video, either in total or as a percentage of the video length. Watch time can indicate the level of interest and engagement of your viewers, as well as the effectiveness of your video content.
A high watch time means your video is engaging and relevant to your audience, while a low watch time means your video is boring, off-topic, the sound is not clear, poor editing or the image quality is down.
This metric measures how your audience interacts with your video. By liking, commenting, sharing, subscribing, or clicking a call to action on a video. Engagement tells you how your videos resonate with viewers, influence their behavior, and encourage them to take action.
A high engagement rate means your video is engaging and compelling, while a low engagement rate means your video is unappealing.
This metric tracks how your video leads to a desired result, such as generating leads, sales, sign-ups, downloads, or donations. Conversion can show you how your video contributes to your business objectives and generates revenue.
A high conversion rate means that your video is effective and profitable, while a low conversion rate means that your video is not aligned with your objectives or value proposition.
This metric measures how your video affects the contentment and devotion of your customers, such as increasing retention, referrals, reviews, or testimonials. Customer satisfaction can show you how your video builds trust and relationships with your customers, how it improves their experience and gratification, and how it creates advocates for your brand.
A high customer satisfaction score means that your video is valuable and memorable, while a low customer satisfaction score means that your video is disappointing or irrelevant.
And that is it.
How much have you invested in creating videos for your brand? How often do you measure ROI with your creator or producer in order to improve? Let me know in the comments section below.
And if you need someone to help you create professional video content for your brand or business, let me know here. That’s my line of work.
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Until next time, bye bye and take care.