Money money money…Let’s talk about Return on Investment and how you can measure this in your online videos. Financial institutions certainly know the importance of ROI – any marketing done needs to have a measurable return. We have produced numerous videos for financial businesses and organisations such as Super Funds, Mortgage brokers, and even the guys who develop the technology behind our Australian Polymer notes.
Measuring the ROI of online marketing videos is a little different to other marketing methods – but if done well, will prove to provide a much richer data set than traditional media. So how can your organisation easily and cost effectively gather this data to analyse and improve, or target your next video content better?
Creativa has been creating Dynamic Videos (videos that are automated to update specific user data when requested) and tracking their effectiveness when used to inform Super Funds members on their statements. 90% of members who pressed play actually watched the entire 90 seconds video. Compare this to the data that show only 20% of members traditionally read their text based account statements – it is huge jump in customer engagement! So read on for 3 of our simple (and free) tips for increasing the ROI on your videos.
Google Analytics is a free service provided by Google to show you the surface of what Google is gathering from every single webpage, video, and user online. If you have a website, adding google analytics is easy! Once done, you are well on your way to finding out who is visiting your website, which pages they are visiting, how long they spend on your website, if they have been referred from somewhere and so on.
YouTube analytics is automatically built into your YouTube account – meaning you can view a whole range of stats to review the performance of your videos easily.
Useful reports include how your audience is finding your video – what is the source? What device are they using? If the majority of your views is coming from mobile phones, it suggests that your customers are searching for your product or service while on the road.
And what about your top performing videos? You can not only view your top 10 performing videos, but also the geographic location and gender of your customers. This is important if your main customers should be from Australia, but if most of your viewers are from India, then, you know you are not doing enough to push your video locally.
Another fantastic tool in YouTube Analytics is Audience Retention- how long viewers’ are actually spending watching your video. If your 2 minute video has an average watch time of 30 seconds – your video is not engaging your audience effectively. Plus, they are not getting to your call to action at the end of the video.
Have a different phone number on your videos that link to your business so for any calls to that number, you immediately know they have viewed your video. Or create a unique URL call to action by setting up a new website page and through YouTube’s annotations a click through link to that page will be added.This will show you that anyone visiting your site on this unique link, has come from the video.
Using YouTube’s annotations, you can also create some interactivity to your videos where you can lead your audience directly to a product page, or other videos that are related that you want them to view.
Lastly, you can find out your ROI on online marketing or videos through your prospective customers – ask how they found you. It is direct and it’s free!
Oh, and don’t forget, products and services that have a video are at least 96% more likely to determine a sale decision of that product or service because it is perceived as more trustworthy. Good luck!