How do you track your return on investment?
1: The first thing you have to do is figure out what your objective is. It may be to show a product or an informational campaign that builds brand strength. If you don’t know your goals you wont know how to measure your success. We can help you discover your goals in a strategy meeting. Video is just one piece to your funnel. Once you know your objective and use a call to action in your video you can track that to see if there is a difference.
“Sometimes the issue isn’t in the video or delivery, but in what happens next -such as having a poor conversion page or another issue with the website or call-to-action. Only by defining objectives and measuring them can companies improve their understanding of video marketing and its results.” – Eric Fischgrund
2: There are many different ways to distribute your video and different ways to measure each of those ways. On Facebook, Youtube, website landing page or email newsletter there are ways to track how many people see your video and how they convert. When you advertise on different platforms such as Instagram, Facebook and Youtube there are built in analytics you can analyze the demographics and see if they opt in.
3: There are three different ways to measure how successful your video is.
Absolute Return On Investment is when your video is out on its own and how it performs over time. You can track metrics like how much per subscriber, purchase and download.
Relative Return On Investment is comparing it to other forms of advertising such as a tv commercial so you know where to spend your money.
The most complex is Attribution Modeling, where you measure each video on each platform and also each stage of your funnel. This is the hardest to track.
4: Your web developer should know how to implement trackers from Facebook using Pixel or Google Analytics to track conversions form social media platforms to your website. Analytics can also track how many people watch your video, when they stop watching, and demographics. You can also measure it from how many times it is shared, interactions, new followers and other metrics. Consult a professional web developer, social media manager or video production team that can help assist you in making changes to your campaign so you can yield the best results.
5: Your first campaign is a learning experience. You may need to make some adjustments. One of the best things to do is create an A/B advertising to compare which has the best results. When you adjust, make note of what you changed so you learn what worked and what didn’t.
6: After your campaign, compare your goal to what the metrics say. Hopefully you see a positive return on investment for your video campaign. If you have a loss, don’t give up and try to find ways to improve for the next campaign. It is all about learning and testing what works for your customers.
If you want an over all ROI track how much your sales went up versus the expense of your video. For a more complete look at it use tracking and analytics. No matter what each video is a great way to show your future clients your the right answer for them.