Is your Marketing Video Production Working?
How to Measure a Video's ROI
Marketing video production is a powerful tool, but how do you determine if it’s truly paying off?
Understanding the return on investment (ROI) of your video content can help you justify expenses and refine your strategy for better results. Here’s a guide tailored to clarifying how you can measure the ROI for your Oregon business or non-profit. Let’s find a marketing video production plan that works for your team, and gets you the best bang for your buck!
Start with Clear Objectives
Before you can measure ROI (and before you create the video content), you need to establish your goals. Are you aiming to increase website traffic, generate leads, or raise awareness about a cause? Your objectives will dictate the creative concept as well as the metrics that need to be tracked, such as engagement rate, click-through rates, conversion rates, or social shares.
Calculate the ROI Formula
The basic formula is straightforward: ROI = (Video Gains − Video Costs) / Video Costs × 100%. If you're not sure, just ask! Also, if you plan to partner with a video production team or marketing agency, make sure to ask them exactly how they plan to track results and report them, or if that is included in their package.
Pinpointing "gains" might include leads, donations, or sales influenced by the video. For example, a nonprofit in Salem might track the number of new donors after a compelling fundraising video, and you may need to weigh a monthly donor vs. a one-time donor in terms of long term value.
Key Metrics to Monitor
Engagement Metrics: These include views, likes, shares, and comments. While they reflect interest, they’re only part of the story.
Conversion Metrics: Look at how many viewers took a desired action, such as signing up for a newsletter or making a purchase.
Revenue Metrics: Track the revenue generated directly or indirectly from the video. For instance, did the video drive more traffic to your website, store, or measurably increase sales?
Leverage Analytics Tools
Tools like Google Analytics, YouTube Analytics, or platforms like Vidyard can provide insights into viewer behavior. Integrating these with customer relationship management (CRM) tools makes tracking seamless and understanding how your marketing video is performing.
Maximize ROI with Strategic Planning
A great way to maximize your video content is to reuse footage across platforms, create variations for different audiences, and test different calls-to-action. Oregon businesses can also capitalize on their unique locales or community appeal with marketing video production. Your videos should resonate with the target audience and build appeal for your product or service.
By aligning your goals, tracking the right metrics, and optimizing content, video marketing can be a game-changer for your business or non-profit. If you’re interested in some smart video marketing options, get in touch with our team to build content and a measurement plan that works for you.
