Ok, so you’re done designing your video marketing strategy, in which you have made some explainer videos looking to accomplish different marketing goals. The reaction is already building up, lots of people are watching your videos and you’re about to receive a lot of online video analytics -an excessive amount of data, truth be told.
With so much data coming in, including benchmark video stats, it’s not easy knowing what to do with it. You may not know which metric relates to a particular marketing objective. It is mandatory then that you choose carefully a reduced set of online video analytics. But this selection can only come after you know what each one of those metrics is about.
We’re here to help, so don’t worry! In this post we’ll take care of describing the most important metrics so you can do a proper evaluation of your video marketing campaign.
Work on your definition of success so you can work on its evaluation
Before we get all the metrics here, you need to have a clear understanding of what success means to you. That success is based on a series of parameters that will enable you to measure the success of your campaign. So let’s take a look at them!
– Goals: determine the exact goal you’re looking after. Pick just one -alright, you can pick two- but just make sure that those goals are very detailed and clear.
– People: establish the specific quality of the people that you want to watch your video. Again, you need to pay attention to detail in this regard: define those people as succinctly as you can -the sharper the tip of the arrow, the harder the hit!
– Data: choose only a few set of metrics. That decision should only be made based on their relevance. There are tons of metrics, but only some of them will be useful. So focus on these ones so you can make the most of your evaluation.
Do you have all of those parameters defined? Alrighty, then! Let’s do this!
“Views” is an important number -but it’s just a number!
This metric just indicates the amount of times your video has been watched, so it is a pretty generic measure. In other words, it only represents an initial approach to the evaluation process.
“Views” is only the starting point of the whole evaluation, so try to avoid making any judgements at this phase. This is only a very superficial glimpse of how your video is performing. Just take note of this metric as a preamble to greater things. Only later down the road is when you can get prepared to announce a verdict.
There are several definitions of a view, each one crafted by each platform: on YouTube, for example, a view is only accounted once 30 seconds of a video has been seen; on Facebook, on the other hand, it’s only 3 seconds. Don’t forget to take into consideration every standard so you can make a good collection of your data.
“Engagement” means quality
Engagement is a metric that every marketer seems to love. You’re not familiar with it?, don’t worry: it indicates the progress of a view that a particular viewer has watched, so this metric expands what you already got from the view count -this one goes deeper!
The great thing about Engagement is that it provokes several useful interpretations, which are centered on a very important question: is the viewer actually engaging with what you’re showing them in your video?
If your engagement is high, then that means that you wrote a compelling message, and that this story is relatable to your viewers. This result is very powerful in regards to the ability of your video being consumable.
If your engagement rate is low, then don’t let that stress you out. Keep in mind that all data depends on its context. The Internet is a fertile ground for distraction: there’s just too much information out there battling to get people’s attention, so don’t run into erroneous judgements. A viewer may not watch your video until the end, but at least you managed to engage them for a few seconds. So let’s get optimistic here and think that they will probably get back to it soon!
“Play Rate” means relevance
Having your video embedded on your website generates two online video analytics: page views and play count. If you merge these two, you will get Play Rate, which represents the percentage of viewers who visited your site and who hit play and began watching your video.
This metric shows you what type of content is generating interest and responses among your viewers. Besides, it helps you to gain information in terms of making changes to the way your website is set. You need to make people more predisposed, not only to watch your video, but ultimately to compel them to follow the expected call-to-action.
Whenever you analyze the results from this metric, you need to have in mind that context is crucial here. Is your video in the right place? Is it easy to find? Once people have found it, is it easy for them to take action?
If you don’t like what you see in your sheet of results, then you need to react! Try putting your video in different sections and reflect back to what these numbers are saying! Feel free to try as many times as possible. If you have not found an ideal location, then you won’t be able to enjoy the pleasure of seeing an increase in your conversions.
“Shares” means social impact
The Internet always seems to come up with new rules all the time. One of them is: if people like something, they will share it. In a matter of seconds, an individual experience could turn into a collective one, spreading information all around the ether of the Web.
Making your video shareable is an obligation then: it is an ideal ability because it can enhance the reach of your message to larger fields than initially expected. Sharing is a catalyzer of the influence of your story.
If your video works better on a social network than on anything else, then that means that the content of your video has found a good fit in that outlet. Each single piece of information provided by your metrics should bring light to get more knowledge of the qualities of your own marketing campaign.
If your video is not working well on a particular network, don’t get frustrated. Every outlet will take -or reject- content based on its own nature. So if your video is working better on some networks than others, then exploit that small triumph and focus on getting all of the benefits you can.
One more way to analyze the ability of your video to be shared is word-of-mouth, a term that’s been underestimated by some marketers. Nonetheless, you need to pay attention to it. You need to register the additional information provided by your own viewers of their comments, reactions and impressions. This is a gold mine, gentlemen! So even when all of this information may be hard to categorize, it is giving you data that demands to be analyzed.
“CTR” means reactions
Click-Through-Rate indicates the amount of viewers who clicked on the call-to-action (CTA) you have crafted for your video. CTR works great for analyzing the strength of the engagement of your video. Having a high CTR means that what you’re showing in your video turned out to be stimulating enough to motivate your viewers to stay until the emergence of a CTA -and to ultimately make them respond to that call!
Analyzing your video through the lens of CTR is crucial to examine the power of your video for enhancing sales and conversions, so its data will lead you to make wiser commercial decisions.
Take a note of this example: if you discover that lots of viewers are watching your video completely, but they don’t seem to be taking any action, then what you need to do is alter the location of your CTA. Every measure you make should encourage you to react, so make sure to collect trustworthy information so you can make a trustworthy decision.
“Conversion Rate” means finding the treasure
We intentionally left the best for last: Conversion Rate is arguably the most important metric: it measures the number of leads or clients your video has gained. This is basically the final result, since it represents the amount of viewers who transformed into leads.
This is a complex metric, so it is complex to measure it: you need to recur to other analytics tools to get an accurate figure. And once you have the results from this analysis, you need to be delicate with them -the information provided is rather critical.
You could start off this evaluation by defining, very concisely, the meaning of a conversion for your evaluation purposes: is it a visitor that downloaded a file? Is it a visitor that clicked on something? Is it a visitor that filled out some sheet? Once you have a clear definition of a conversion, then you can move on to more advanced stages.
We can’t stress enough the importance of this metric. The conclusions you get with this analysis possess a vital relevance to the financial health of your company, so don’t underestimate any effort you can make before making any judgement.
Let’s wrap it up! Success shall be determined after you define it
After you’ve worked so hard on your marketing campaign, evidently you want to discover if you can call it a triumph. The thing is, you need to define a series of conditions that will allow you to determine if your strategy accomplished success or not. One video will generate tons of metrics, so you need to keep just the ones that will be of good use. Narrow down your focus and you’ll get a stronger analysis. Define your victory so you can call it when it happens. The strength of online video analytics lies in their empowerment to think of -and to apply- successful marketing strategies!