Now that we’ve covered the cost of high-quality videos, let’s talk about your ROI.
During the discovery phase, I make sure to ask clients about their goals for their video because their answer informs how their video’s ROI will be measured. As a business owner myself, I understand the importance of investing your money wisely and spending it on tools and resources that will bring in revenue. Typically, ROI is measured by dollars and cents, but if your ROI will be measured by increased brand awareness, the spreading of your mission and vision, or telling your unique story to a wider audience, this will be harder to measure in concrete numbers. But it’s just as important to invest in.
Below, I’ve broken down common goals that help drive a video project and the analytics you should review when considering your ROI.
Reach a new audience
When looking at the marketing funnel, the prospects at the top of the funnel will be the hardest to convert into sales because they know little to nothing about your brand at this point. In addition to not being familiar with your brand, they will not be familiar with the product or service you provide, so they won’t be making a purchase. However, this is a great time to make yourself known to them. An introduction to your brand at this stage is key. First impressions are long-lasting and you only get one chance to make it a good one.
Analytics to measure: impressions and unique users.
When you increase engagement between your company and the prospects in the funnel, they begin to move down the marketing funnel, getting closer to the purchasing stage. One way to do this effectively is by telling your story. Build an emotional connection between your company and the prospect or build on the story about what makes your service or product unique. At this stage, your audience is paying more attention and will be more interested in hearing what you have to say.
Analytics to measure: view-through-rate and average watch time.
Keep ‘em coming back for more
Congrats! The prospect went down the marketing funnel and has become a customer. Now, let’s invest in your current customer base to make repeat customers or brand loyalists. Your marketing efforts spent in this stage will be more effective than trying to attract a new customer who isn’t familiar with your company. Repeat sales are easier and more likely to happen if you pay attention to those in this stage. A video project with the goal of pouring into your current customers can be a lot of fun. Be authentic and show the personal side of your brand in these videos.
You can even go further and pinpoint your goal to help us craft the perfect video content. Do you want your customers to write a review? Become brand ambassadors? Don’t be afraid to use your video content to make that ask.
Analytics to measure: click-through-rate and social engagement
Remember that video marketing, like all content marketing, takes time to show its monetary value. But don’t underestimate your customers. There’s more to them than their wallets. Tell your story and you just might get to know their story too.