How Can I Measure ROI of my Videos?

Get Coached - How Can I Measure ROI of my Videos? (Episode 65)

video marketing podcast Jul 09, 2021

Video is useful for more than entertainment.  If you aren't creating videos in your business, you're likely falling behind.  But how would you know if your marketing is working? How can you measure return on Investment (ROI) of your videos? Fortunately, it isn't rocket science.

Welcome to 'Get Coached', the Video Marketing Legend podcast segment where you submit your video marketing questions and Chris will help coach you through them.

In this episode, Chris Schwager, Video Marketer from Ridge Films, will coach you on how you can measure your video ROI. Learn why video is a wise investment when done correctly and how you can make sure every dollar spent on video will work for you year on year.

 

 

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Video Transcription:

 

Welcome to Get Coached the video marketing legend podcast where you submit your video marketing questions at ridgefilms.com.au/question, and I'll help coach you through them. By listening in each week you'll learn how each video marketing problem is solved, giving you the knowledge that will make your videos more valuable. And so you come across as a true business professional on the open market.

I'm your host, Chris Schwager. All right. All right. Today's Get Coached question was submitted at ridgefilms.com.au/question, and is from Mark. And what Mark wants to know is how can I measure ROI of my videos? And this is an important question that people should really be asking all the time, because we all want to know that our marketing is working and our dollar spend is going in the right area.

Okay, so Mark, this is what you need to know first, most businesses don't measure ROI on their videos. In some cases, it's just very much a cost not seen as an investment. Yet, when you think about video, in comparison to many other forms of marketing, being very evaporative, such as radio ads, etc. You would then consider the fact that video marketing can really be working for you year on year.

So considering that I think video is a really wise investment when done correctly. So you are absolutely 100% right to question the ROI. So there are ways to measure ROI video marketing, despite many people's scepticism, and I'm going to take you through a couple of things that I think you should probably know at this point to help you along your journey to understand what's going to be great ROI for your video marketing.

Firstly, if you're looking at data, this a really great platform called Wistia. W-I-S-T-I-A. They're partners of Ridge Films. We've been using their hosting platform for hosting their videos for years and years. And it's been fantastic to have them on board because we get really clean data out of hosting with them simple data that anybody can use, such as play rate, engagement rates, how long people are watching your video for where they're dropping off. So it gives you heat maps and all this type of stuff.

Now that's really great at formulating the data and giving you some background information on how a particular video is performing. But if you spent 10 grand on a video, and you're looking for a place to test it, a really great place is on a landing page. A landing page for your information is a page very much dedicated to converting people from landing them there to getting them to inquire, buy whatever that might be, right. So its sole focus is to convert.

So it's a really great first step because if you're already creating a landing page, say that you have a download or a subscription to sign into, you can quickly track whether that's actually performing better when you've got a video. So the best thing to do is A/B test. A/B testing is where you have your kick ass landing page, it's already been performing well or not for some time. And you clone it, you clone that page. And the clone has your new kick ass video on it.

Alright, so now you have two of the same practically the same page but once with video and once without and people who find those pages are randomly sent to either the A option or the B option with the video. Okay, so what's the best position for you video and what really should be included in the video? Well, it's basically everything relevant to the page, it's what's going to happen to the user. Once they subscribe consultation or freeze download or you know, tickets, do whatever.

Okay, so you've really got to be clear and concise about your messaging. Consider the fact that you might just be putting the video top and centre on the page to help guide them through and indicating to them by way of humanising the experience and helping and shepherding them through it.

Now the example I'm talking about is a an actual client who is a find the best price on a new car. We have provided him with one with video, one without video. And his video is very simple. It was just a 30 second little Hi, how are you, if you're looking for the cheapest price, this is going to be great for you because it does X Y Z. It's going to be easy. It's gonna be fast, you know, all the I guess benefits of them actually converting from that landing page.

So what's interesting out of this study that we did was the landing page with video on it converted at three times what the landing page without video on it. So there's a distinct difference. And I think because people are intrinsically moving toward video to get the answers to things, because it's faster than reading, there's so many different reasons why they would watch the video. And particularly if it's short, sharp, and to the point, they're gonna go there every single time, right, but you got to make it accessible. So in this particular example, we had the form down the left hand side of the page and the video on the right.

So really easy, really simple, no confusion. There wasn't a lot of other things on the page for them to scroll to. It was just a very simple get them from A to B type of a conversion tool. When people come to see Ridge Films about doing this type of thing is how clear they need to be about the content within the video for it to actually deliver the results they're looking for. And they're thinking that they need to dump everything into the video and they don't, you know, they just need to really be topical about what content they need in the video, and to really drive them to that next stage in their journey.

It's not trying to be everything to everybody, it's just trying to get them from A to B. And when people come and test this with us, we know we try and narrow their field of view and narrow their attention into something that short, sharp and consumable. And this particular example, with the car, best price for a new car, you know, three times the conversion, they're getting more signups, then their investment is going to be three times effectively, the amount of opportunities coming in, and then whatever their dollar value is per opportunity, which would be the direct result of having video versus not.

One thing mark that I think is really important to consider here is video is not an evaporative form of marketing, you know, you really got to use it, and use it wisely and use it for years to come and you'll get the best results, you're going to get the best data out of your videos when you've had it there for a long time. And it's not going to do everything, you know, it's not going to give you instantaneous feedback on whether your spend was the best, right, you've got to give it time, you've got to market into it. So for instance, this particular example that we're using ads, Google ads to drive into that page, and you've got to be patient, like all marketing, you have to be patient with it.

But the long term value for you is that it's going to definitely improve the sales inquiries, it's going to minimise time from your sales team. And it's definitely going to be converting higher and faster. If it's all about dollar value, then rest assured that this has been a proven example of something that has actually delivered that higher yield, and a better result for that particular business.

Have you ever wondered why your marketing fails to stand out? Well, this might be the reason why having video and using video in this way, is a game changer. And this is just one example of the many different types of ways that we track the return on investment of our videos.

And if you want to learn how to convince decision makers in your business through this, go to ridgefilms.com.au/convinceyourboss and download our guide. We're always helping business community become better video marketers. So go to ridgefilms.com.au/convinceyourboss download it. And we'd love to help you convince your boss and give them the information they need.

And Mark, thank you so much for asking your question. We know that video marketing can seem overwhelming, finding the correct investment for your business, understanding the difference between cost and investment and using video to really leverage time leverage the important work that I'm sure that you do. But if you use this method that I've coached through, it's going to definitely yield really great results for your business for years to come.

I'm sure this is going to give you peace of mind and really help with what you're looking for in the first place. Something to help you understand what your ROI of your videos is. And for everybody else out there trying to solve the mystery of video marketing your business what has you overwhelmed? On Get Coached we're here to help coach you through it. Just submit your video marketing question to rridgefilms.com.au/question. For your chance to get coached by me just go to ridgefilms.com.au/question. Thanks very much for listening.

 

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