A guest post by Steve Deckert of Sweet Tooth, a loyalty app for Magento. Sweet Tooth has used the Buzz Lab for several videos, including a product “explainer” video and customer testimonials.—
Like any other business strategy, video should be measured and evaluated. Too many companies are blindly investing in video without the ability to measure its true effectiveness.
If more companies measured video’s effectiveness, more of them would be using video as a marketing tool.
At Sweet Tooth we’re big believers in video marketing; we’ve been using video as long as we can remember. But we have good reason to: we’ve been measuring results from day 1.
In 2012 we linked up with the Buzz Lab to create a product explainer video. The goal of this video was to get people on our website to sign up to our product or contact us. We collected our website visitors’ behaviour all throughout the year 2013 to compare those that watched the video to those who didn’t.
We found that visitors who watched the explainer video were 42% more likely to sign up for our service during that same visit. This is a huge increase in conversion and revenue.
As a marketer, being able to measure a project’s effectiveness is imperative. And if a video isn’t working, we need to have the metrics required to make improvements.
Here’s what you need to measure and improve your video’s effectiveness.
1 – A Video Hosting Service
Aside from simply hosting your videos, these services give you access to some important features that help drive video ROI. They should all have some standard features like customizing the video player’s appearance, collecting email addresses before or after the video is played, adding social sharing buttons, integrating into your marketing platforms, and more.
But the most important features in your video hosting service is analytics. These analytics help determine what changes you should make to your video content and marketing. Here are some examples of analytics that I find useful.
This is a very basic report, but can help you determine macro trends. In a report like the one above, I learned that visitors play more videos in the weeks before Christmas. My guess is that they’re in the office waiting for the Christmas break – so they play videos to pass the time. This coming December, I’ll have a video series ready for this captive audience.
This is one of the most helpful graphs available. With this graph I can see exactly where viewers are exiting, rewatching, and how much of a video they watch. See that orange spike around the 0:45 mark? It shows that a significant number of visitors are rewatching that portion of the video. I should consider re-editing the video to spend more time on this topic, or consider another video dedicated to this topic.
Tip: In my experience, shorter videos have better engagement with the business audience; try to keep your videos under 1-2 minutes. Have more content than that? Break it up into several videos.
These stats are on a per-viewer basis, and let you see how individual viewers are watching your videos. Even in these 5 viewer heatmaps you can see a good number of differences in viewers. The 1st viewer left at 25 seconds; maybe this video wasn’t what they were expecting. The 2nd and 4th viewers skipped the video trying to find something; maybe they are already familiar with the video’s topic but are trying to find a particular scene or answer. The 3rd viewer watched the entire video. The 5th viewer watched the entire video, then rewatched the first 15 seconds; maybe they wanted to remember a key scene.
Tip: Take the time to look through some individual users’ metrics. If we were to only look at averages, we would forget that these are individual viewers. It’s only after viewing individual viewers’ metrics that we can start grouping behaviours to build viewer personas. The goal is to make sure each of these viewer personas are receiving the most value possible.
The previous reports helped you optimize the messaging and scheduling of each video. The next step is to track your videos’ effectiveness on improving your business goals. You will have to:
- Install a web analytics system.
- Track the conversion rate on your business goals; for Sweet Tooth this was people paying for ourloyalty app.
- Track which videos users play
Once this is all set up you will be able to determine your conversion rate for regular visitors, and compare this to visitors who watch a particular video.
At Sweet Tooth we were able to use these metrics to determine that visitors who played our Buzz Lab video were 42% more likely to convert into a paying customer when compared to a visitor who did not play the video.
We were able to take this increase in conversion and determine how much additional revenue we generated from the video. Combining this with the cost of the video, we were able to determine the ROI of this video project.
Setting this all up isn’t very difficult, and helps us make better decisions – and more revenue.