How To Measure The Sales Impact of Your Videos (3 Focus Points)
If you’re spending your marketing dollars on video content, good job. When done right, video content achieves incredible ROI. But just having Ydraw create an awesome video for you and then setting it free on the internet would be unwise. You need to track what it’s doing. Is your video actually working for you? You need to know how to measure the sales impact of your videos. Here’s how.
Conversion Rate
First of all, you need to track the conversation rate. How many people are taking the action you want them to after watching your video? If the percentage is lower than you expected, you’ll need to do some research. Maybe your call-to-action isn’t as compelling as it needs to be. Perhaps your target audience isn’t being found because you’re not using the right platform. These are only two of the who-knows-how-many reasons for your video’s performance. Dig in and get the data.
On the flip side, if the conversation rate from your video is good or better than good, find out why. Do research on what’s causing it to work so well so you can replicate those things in other areas of your marketing – including future videos.
Engagement Rates
Next, you need to measure engagement rates. Use analytics and software to get your answers. What percentage of viewers are watching the whole thing compared to how many are clicking away before it’s over? Is there’s a particular moment in the video that has the highest clickthrough rate? How many likes, shares, and subscribes is the video producing? Depending on your video host, there are many more metrics you can measure that are very helpful.
If your engagement rate is low, then you’ve got some figuring out to do. Video comment sections can be a helpful way to learn what people think about it. If there’s a pattern in the negative feedback, that should allow you to pinpoint some of the issues. Don’t be afraid to engage with customers directly and ask questions, whether via email or right there in the comments.
And, just like we mentioned above, if your engagement rate is awesome, do similar research to make sure that you understand what’s working. You’ll want to implement these practices in future marketing efforts.
Vanity Metrics
Do your best not to be fooled by vanity metrics. What are vanity metrics? These are things like the number of comments, likes, and views a video is getting. The reason we say not to be fooled by them is because even though those things generate excitement for you, a lot of times they don’t correlate to increased sales.
However, we’re not saying that more views is always disconnected from sales. You’ll have way more conversion opportunities the more views you get. You may just need to a little optimizing. Revisit how the video is placed on the page, the video’s size, and its thumbnail image. It’s common to do a lot of experimenting with these types of things to find out what generates the best results.
How to Measure the Sales Impact of Your Videos – Conclusion
Don’t make the mistake of failing to monitor the impact of your marketing dollars. You’re wise to spend them on video content. But just because video content has a historically high ROI doesn’t mean you don’t need to monitor it. Now that you know how to measure the sales impact of your videos, get in the habit of viewing the analytics. Don’t try and let the video do all the work. Lead and guide it to generate the most sales possible.
