Gain a Healthy Return on Investment with Video Marketing
Marketing comes in many forms, but the core of marketing is always the same, it’s all about sales. No matter the size of your marketing budget, whether you’re a sole trader or billion-pound corporation, the purpose of marketing is to bring in customers. It is easy to spend money on marketing techniques but if you aren’t accurately recording the return on investment (ROI) there is no way of assessing the impact your marketing has on the business. It all sounds like basic business knowledge, right? However, it isn’t as easy monitoring ROI when it comes to video marketing.
Video marketing is hugely growing in popularity but is still in its infancy compared to other digital marketing techniques. So, whilst other marketing techniques have established methods of determining Return on Investment, there is still some debate with video marketing. One of the easiest ways to determine the success of your video is by the number of views, the higher the views often indicates a more successful video. But how much is each view worth to your business?
One way to determine the ROI for your video is to assess the traffic referred from where your video is embedded to your website. A full assessment of video referrals to your site and then conversion to sales will help you to establish the monetary value of that video against the cost of production.
If your video isn’t generating the ROI you would expect, don’t be disheartened. It’s important to conduct a critical assessment of your marketing successes as well as failures to know what you are doing well and identify areas of improvement ready for your next campaign. It may be that your video is on point with quality, production and engagement but it hasn’t been promoted in the right way. For help promoting your online video content, see our top tips in our previous article.
With video marketing, as with other marketing methods, can take a while to determine exactly what works for your business but it will be worth it in the long run.