Video has, is, and will continue to be transformative to the online experience.
eMarketer projects that by 2014 nearly three-quarters of all US internet users will watch video online at least once per month. With rising viewership, video advertising spending will also increase on both desktop and mobile from $2.93 billion in 2012 to $8.04 billion in 2016. As the adoption rate for connected TVs, smartphones, tablets, and “phablets” rises, consumers are even more connected to brands than when sitting behind a desktop computer.
Having both of these marketing conditions in place is a marketers dream — to be able to take full advantage of digital video advertising and spend a majority of campaign budgets on video. But before you start spending all this money, plan effectively what your goals are and how to measure these goals.
Too many times we have heard many marketers jump on the hot topics in the digital sector without much thought or planning. This can be a crucial mistake. You will be setting yourself up for ineffective advertising and wasted budget.
To maximize your ROI, here are 4 ways to quantify your video campaigns.
Average Time per View (ATPV)
You can learn a lot about how consumers are watching your videos by looking at the average time per view.
ATPV shows you if and when video abandonment is occurring, and if you are achieving the full views you hope for. Knowing at what point the viewer stops the video gives you valuable insight into your video campaigns for the other sets of consumers.
This metric is calculated as follows:
Total time spent watching video / # of Total views = Average time per view
If your ATPV is close to the length of your video, the probability for a conversion will likely be higher. On the other hand, if this metric is a lot lower than the length of your video it could translate into 2 things: either the video isn’t loading as expected; or, the video content is not appealing to watch for the consumer.
Mode of Abandonment
Now that you’ve calculated ATPV you have a rough average time of abandonment. Perhaps you should consider delving deeper by analyzing each individual view. This will allow you to locate the exact points of abandonment and know when viewers are most frequently leaving.
If a large number of viewers are exiting your video at similar times, this should prompt for more investigation, which is why Mode of Abandonment is a key metric to keep close eye on. As a marketer you can pinpoint an issue at a specific point in your video.
Post-view Conversion Rates
Many marketers are content knowing that their videos are being watched and getting high conversion rates. This can be a bit misleading especially with those videos that are pre-roll and mid-roll. The real question you should be asking yourself is: are the viewers really engaged, or was the video just streaming in the background without being paid attention to.
A good way to measure this is to implement a post-view action at the end of the video, like additional video suggestions, a link, or a quiz (don’t underestimate the power of a good quiz). Users who are really engaged with the video content will be more likely to convert on these kinds of post-view actions.
Low post-view conversion rates show that users are paying very little attention to your video. By implementing this metric along with the other metrics it provides an additional touchpoint on how users are engaging with your brand.
Social Media Metrics
As we’ve seen over the past few years the most compelling and engaging video campaigns are ones where viewers are:
- actively commenting
- sharing via social channels (ie Facebook, Twitter etc)
- creating their own spoofs of the original video
These are the results marketers dream of: when videos go viral.
Standard video metrics, as I’ve outlined above, are a good base to measure performance, but implementing a social media analytics tool extends your analysis to gain real insight beyond your ads. These tools help marketers reveal what people (via Youtube, Twitter, Facebook) are saying around their video campaigns. Some of the providers in this space include Visible Technologies, Salesforce Marketing Cloud (formerly Radian6), and Simply Measured.
It’s important to understand if consumer sentiment is positive or negative towards the video content. Positive sentiment is great for the brand, but the true learnings should come from the negative sentiment. What you learn can then be used to optimize the video content to provide a more engaging online experience. Beyond sentiment (positive, negative, or neutral), a marketer might consider monitoring the following:
- Share of Voice: The share of conversation that is devoted to top companies in each industry drawn from the Fortune 500.
- Sentiment Breakdown: A look at the sentiment of posts referenced in Share of Voice.
- Prominent Terms: Those terms that come up most when people are talking about each industry on social media.
- Volume Trend: The volume of social conversation about each industry over time.
- Live Twitter Feed: Scrolling tweets about each industry.
- Sentimented Percent Comparison: A snapshot of the general sentiment towards top companies. This takes in all sentimented posts and senses where the majority fall.
Looking purely at views and conversion rates is an outdated way to measure a video campaign. If you want to invest heavily in killer videos, have a solid measurement plan in place and optimize using the right metrics.