During your video marketing journey, there may come the point when you ask yourself, is this actually working? Video marketing takes time and effort, so it’s important to know if all that hard work pays off.
There are four key metrics you can track that will tell you if your video marketing is working, which also happen to be the metrics you can use to inform your decision making on future video content.
Video marketing is a great way to grow your brand awareness amongst your target audience. It's important that as a business, you're creating video content that gets your business name, products and services in front of the right people.
The awareness stage is the first step in getting potential customers into your sales funnel.
Awareness metrics will enable you to track how your brand performs on social media or in branded searches. Key metrics you should measure include:
- Engagement such as likes, comments and shares
By tracking the above metrics, you will understand how your online brand awareness is changing over time, allowing you to make changes to your video marketing strategy if needed.
The consideration stage is where consumers decide whether they will or won’t work with/buy from your brand.
Educational video content usually works really well at this stage as you're answering questions and telling potential customers everything they need to know about what you do and how you could help them.
Those who consider buying from you should already know your brand, but it can be tough to know who’s just looking and who’s in the market to buy. Several key metrics will help you differentiate those who are at the awareness stage vs consideration stage. Key consideration metrics you should measure include:
- Lead generator sign ups
- Website traffic to key service/product pages
- Number of enquires
If people have taken the time to sign up for your newsletter, click through to your website or fill out your enquiry form, you know they are interested in what you do, and your video marketing is paying off.
These metrics will help you determine how many warm leads you have and who you need to focus your marketing efforts towards.
The ultimate goal for our video marketing is to increase our sales, so measuring the number of sales and conversion rate is vital.
When measuring these two key decision metrics, always try and link them back to how that customer came through your sales funnel in the first place. By knowing which videos your customer watched or which links they clicked, you’ll know which areas of your video marketing strategy are working well and which areas need improvement.
A great way to track this is using UTM link, or shortened URLs.
Imagine if you knew that, on average, 1000 people watched your talking head videos, and out of those 1000 people, 30% were converted into sales. Information like this gives you invaluable insight into the types of videos working well for you and which ones you need to continue creating.
Every video marketing strategy should include a plan to keep customers coming back time and time again. You might have heard me say this before; it’s easier to upsell to an existing customer than it is to gain a new one.
But how do you know if your video marketing is helping you to maintain and grow relationships with existing customers? Key retention metrics you should measure include:
- Returning customer rate
- Number of referrals
- Existing customer growth rate
- Time between purchases
- Customer lifetime value
Combining all of these metrics, you can get a clear picture of how your video marketing is performing, where it needs work, and what you need to double down on.