Online video is becoming more important to conversions. A whopping 95 percent of respondents in a recent study by Demand Metric said video marketing and sales content is becoming more important to their organizations; 63 percent say it’s “far more important.”
Why is video becoming so popular? Seven in 10 respondents report that video produces conversions better than other types of content. Of course, the fact that it’s getting easier to produce quality videos without spending a lot of money is another reason for the growth of video.
Not surprisingly, the study found that larger companies use video more than smaller ones. More than one-third of big companies produce more than 100 marketing videos a year; just 4 percent of small companies do the same. However, on an overall basis, only 17 percent of all companies produce more than 51 videos a year, so don’t feel too left behind. Most companies product between five and 50.
There’s also a lot you can learn from big companies, particularly when it comes to measuring the effectiveness of your marketing videos.
First, go beyond the basics. Basic measures of an online video’s success are easy to track. They include things such as how many people click on, view or share a video. You can and should also measure organic views vs. paid views generated by pay-per-click ad campaigns. The problem is, these basic measurements don’t tell you anything about consumers’ engagement with the video or what role it plays in conversion.
Some 86 percent of participants in the study use some type of measurement, but most only use the basic consumption measures. This won’t give you a true picture of video marketing ROI.
Instead, move up to the intermediate level, where you begin measuring basic elements of engagement. For example, you might try A/B split testing with different versions of a video, or measure how long the average viewer watches the video. If 100 people watch your two-minute video, but 98 of them only watch for three seconds, your video isn’t doing its job. Just measuring a few simple engagement factors can help shape better video marketing strategy, as you’ll learn what viewers like and don’t like, and what motivates them to take additional steps.
With 69 percent of survey respondents planning to increase their video marketing budget, you can’t afford not to invest at least some time and money in testing out video marketing.
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Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at firstname.lastname@example.org, follow her on Google+ and Twitter.com/Rieva, and visit her website, SmallBizDaily.com, to get the scoop on business trends and sign up for Rieva’s free TrendCast reports.