Friday, 2 October 2015
Measuring ROI for video
I love using video because it’s so much easier to measure ROI than for just about any other medium.
Given that you understand the basics of how to measure ROI per-se, why is video easier to measure than text for example? Well, seeing as I asked the question I’ll attempt to pen a cohesive answer.
At its simplest, when you send a text based email or drive people to a text based site you have little idea of what has been read; only that the text was accessed. But in-video analytics allow much more insight. How much of the video did they watch before they stopped? How many times did they watch the video? Did they watch any parts of the video more than once? All questions easily answered with some level of certainty whereas with text based communication you really have no idea what was read at all.
But of course that’s all simple stuff compared to the detailed ROI analysis you can achieve if you plug your video tool into your CRM. That’s where things start to really shape up. You can start to measure specific video views influencing won deals for example. You can fast track to any prospects who have viewed your video in full at least once and give them a call. You could try the same trick with those who haven’t and gauge the difference in sales impact. You could call off reports monthly to tally increased sales success with increased video views. Or see how your video is impacting new business or affecting uplift with existing clients. Or which Accounts people shared which videos and measure their sales success. Or measuring video consumption against deal size. And so on. There are a zillion ways to measure video impact.
For training you can get the same depth of ROI analysis by plugging detailed video viewing data into your Learning Management System to see how video viewing is impacting successful learning outcomes. Or you can measure the effectiveness of delivering training in new ways using video (record once – get watched a thousand times) as opposed to traditional class-room based ‘lectures’.
Or you can track the video your CEO sent out to all-staff to see who watched it in full and (perhaps more importantly) who didn’t - and follow up to ensure important messaging wasn’t missed. You can’t do that with a text based email because there’s no way of knowing.
Once you have all this data you can quickly assess genuine ROI – the money spent producing and serving your video to get results versus alternative spending to get the same results. I’m prepared to bet my bottom dollar that in most cases your video will have paid for itself time and time again. Which begs the question – why aren’t we all using video more often? We’ll get there.