How important are the metrics tossed around in the video marketing industry?
From CTR and CPC to viewability and completion rates, marketers design and optimize campaigns around video marketing metrics that don’t impact their bottom line as a brand.
Even Facebook Live, which today’s brand marketers are jumping all over, raises more questions than it answers on the measurement scale. I’m not the first person to warn you that optimizing to such metrics is a risky move for marketers. You can design a video that people watch, but if it doesn’t deliver your desired business outcome, you (or your agency) are ultimately only good at creating entertaining content, not selling products. Analyzing video marketing metrics will help you achieve your desired outcomes and improve conversions.
As marketers, we rely on video marketing metrics to help us assess if we’re on the right track to meet our goals. However, those metrics tend to become the goal themselves rather than a measurable business outcome. What good is any marketing campaign if it doesn’t move the business forward? We explore four ways that a focus on video marketing metrics can lead to more conversions, and more success.
1. Focus on Outcomes, Not Inputs
CTR and video completion rates can’t measure real business outcomes. Although these metrics are typical for digital video campaigns, they don’t tell you if a person actually purchased as a result of viewing your ad. Marketers need to shift their perceptions around video marketing campaigns, and that means moving to more outcome-based metrics such as:
- Brand lift
- Foot traffic
- Return on ad spend (ROAS)
These outcomes can’t be calculated with complex metrics and proxies for attribution. They’re calculated with the number of tubes of toothpaste sold and vehicles moved off the lot.
2. Drive Lift, Not Awareness
Brand awareness is traditionally the mantra of the marketer, but it needs to retire. Awareness is all about brand recognition and recall, measured via costly surveys post campaign. With digital marketing, we can measure actual lift, which occurs when sales increase in response to a campaign. More importantly, marketers can use it to assess a campaign’s impact on sales in real time and optimize as needed to drive the strongest possible results.
When focusing on stronger video marketing metrics, your brand benefits from both branding and results-based outcomes. Additionally, lift does much more than awareness ever could because it starts and builds upon lifelong bonds with consumers. Loyalty doesn’t come from awareness—not that awareness isn’t important—it comes from actual purchases.
3. Close the Foot Traffic Loop
For far too long, the industry assumed that we can only approximate the link between a campaign and foot traffic. That is all changing with new location-analytics companies, such as Placed, PlaceIQ, and Ninth Decimal, that can measure foot traffic. You can now make sure that what you’re doing online translates to in-store sales.
Eyeview partnered with Placed to leverage its Placed Attribution product, which measures the impact of digital actions on offline behavior—especially when that behavior includes sales. We also partnered with PlaceIQ and Ninth Decimal to capture a wide variety of foot traffic analysis related to video marketing.
4. Accurate ROAS is Within Reach
As is the case with measuring foot traffic, measuring ROAS is feasible with the right partners. These trusted third parties add another layer of validation for marketers seeking real sales results. Nielsen Catalina Solutions uses loyalty card data to measure offline sales from digital activity, and we work with them to measure CPG campaigns. Other industries are represented with measurement companies like J.D. Power, who helped us measure a $7.83 return on ad spend for TriHonda dealers. These companies (and others) help measure purchases from a myriad of sources, proving the power that results-oriented video marketing metrics have for driving actual sales.
CMOs want to know how their brand’s digital efforts affect the bottom line. For far too long, we relied on video marketing metrics that show some level of consumer engagement because we had little choice to do otherwise. Now, we have concrete tools that can tie online activities to brand lift, foot traffic, and ROAS. When we connect our activities to those metrics, we can optimize our initiatives to them as well.