3 Tips to maximise your video marketing ROI
Peter Drucker once noted: “Nothing happens until someone sells something”. If your business is in the selling business, and who isn’t in one way or another, then you need to advertise. Word of mouth alone may not be enough.
When we began producing promotional videos in 2006 for Western Mass businesses, promotional videos were a novelty and relatively few people knew YouTube. Fast forward 8 years, and you see organizations embracing web video and they are seeing real and measurable benefits because of it. But you already know this.
However, some western Mass businesses are still evaluating video marketing as expense rather than an investment in their brand. From time to time, I hear finance managers at meetings focusing obsessively at reducing this “marketing expense” to the absolute minimum. What many are really saying to me is that they want a lot of video for less. The bottom line is if you pay less you get less.
Video marketing is an investment and of course you should expect a return on your investment, so let’s look at some areas to maximize these returns. You may also want to read my popular 3-part beginner’s guide “Developing A Profitable Marketing Web Video“.
1. Define What A Successful Video Means To Your Organization
Video marketing success is subjective and it means different things to different people. Do you want the video to be seen by as many people as possible to increase brand awareness? Do you want people to learn how to use your innovative new product? Do you want to increase the conversion rate on your landing pages? Whatever it is, define success for your organization and then keep score. View counts, bounce rates, changes in audience behaviors are just a few of the metrics to help you maximize your video ROI. I have gone into some detail about the importance of bounce rate in previous posts.
2. Good Storytelling + Relevant Content = Engagement
Providing your audience with an entertaining way to view your video is critical. The web is not TV where audiences endure a commercial (or mute it) while they wait for their show to continue. The web audience is selective and they expect more. Tell your story with a creative narrative plus relevant information and it will lead to more audience engagement (likes, views, shares, Google Analytics, etc). Again, you can measure this.
3. Create a Video Series and Localize
If you have decided to invest in your brand with video marketing and useful content then take advantage of economies of scale. Video productions can be complex and costs can rise quickly for high production value campaigns. However, the web audience wants fresh, new content on regular basis. For your brand to become sticky you need a constant stream of video content that folks want to watch. With that in mind, why not create several shorter videos instead of just one long one? The cost per video decreases significantly. During a single day of shooting, we can capture enough video footage for a single video or three videos, the costs are almost the same.
Post production editing may take us 30 hours for three videos instead of 20 hours for one video. There are many production aspects which need to be included whether it is a single or a multi-marketing video production, e.g. script development, voice narration, video shoot, post production, etc. Economies of scale will help make your marketing investment more appealing to your finance department. But most importantly, regular fresh video content leads to more sales and higher lead generations.
Finally, localize your content. Most marketing videos are geared toward a local audience; therefore, choose a video production company that is familiar with many of the sensitivities of the local market. Your audience can tell if you hire big Boston or New York ad firm or a local video marketing company that has a firm understanding of our Western Massachusetts business and cultural environment.
On the path to creating a successful video marketing campaign, there are several ingredients to help you with your Video ROI. I hope you found this post helpful in developing a successful and profitable marketing campaign.
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