Video ROI plays a crucial role in determining the success of your video marketing strategies. Videos have become a highly adopted way of marketing products and services, for a broad category of businesses – B2B SaaS to ecommerce.
Survey says that 87% of the marketers could successfully increase their site traffic through video marketing and that’s not it! 94% of the marketers claimed that video marketing helped their audience understand their products and services better. While video marketing is getting adopted as one of the most effective and easy-to-implement marketing strategies around the globe, it has become more challenging than before to gain the required results from it.
Research says that videos will contribute to more than 82% of the consumer internet traffic by 2023. So, in this scenario, how to know how effective your video marketing strategies are? Well, measuring your video ROI can give you a proper idea on all these. Moreover, it can let you know whether the investment on video marketing justifies the result you are getting or not.
No doubt that increasing the video ROIs is a common goal for all online marketers. And for that you need to analyze and keep track of the video ROI metrics. In this blog we will guide you through a few solutions that aim to increase your video ROI.
What Is Video ROI?
Video ROI refers to the return you get while investing in video marketing. Precisely, video ROI is defined as the number of leads or prospects or the conversion rate you can achieve from the videos.
There are different types of videos that can be used in video marketing such as brand videos, promotional videos, product launches, customer engagement videos, and live sessions, to name a few.
While there can be different purposes of such videos, one of the common goals is to maximize the leads you gain from your videos. The video ROI metrics come into play here by giving you a clear picture of all these. Next we will walk you through how you can increase your video ROI to make the best out of your video marketing.
Guide to Increase Your Video ROI: Things to Know
No matter what type of business you own, the following strategies and tips will help you increase your video ROI in 2023 and optimize your video ROI metrics.
Opt for a Proper Measurement Model
One of the common mistakes video marketers often make is not defining the proper measurement model for their videos. Unless you have a clear concept on how to measure the success of your videos, it will be next to impossible to assess whether you are getting the required results or not.
The measurement model for video marketing mainly depends on two types of video ROIs –
- Absolute ROI
- Relative ROI
In absolute ROI, your sole focus is on videos as a marketing strategy and you consider all your video marketing campaigns as a standalone investment.
The relative ROI on the other hand, refers to the fact that your video marketing strategies are just a part of your whole marketing strategy and the investment is not only focused on your video marketing campaigns.
In a measurement model that is based on relative ROI, you need to compare your video ROI or ROI of video marketing with the ROI of other media. As a result, you will have a clear view of how effective your video marketing is compared to the marketing over other media and how you can optimize it further.
You can also opt for the attribution model, another popular measurement model that lets you analyze all the marketing channels, the related customer touchpoints and the lead conversions in greater detail. However, for optimizing video ROI, absolute and relative ROI based measurement models can suffice.
Also Read: Why is Live Streaming a Must-have for Marketing?
Focus More on Audience ROI
Your target audience is the main source of ROI for your video marketing and to optimize your video ROI and the related video ROI metrics, you must emphasize specifically on the audience ROI. Your audience development, targeting, and re-targeting has a lot to do with your video ROI.
So, by focusing on audience ROI, you can have a better understanding of whether your target audience is appropriate for your business or not, whether the video marketing strategies are catering to their expectations, whether the content and video formats are suitable for your audience etc. Also, increasing your audience ROI will have a significant impact on your ROI for video marketing.
You can also segment your audience based on their preferences and other factors to increase the video ROI and optimize the video ROI metrics for your target audience. Furthermore, by focusing on your audience ROI you can increase your revenue through upselling, cross-selling as well as organic and word-of-mouth promotions.
Adopt a Competitive Distribution Strategy
The distribution strategy of your videos majorly determines the success of your video marketing campaigns. While it is important to target various social media to maximize your reach, it is equally important to build and promote your brand voice through video marketing.
Gone are the days when YouTube was the only preferred channel for video marketing. While you can consider doing sponsored ads on social media, you must build your own audience for your video content. Be it your product launch videos, or product update videos, or customer testimonials – they are no less than the marketing tools and assets for your company.
Furthermore, you may also want to monetize your informative video content, collaborations, exclusive interviews, and speeches at some point of time, or earn through other brand collaborations and paid ads. Having your own branded video monetization platform will open this path for you. Opting for a quality video streaming platform that easily integrates with your existing site and diverse social media platforms is the way to go. This will let you have an all-in-one solution to adopt a competitive distribution strategy.
Also Read: How to Find the Right Bitrate for Streaming?
Re-use Your Video Content
Re-using video content can work wonders in increasing your video ROI and optimizing the relevant video ROI metrics. This strategy lets you increase the volume of your video content without investing much time and additional resources. Also, you can repurpose a single video into multiple formats such as shorts, reels, stories, highlights etc. and share them on multiple platforms for the best results.
You can also consider converting other content formats such as blogs, podcasts, infographics, and others into videos instead of building them from scratch. As this will reduce your cost to produce video content significantly, you can increase your video ROI further.
Analyze & Update Your Strategies More Frequently
We cannot emphasize enough on the importance of being regular, precisely more frequent with assessing your video marketing strategies and the output you are getting. As stated in a recent market report, the global video marketing industry is expected to surpass $40 billion by 2025 from its benchmark of $33.3 billion in 2020.
This growing market is also quite dynamic in nature where the trends, strategies, and competition are changing frequently. To keep up with this, and optimize your video ROI regularly, you must analyze the KPIs of your video content such as average watch time, bounce rate, conversion rate, and others on a regular basis.
Transform Your Video Marketing Ideas into a Long-term Success with Muvi
With the advancements of technology and the changing approaches of the video marketers, the concept of video marketing has drastically changed in recent years. The video marketing strategies are no longer confined to a handful of social media platforms, but factors like brand recognition, monetization, audience building, and others have come into the picture. To adopt the changes in this sector and leverage it for growing your video ROI like a pro, you need a top-notch video monetization platform.
Muvi, the all-in-one video streaming platform, offers you a range of compact solutions to level up your video marketing game. Your own branded domain, built-in SEO tools, audience engagement tools, easy social media integration, and multiple monetization models are some of its competitive offerings to increase your video ROI and take your video marketing ideas to a whole new level. Still wondering? Take a 14-day free trial today, it’s never too late!