The ultimate goal of every business is to grow revenue.
But, business owners everywhere know it’s not as easy as it sounds. Growing revenue is a process that starts with the marketing team and ends with sales. It’s a joint effort to generate qualified leads by capturing prospects’ information and nurturing them down the customer journey to buy.
The key is using the right marketing strategies to hook your customers in and drive sales.
Authentic video content featuring real people can help this process by building a genuine connection with prospective customers and boosting engagement.
With more than 82% of all consumer internet traffic being video in 2022, making informed video marketing decisions is more important than ever. So, to grow revenue, brands must leverage data-driven video in their marketing strategy.
What is Data-Driven Video?
Data-driven video is one part of a greater data-driven marketing strategy.
Essentially, data-driven means making strategic and informed decisions based on consumer data analytics. When it comes to video, it means analyzing critical video data, such as views and clicks, to reveal campaign performance insights.
According to Forbes, 64% of marketing executives ‘strongly agree’ that data-driven marketing is crucial to success in today’s economy.
Incorporating a data-driven approach into your marketing strategy will enable your brand to optimize your video efforts to meet your goals, like growing revenue.
It will also help you better understand and predict your customers’ needs. Video data insights will allow you to create personalized marketing campaigns by collecting and analyzing your customer data and then using it to drive the best results.
Brands that leverage data-driven video will save money, grow revenue and improve customer loyalty.
5 Reasons You Need Data-Driven Video to Grow Revenue:
1. Make Informed Decisions
Leveraging video analytics enables your brand to make marketing decisions based less on generalized assumptions and more on concrete evidence. When you’ve got real-time data to guide your marketing campaigns, you’re more likely to make a wise decision.
Not to mention, cold hard data can also help your brand be more resourceful with your budget. You’re less likely to waste marketing dollars on unsuccessful campaigns or reach out to prospects at the wrong time when you’ve got data to back you up.
Data-driven video gives your brand the critical information you need to make informed choices on a silver platter. In turn, make decisions that will grow your revenue.
2. Conduct A/B Tests
A/B tests are like gold in marketing. It’s a strategy that allows marketers to see if their ideas are good or bad and how they can make them better.
A/B testing is 100% based on performance data. Within 48 hours to a week, you’ll have the metrics you need to decide whether your efforts are successful or not. The type of data you want to measure is up to you. Typical video KPIs include views, clicks, conversions and time spent on page.
The great thing about A/B testing is that once you know which version performs best, you can continue to test variations on that version until you’ve got a high-performing campaign that exceeds your growth goals.
3. Make Campaign Optimizations
Once you’ve got the results from your A/B tests, it’s time to implement them into your campaigns, also known as optimizations.
Review and analyze your video analytics to understand what’s working in your campaign and what’s not. Insights like consumer interactions with your videos are precious to the success of your marketing efforts.
Use the data findings as an action guide for what needs to be optimized. For example, if videos placed lower on your webpage have fewer views than videos placed above the fold, try moving your videos higher up on the page.
Then, keep an eye on your metrics to see if your optimizations worked in your favour. For optimal growth and ROI, repeat the optimization process to see your changes’ success and continuously produce better results.
4. Segment Targeting & Drive Sales
Understanding your audience can be challenging. Data-driven video gives you the information you need to learn who your audience is and what they’re interested in. Use the data to segment your audience and create ideal customer profiles (ICPs) that you want to target.
Use your data to learn the pattern of behaviour your desired audience takes. For example, which platforms they use frequently and the type of messaging that get’s their attention. Then create the kind of video content you know they want to see.
Leveraging your data means creating tailored-made video campaigns that your targets are more likely to respond to and, as a result, will drive sales and grow your revenue.
5. Drive a Personalized Customer Experience
Consumers are demanding personalization like never before. So, it’s up to your brand to deliver what your customers want when they need it. Video analytics is an excellent tool for crafting personalized campaigns for your customers.
A report by McKinsey reveals that personalization can deliver five to eight times the ROI on marketing spending and can lift sales by 10% or more.
Delivering personalized campaigns helps elevate your customer experience and build long-lasting trust and loyalty with your customers.
Produce Data-Driven Video with StoryTap
Data-driven video is the secret sauce your brand needs to grow your revenue. Analyzing your data can help uncover valuable insights you can use to improve your marketing and drive more sales. However, you must be proactive in implementing your video data insights to see real results in your efforts.
StoryTap’s patented video platform makes it easy to access all of your video analytics in one convenient place. Use our video technology to produce, curate and distribute thousands of authentic videos from your real customers at scale. Then, leverage our platform to access real-time video data you can use to review performance and grow your revenue.
Book a demo today to see how it works.
For more video marketing insights, check out our latest blogs: why you need personalization to create a positive digital customer experience, text vs. video content: why video is more effective for marketing and why all eCommerce brands should leverage mobile video marketing.