Video marketing is here to stay.
As one of the world’s biggest marketing trends, video must become a part of your strategy. When used strategically, video can generate a significant return on investment (ROI). In fact, 92% of marketers say video gives them a good ROI.
Yet, video is still hard to attribute to critical business metrics, like sales and retention. Therefore, many brands fail to see the potential video can unlock for their business.
Especially in today’s economic climate, with booming costs and a looming recession, brands are hesitant to spend their resources on video marketing. But, despite common beliefs, producing video content doesn’t have to be expensive or time-consuming. It’s the opposite.
In today’s world, all brands need video, like user-generated video content, to save money while earning revenue.
Follow along to learn the value of video and ways to increase your video ROI.
What’s the Value of Video Content?
In recent years, video value has skyrocketed.
For one, the perceived importance of video content is at an all-time high. 96% of marketers say video is an important part of their marketing strategy. This is likely because they see impressive video ROI in all aspects of their campaign efforts.
The value of video for brands is undeniable; it has a significant influence on critical KPIs such as leads, sales, traffic and more.
But it’s essential to remember these ROI metrics stem from an overwhelming demand for video from consumers. According to a report, 91% of people want to see more online videos from brands in 2023. While you might assume it’s purely for entertainment, the demand for video runs deeper.
Consumers use video as a central part of their buyer’s journey, leveraging it as a tool to make purchase decisions. For example, 89% of people say watching videos has convinced them to buy. And when asked how video impacts their key metrics, 96% of marketers say video has increased user understanding of their product or service.
The value of video for consumers is clear; it helps explain product functionality for increased knowledge and aids in making purchases, leading to increased leads and sales.
No matter how you look at it, video produces value. Creating video content surpasses the initial investment because it generates true earnings. Whether your goal is to reach new audiences, drive sales or reduce call center volume, video can help you achieve it.
The key, however, is to measure your video performance to identify its impact on your business goals.
How Do You Calculate Video ROI?
If you’re new to video marketing, you might wonder how to calculate video content ROI and why you should.
The answer is simple: to track how well your videos contribute to your goals. Calculating video ROI helps you identify the types of videos that draw consumers to your products and enables you to make informed decisions for the future.
The first step to calculating ROI is identifying your campaign goals and costs. Before you start producing videos, outline what you want to achieve at the end of your campaign and what it will cost you upfront. Common goals could include a specific number of views or conversions.
Next, decide on your success metrics. They may vary depending on your campaign goals, industry or other factors. But on average, most marketers track these video metrics:
- Video views
- Awareness
- Engagement (likes, shares, comments)
- Lead generation
- Revenue
Then, measure your performance using data-driven video. The only way to accurately measure success is to have access to video data that you can analyze. To make it easy, choose a platform that offers detailed analytics about your videos – like StoryTap!
Lastly, optimize your videos based on data. Once you’ve collected and analyzed your metrics, don’t stop there. Take your findings and use them to improve your video strategy for the future.
Here are a few best practices to follow to get the most out of your videos.
5 Best Practices to Increase Your Video ROI
1.Brand Your Videos & Use CTAs
Including your logo in videos is a best practice to keep your brand top-of-mind. Add intros and outros to the video, such as branded audio or music. Then, include a strong call to action in your video content. Use direct and persuasive language to drive traffic to your website or sign-up form.
2. Use Tracking Links
When you include CTA buttons, you can link your viewers to another page. It’s best practice to use tracking like UTM links to measure the success of your videos. UTM links will help you discover which videos drive the most clicks, leads and conversions, which will help you calculate your video ROI.
3. Optimize Videos for Different Platforms
It’s best practice to optimize your content for the specific platform you’re sharing on. For example, some platforms have varying size requirements or optimal video length suggestions. So when you create content for new platforms, be mindful of your audience and optimize the videos to enhance their viewing experience. When viewers can easily watch videos, their chance of interacting with or sharing the content increases.
4. Distribute Videos Strategically
Once you’ve got videos, take time to distribute them strategically. For example, if you plan to embed videos on your website, consider where they will perform best. If you have a product review video, embed it on the product page vs. the homepage of your website. Additionally, pay attention to where you place them on the page. For example, above the fold of a webpage, so it grabs attention and gets users to stop scrolling and watch.
Check out this blog for tips on where to add video testimonials on your website to boost conversions.
5. Be Authentic
In today’s curated social media world, genuine authenticity resonates more than anything with consumers. If you want to grow your video ROI, create real and relatable videos. Authentic content will help you build trust, credibility and loyalty with your audience, encouraging them to engage with your videos and be more likely to buy.
Increase Your Video ROI With StoryTap
Video is a powerful strategy that drives results. But, many brands fail to recognize the impact video marketing can have on their business. In our current economic environment, brands hesitate to take on new costs without understanding the return on investment. However, all brands need video today because it saves money while growing revenue. And when measured accurately, video can be a successful tool to help you achieve ROI.
The first step in producing valuable video is finding the right platform. StoryTap’s user-generated video platform makes recording videos easy. Use our tech to produce, curate and distribute hundreds or even thousands of authentic videos from your real customers and staff. Then, leverage our platform to measure the success of your videos and calculate video ROI. Our platform is optimized so you get the most out of your content.
Connect with our team today to learn more about producing video that generates ROI for your brand.
