We’re all a little transparent these days. In this modern age of connectivity, our behavior and actions can be tracked and studied like never before, for better or worse. From the perspective of marketers and content creators, this new reality has opened up unprecedented opportunities to leverage video analytics to grow their influence.
But where to start? With all of the data and tools available now, it’s easy to get lost trying to make sense of it all. In this post, we’ll break down the basics of video analytics and how to get the most out of your data.
The Numbers Game
When measuring the success of your video content, it’s intuitive and logical to start with the number of views that you’re getting. Views fall into the category of “reach” metrics. As long as there have been audiences, there have been creators vying for their attention and trying to expand their reach.
However, not all views are created equal; on Facebook, Instagram, and LinkedIn, a view equates to 3 seconds of watch time versus 30 seconds on Youtube. Keep this in consideration when analyzing your Cost Per View (CPV).
Your short-term goal may be to drive up the view count in order to reach a critical mass to go viral. If you’ve managed to do this, congratulations! But your work may just be beginning. The next – and arguably more important – step is to figure out the formula for success and to try and repeat/sustain it. With the right approach to data, you can take a lot of the guesswork and uncertainty out of this step.
The Importance of Engagement
Beyond reach metrics, are “engagement metrics”, which focus on retention, i.e. how long users are actually watching your video. When taken into account in combination with reach metrics, engagement helps measure the staying power of your video.
An industry rule-of-thumb holds that you should aim to keep 50% of your audience engaged until the call-to-action. If you’re falling short of this benchmark, you’ll likely need to make some tweaks to your content.
Bringing It Home
Your bread-and-butter lies in your conversion. Ultimately, this is the true test of whether your video is driving real action or if it is just a fleeting mirage. Here is where conversion metrics like Cost per Click (CPC), Cost per Acquisition (CPA) come into play.
If you haven’t done so already, be sure to define your customer journey. The customer journey is the path you ideally would like your viewer to take through the steps of awareness, consideration, purchase, etc. You’ll also want to study your conversion rates at each step.
How many users are dropping off within the first few seconds of watching? Are there any “valleys” where a disproportionate number of viewers are exiting their journey prematurely? Getting these insights will allow you to determine whether your video is destined to be another forgotten touchpoint in a sea of viewing options or a legitimate vehicle for driving engagement and conversion.
Make Every Impression Count
Success in video content marketing is most often found through a combination of savvy marketing and memorable content that is adaptable to the audience. To build a sustainable and actionable viewership to critical mass, you’ll need to put in the work to drive both the volume and quality of your engagement.
Don’t be cheap with your views. Keep in mind that every view that fails to convert is not just a missed opportunity but a cost burden that is unlikely to recoup. On the flip side, every satisfied viewer is more likely to be retained.
Retention metrics tell the story of your long-term prospects for brand sustainability and growth. KPI’s such as churn rate, referral rate, and purchase rate should be examined in combination with qualitative data (such as complaints). It all adds up to a customer’s lifetime value (CLV), representing the ultimate payoff for the cost and time invested in your video.
AJI Media can help you create a strategic plan for long-term success and ensure you get maximum exposure for your videos.