Success in marketing requires strategy, and strategy needs metrics.
You can create all kinds of marketing goals in order to determine the success of your business From achieving awareness for your new brand, to retaining loyal clients, or even decreasing demand, the objectives can vary infinitely. But you will never know if your marketing efforts finally got you where you wanted, if you don’t keep track of your performance.
When it comes to digital marketing, there are many tools available, even for free, that can help you get this angle of your business covered. And almost every asset of this kind is prepared to provide you with a big load of information about your digital marketing campaign. I mean a very big deal of data. Immense. Huge. Frankly, even intimidating, at least if you are not a statistics professional. The good thing is that there is no shortage there. The bad thing is that, besides learning about statistics and the dimensions and metrics that the application you use in particular measures, you need to figure out what information is useful and which part of the ocean of data will prove actionable.
This issue is way too broad to address fully in one blogpost but, in the case of the explainer video, one of the most effective digital marketing tools today, I would like to share with you a few important KPIs that can orient you through the process of turning your beautiful video into revenue. Let´s get started.
#1: Bounce rate and average time on page:
This is especially crucial for explainer videos located on a home page or a landing page. These pages are usually the gateways into your site, and if your users just watch that page and leave (bounce), or if they only stay an average of two or five seconds there, not only are you not creating enough engagement, you are letting your SEO results drop down. Fortunately, engagement is one of the many strong points of explainer videos, which is the reason why placing them at the entrance of your site is a good idea in the first place. If you already did this and the page is still underperforming, you should start wondering what is wrong with the video. Maybe it´s not clear enough, perhaps it doesn’t load fast enough for people and they decide to leave, or it could be some other problem. When done right, video should be able to get your prospect’s attention, making them stay on the page longer than the time they would take to just bounce. And it should also make people more interested in the rest of the content of your site, leading them to click into reading or watching it.
#2: Number of views and average watchtime:
If you placed your video on a video hosting platform, like Youtube, Wistia or even Facebook, you are probably expecting it to gain the attention of your audience, and spread your word further. The number of views will let you see if your video is being watched or not, and how many times. Bear in mind that this metric won’t tell you how many people saw your video (unique views), but how many times it was viewed. It is always better to keep track of both, as well as all the metrics you can, but the number of views let you know if your video is being watched and how often. You can see if the views come from a bunch of loyal fans or a large number of people, as well as what time of the day is the most probable for your audience to watch the video, and see other important data for your marketing campaign. This is something you can dig into after you have established that there is some response from the other side worth taking the trouble to analyze in full detail.
Using this metric is a good idea to evaluate if your video is getting enough attention, the average watch time will tell you if the video is actually getting the message through. If you published a minute and a half long video, and the average watchtime is twenty seconds, regardless of how many views you got for it, there is something off about it. If you created a video of a certain duration and no less, that was probably because that is the time it takes for your full message to be displayed, so if they skip anything it will most likely mean that they are missing something you considered important. It´s best for you to detect this situation as soon as you can, so you will be able to fix it before it makes you lose valuable opportunities.
#3: Leads generated:
Establishing how much credit your explainer video gets for whatever conversions your digital marketing campaign is driving, is something you need to do regarding the specific marketing funnel you are using. This is not something you can just pick up from a simple statistic. However, metrics can give you the information you will need to get this right. Many variables can be interesting in order to analyze this, but probably the most important one will be the click through rate (CTR) of your video’s call to action button (there are a number of ways of placing this option in your online video).
Adding a call to action at the end of an explainer video -both the call itself on the audio and/or the image of the video, and the button-, may not be compulsory, but you should definitely have one. Although it’s true that the whole point of inbound marketing is to make your sales rise by marketing your product in a non invasive way, one simple call to action right where it makes sense for it to be, won´t make your clients uncomfortable and it will make your conversion rates rise. Think of it this way: explainer videos are one of the most appealing tools you can count on to give a convincing explanation of your unique value proposition, and one of the best moments to make a closing attempt is right after you get your prospect all excited with what you have to offer. Why not seize this great closing opportunity?
This video we created for Stocks in Value, an online stock valuation system, is a great example. At the end of it, after explaining the service provided with all its features, the audience is prompted to click a button to start a 10 day free trial.