Every business wants to achieve success. But what does success look like, in real terms? To get a clear picture of whether or not a business is achieving results, you’ll need to examine the facts and figures – namely the return on your investment.
Measuring ROI demonstrates how your profits compare to your initial outlay. It also helps identify which marketing activities are effective… and which aren’t. When developing a marketing strategy, this knowledge is invaluable.
Content Marketing and ROI
The internet is in a constant state of change – and the demand for top-quality, valuable content has never been higher; throughout all stages of the consumer journey. Globally, 41% of marketers state that inbound content marketing produces significant ROI, and 82% of marketers claim that they see positive ROI from their blogs.
Why is content so effective at producing great returns?
Part of the reason is that it functions on many levels. Good content, whether it’s online video, an article or a photo, drives traffic through to your site. It engages people with your brand. It also boosts SEO. Best of all, it works around the clock – offering non-stop exposure for your business.
It’s obvious that content marketing is an excellent tool for your business – but how can you track results?
How to Track Content Marketing ROI
According to Hubspot, 48% of businesses judge content marketing success by the number of leads, links and social shares generated by each campaign. It’s certainly true to say that these metrics provide valuable insight.
When tracking return on investment, you’ll need to do the following:
- Define your goals. What are you realistically hoping to achieve? Can you quantify this – as a number of click-throughs, for example, or a certain level of sales?
- Know your measurements. It’s important to know exactly what metrics you’ll monitor. Metrics include:
- Consumption metrics – e.g. page / video views , average duration, or downloads
- Engagement metrics – e.g. number of likes, shares and retweets
- Traffic – how many people visit your site
- Leads – how many people fill out your contact form, subscribe to your email etc.
- Sales – how many conversions you successfully obtain
- Understand your tools. You’ll need to know how to measure these metrics, using analytical tools.
To find out more, read this helpful article about [measuring ROI for video content].
Your Online Video Marketing Strategy – for ROI
Using video for business is a powerful way to boost returns. In fact, according to eMarketer, over half of all marketers claim that video offers the best ROI. Here’s why:
- Effective communication. Online video and especially an animated explainer video can be used to simplify even complex concepts. It’s highly visual, which resonates with the target audience; and it’s easy to engage emotionally with it. 80% of people say they’re more likely to purchase a product after watching a promotional video.
- Builds trust. Testimonial videos emphasise great reviews, in a highly authentic way. Explainer videos give your brand a face – which establishes trust. When people trust your business, they’re much more likely to buy from you.
- Higher SERP rankings. Search engines such as Google place higher value on video content, which means your online video is more likely to appear near the top of search results. Better online visibility means more sales.
Using Video Content to Increase ROI
60% of people prefer to access information via video content, rather than reading a plain-text article. It’s hardly surprising – animated video is visually stimulating, engaging and often entertaining! It’s also extremely versatile, and can be used at every stage of the customer journey. Here’s a brief run-through of some of the more popular forms of video for business – and how they can raise returns.
- Promotional video. Promo videos can be used to launch new products and services, and are easily repurposed – increasing ROI even further. Use promo video content to:
- Generate excitement about your latest product, service or event
- Ensure people understand your USPs
- Convince people to buy when they reach your landing page (video increases landing page conversion rates by up to 65%!)
- Explainer video. Explainer videos sell your products and services, whilst educating your audience. They build trust and encourage sales. Use explainer video content to:
- Educate your audience – help them to understand your products and services. 73% of customers agree that they’re more likely to buy if they fully understand the product
- Entertain and engage, whilst creating curiosity about your business. This drives people through to your website.
- Corporate video. Corporate videos give your business a powerful voice – making it easier for customers to relate to you. It conveys even complicated marketing messages in a professional, easy-to-understand format. Use corporate video to:
- Establish your authority and expertise in the industry, which builds confidence in your brand
- Increase conversion rates, by adding authority to landing and product pages
Site Traffic, Sales Growth and Social Media – Measurements Matter!
Ultimately, the only way to know whether your online video marketing strategy is working is to measure results. However, this involves more than the occasional glance at Google analytics. A comprehensive plan needs to be in place – and you should identify what metrics are useful to you, and what data represents success to your business.
Online video content is a proven way to raise returns, but you’ll still need to monitor results. It’s also important to nurture the leads you develop, and use video content to guide your customer along the sales journey.