When you go grocery shopping, do you take a list with you or have an idea of what you’re going to buy? Of course we’ve all probably fallen into the impulse-buy trap (mmm, chocolatey goodness at the register!), but most of the time you’re probably buying based on analytics.
Say what? You’re probably thinking, “Ya right, I don’t whip out my smartphone and pull up some crazy app, spreadsheet, or pie chart just to grocery shop!”
Think about it. You probably know how much you’re prepared to spend, you’ve determined what’s most likely to get eaten or secretly trashed by family members (Brussels sprouts?), how long food will last before it goes mouldy or you run out, and whether you’re missing any ingredients to make dinner at home taste better tonight.
You’re essentially using analytics collected on your family’s eating habits to improve your grocery shopping for optimal success, keeping your family fed and happy, money effectively managed, and no products wasted.
Okay, so it’s a very simplified version, but I hope you can see where I’m going with this: you need analytics to help you achieve and maintain success with your video marketing.
What can video analytics do for your marketing?
Improving live campaigns
My father made mashed potatoes during the last family get-together. His potatoes, so creamy and lump-free, always have paprika and yummy melty butter on top. My sister and I always fight over who’s gonna steal the whole top layer, leaving lump-free but pretty basic potatoes for the other.
This time, no paprika. What happened? A whole lot of leftover potatoes, that’s what. What’s the moral of the story? Analytics can help you improve live campaigns. You can easily identify what’s not working by getting information on which videos (or sections of videos) are being watched, if they’re being watched at all, when viewers are dropping off, and how they’re navigating through the content journey with CTAs.
You can save time, resources and budget by improving campaigns rather than starting over. So don’t just stand by as some campaigns don’t work and promise to do better next time. With the right analytics, you can reach greater success this time – maybe all you need is a little paprika.
Evaluating finished campaigns
It’s easy to tell when a dinner ‘campaign’ is a success – slurpy sounds, empty plates, and the word-that-isn’t-a-word-but-says-so-much: Mmmmm.
We can’t stand over our audience to see how they’re enjoying our campaigns, but analytics are the next best thing. Without them, you wouldn’t be able to measure how successful a campaign was, how it impacted your marketing results across different channels, which content is most effective, if the cost was well worth the benefits, and how the insights can be applied to future campaigns. It’s analytics that help marketers make fresh, innovative campaigns that speak to and convert audiences.
Engagement analytics like who is watching your campaigns, on what devices and from which locations, for how long (and so many more) can help marketers glean results and insights from each campaign to better plan and execute the next to convert even more viewers to customers.
Determining where and how to spend budget
Do you buy the Brussels sprouts or the potatoes? Even the biggest companies don’t have unlimited budget to spend on marketing purposes. Analytics can tell you where and how you should spend your budget. Do you get more, better leads from webinars than you do from pre-recorded events? Do your viewers respond better to talking-head or whiteboard style videos? Do you get more bang for your buck out of top-of-funnel content, or does your bottom-of-funnel content drive the best results? Video marketing analytics can help you best determine how to spend your budget to achieve the greatest success.
Securing more budget
Sometimes your grocery budget just isn’t sufficient (see: Christmas/holiday feasts). A 25-pound turkey with all the fixings (and pie, don’t forget the pie!) can easily break the weekly budget of chicken dinners. Sometimes when you want to make a big splash, or impress a lot of people, you have to shell out more money. On the other hand, there’s no sense buying the biggest bird around if your guest list consists only of vegetarians.
Analytics can help you secure the budget you need to make a big splash in the right away. If a campaign is proving to be very effective with your target audience, you’re pulling in greater leads than usual because of it, or finding new customers converted due to the campaign’s awesomeness, it may be worth seeking the additional budget to turn the campaign into a series. Or, maybe you’re seeing from audiences that your talking-head product demos aren’t helping your customers really envision how to use the product, maybe you need more budget for a more effective or engaging style.
The key to knowing how much you’ll need and what you can do to really impress your viewers comes down to what they’re interested in and what will make them convert. Analytics are an effective and powerful way to get those insights.
Proving ROI
What do all these analytics do for you? They can show you which videos are influencing deals. When you see your viewers going through a content journey from top-of-funnel to bottom, from videos on different products or services, it becomes clear just how important video marketing efforts are on revenue. Since up to 90% of the buyer’s journey is conducted by the consumer before they even contact sales, analytics provide the insight marketers need to determine what they need to do or not do to convert customers. There’s no greater satisfaction than working long hours and putting in a lot of effort on campaigns only to see that they attracted viewers and went a long way to closing them, setting up for the perfect conversation with sales. Which leads me to the final point…
Aligning Sales with Marketing
You know what closes more deals faster? Aligning Sales’ efforts with the Marketing team’s efforts. Video analytics can help you do that when they’re integrated with your company’s CRM. Sales people can have tailored conversations that will result in deals when they can see what videos viewers are watching and for how long. When analytics on content created by Marketing is put in the hands of Sales, that’s a powerful and effective model for success.
Video analytics are better than Brussels sprouts…I mean, text analytics
Yes, we love video analytics partly because it’s what we do, but no less because they can provide marketers with so much more insight than analytics from other types of content. With text-based assets like whitepapers and ebooks you can see who downloaded it, but not if they opened it, read it all the way through or which parts they skipped. Video analytics allow you to see the nitty gritty details, including who is watching, how long they watched, which parts they spit out or had second helpings of (you know, the parts they skipped or replayed!) their location and device, and so much more.
Put all this together, and that’s why we love video analytics, and we think you should, too!
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