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Video content is one of the most influential and engaging forms of content that a marketer can offer. Although most are aware of its value as a communication tool between businesses and their customers, it also provides key information in the other direction in relation to customer opinions and behaviours. Without proper analytics, you cannot take full advantage of all the benefits of video content, and have no way of knowing if your videos are working effectively.
KPIs and Metrics
One of the biggest mistakes made when reviewing video performance is focusing only on views. ‘View Addiction’ refers to a tunnel minded approach to performance measurement in which hits on a video are seen as the be-all and end-all. High views signify a successful endeavour, while low views mean failure.
This approach is the video analytics equivalent of sticking your hand in the oven to find out what temperature it is - it seems quick and easy, but it is short-sighted, inaccurate, and will probably end up hurting you. Quality is just as important (if not more important) than quantity when it comes to video analytics, and there are many useful metrics for measuring quality at your disposal.
1. Play Rate
This is the percentage of your audience who saw your video and chose to click play - It measures how attractive your video is before it is played. This information can help improve your overall results by allowing you to find your faults and optimise things like player location, thumbnails, etc.
2. Watch Time (Retention)
Not all views are created equal. Many hit-counters give the same weight to someone watching your video for the first 5 seconds then leaving as they do to someone watching the whole way through. Obviously, this can result in misleading conclusions about viewership. By measuring how much of video a user watched, we get much more accurate insights, and also have the opportunity to see what parts are causing viewers to stray.
Having 10 of the right viewers is better than having 100 of the wrong ones. Getting the right people to watch the videos you release is key for making your campaign a success, and knowing who is watching is half the battle.
4. Call to Action Rate
It is all well and good putting resources into getting your audience to watch your videos, but if these views are not translating into further action then your efforts have been in vain. The call to action rate, i.e. how many customers are following your prompt to ‘find out more’ or ‘book here’, is ultimately the measure of the effective your video is.
How to ensure valuable analysis
Choosing a platform to host your video content is the first step in this process, and fortunately, there are some great options available. YouTube and Vimeo are the two heavy hitters in this respect. They both offer great free accounts, and while YouTube has a larger audience of over a billion users it has more ads and a ‘less constructive’ community than its more mature counterpart. These aren’t the only options however and more premium alternatives such as Vidyard and Wistia, which focus on embedded videos are also worth considering.
Deciding on which analytics tools to use is the next step. VidYard presents a strong offering with expertise in business video and great real-time analytics.
Perhaps unsurprisingly YouTube also offers an analytics suite, with somewhat basic features that work effectively for projects with a small budget. Vimeo also operates in the small budget video analytics market offering similar features to YouTube at a basic level but has additional paid options for more advanced analysis. Google Analytics can also offer video analytics, this can be done by using the Event Tracking feature, but it does require adding a few extra lines of code to your website.
To get the most out of video marketing you must receive information, as well as disseminate it.
Views are important but don’t necessarily tell the full story.
Consider carefully before deciding where to host your videos.
There are a wide range of analytics options. Your specific requirements and your budget should decide which suits best.