Generating an ROI with video
Video content has become the dominating marketing strategy for businesses on the internet. The importance and efficacy of using videos in online marketing has long been known to business marketers. Business owners are using video to increase their target audience, build brand identity and secure valuable new leads.
With video becoming a powerful advertising strategy, business owners are increasing their budget on video production. Therefore, this article is focusing on how on businesses can generate and improve their return on investment (ROI).
The following tips will help you in generating ROI on your videos:
Set Clear Objectives
The objectives are the underpinning factor to the success of any video. To improve the ROI of your video you need set clear objectives for yourself. The objectives will serve as guidance for you when creating the content of your video and will also help you to measure the success once it is created. The objectives may include any of the following: to increase the awareness of your brand, to boost sales, to improve the conversion rate and sometimes to educate your target audience.
Understand Your Audience
In order to increase the chance of getting a good ROI on your video, it is very important to understand your target audience. You should have it in mind that the videos are not about you at all but they are all about your customers and their needs. There’s no better way of creating a good video content than to identify with the needs of your audience. So, take your time to understand your audience and let it aid you in the creation of your videos.
Create a Distribution Strategy
Creating a video is one thing and its distribution is another thing entirely. There won’t be a good return on investment, if people don’t get to watch your video. It is essential to have a good distribution plan on how to make sure the videos reach the target audience. The effective distribution of your video will make sure the video content gets watched, engaged with and eventually get result. As the number of people that watch your videos increases, the better the ROI becomes.
After getting your audience to watch your videos, the next thing is to direct or recommend what you want them to do next. Ensure to include a call-to-action in your video content, like asking them to visit your website, filling out a form or asking them including your products on their shopping list. You’ll be able to monitor and improve the effectiveness of your videos and also increase the ROI by guiding your viewers towards your desired action.
Reuse Your Videos
You can reduce the cost of creating a new video by reusing your video contents, therefore, maximizing the ROI from your videos. In as much as you keep your audience and their needs in mind, the option to repurpose and reuse your video content are unlimited. Reuse your video content in different areas and through different channels to improve your cost effectiveness.
Keep track of your results
Keeping track of the performance of your video will allow you to measure your ROI more effectively and help you to achieve better result in the future. There are several video metrics you can use to track the performance of your videos, such as the play rate, number of engagement/views, social share, subscribers and click-through-rate. You can use it to determine what went right or wrong, then you can improve on it in your next videos while also improving your ROI.