According to the most recent statistics, more than 65% of users spend more than a quarter of their time on social media watching videos. The global average is 100 minutes a day in terms of video consumption.
Needless to say, brands are battling it out to put these numbers to the best use and maximize their impact. It only makes sense to invest in video marketing and use the multiple platforms available to get powerful content across to your audience.
However, it is not enough that you simply share video content and call it a day. You must monitor the consumption insights and make sure that it delivers the desired results.
That is why we have Key Performance Indicators (KPIs).
Given the focus on video content in this day and age, there are a hundred different metrics associated with video content though. Put together with the ever-changing algorithms of platforms, it can be quite overwhelming and counter-productive trying to monitor every single one.
Here is a list of what our experts in video production Chicago feel, are the most crucial 7 KPIs that you need to keep an eye on.
Awareness metrics are meant to measure the impact of your video content in spreading awareness about your brand and its products, among people who don’t know about them yet. Hence, the primary goal of awareness metrics is to attract people over to your social media pages or website, and to retain their interest, until the point where they perform a CTA. As these metrics deal with prospects at the top-most stage of the sales funnel, it can be difficult to see some significant changes in them, but it is also important that you maximize your efforts on the same.
Some crucial KPIs to monitor here are:
Impressions refer to the number of times your video was displayed to a single viewer. This means that if the viewer sees your video twice, it will count as two impressions. Different platforms have different ways in which they measure an impression. Instagram for example, considers viewing the first frame of a video, as an impression.
A low impression count suggests that your video was not shown enough to different people, and this could be because of various reasons, such as wrong usage of keywords, lack of relevance, etc.
Views are the number of times users watched your video. Once again, this is measured differently by different platforms. While YouTube considers it a view when a user watches the video for at least 30 seconds, Instagram counts one when a user crosses the 3-second mark. It essentially indicates whether your video is interesting enough for users and whether the piece of content retains their attention for a sufficient amount of time. A higher view count indicates a more significant impact.
‘Unique users’ indicates a more specific insight. It is the difference between your total impressions and the number of people who watched your video. A higher number of unique users thus indicates that your video was watched several times by the same people. This means you have a better chance of appealing to the existing viewers to achieve results.
Ad recall lift
Ad recall lift is a KPI based on consumer research. It is also highly perception-based and indicates the number of people that remember your brand or video after a specific amount of time, for example, two days on Facebook. Studies have shown that the longer your video was watched, the higher the chances for people to remember your brand.
Engagement metrics are meant to measure the impact of your video in retaining viewer interest and inducing action from them. These metrics are crucial for prospects whom you have already managed to attract and make your brand known. These are people who also may have interacted with your brand in some capacity, which further establishes the fact they have identified their problem and are actively looking for a solution.
At this point, your goal is to appeal to these prospects further and try to get them to perform some action, and this may not necessarily be a purchase. It depends on how ready the prospect is to partner with your brand.
Here’s what’s important under this metric according to our professionals in Corporate video production company.
Your view-through rate is the total count of views divided by the number of impressions. This indicates the actual number of people who watched your video all the way to the end. It is essentially a measure of the actual number of people who were genuinely interested in your video.
According to Google, VTR is “the number of completed views of a skippable ad over the number of initial impressions.”
A low view-through rate naturally indicates that your video was not engaging enough.
Average Watch Time
The average watch time is the total watch time of your video divided by the number of times it was played. This KPI is another indicator of the impact of your content. A higher watch time average implies that your video is engaging and interesting for users, whereas a lower watch time average shows a lack of impact.
The click-through rate is relevant for video ad content. It indicates the number of people who saw your post, clicked on the action button, and entered your landing page. A higher click-through rate means more people are interested in knowing more about the product or service you mentioned. It also means that your ad content was powerful enough to induce curiosity.
The consideration lift is another metric based on consumer research that measures the increase in the conversion likelihood of prospects after watching your video ad. A higher consideration lift thus implies that the video is increasing sales for your brand.
The bounce rate refers to the number of viewers that clicked through and landed on your video but left soon without taking any action or spending much time. A high bounce rate essentially means that your video is not creating the required impact. Additionally, it also indicates the point at which viewers are churning, which tells you more about the quality of your content.
Our experts in video production in Chicago can help you optimize your video and reverse your bounce rates.
Conversion metrics help you measure the impact of your content in inducing viewers to make a purchase. These metrics are relevant for the group of prospects that are at the last stage of the sales funnel and probably need a final nudge to buy. Hence, the video content in your conversion campaigns must be compelling, and crafted with accurate research and data. This is where our trained and experienced professionals in video production in Chicago can help.
Some crucial metrics here are:
Leads are the people who made a positive interaction with your brand, or several of them, and have expressed an interest in your products and services in some way. This could be through direct messages, likes, comments, sign-ups to newsletters, contact form submissions, etc. The right kind of video content will give these prospects the much-needed push to buy from you.
The favorability lift is relevant at both the pre-purchase and post-purchase stages of the customer’s journey. It indicates how much your video content positively impacts the viewer, and how much they love your brand. Hence, the more value your video content delivers to the viewer, the more it will induce positive interactions with them, and the higher the favorability lift.
Purchase Intent Lift
The purchase intent lift is a research-based estimate of the likelihood of a viewer of your video buying from you. You can gather insights through quick surveys and feedback forms. A higher purchase intent lift naturally indicates that your video is working.
Cost Per Acquisition (CPA)
The CPA is an excellent indicator of the total expenses you incur in driving a prospective customer to perform a desired action. In other words, it gives you a per-lead breakdown of the amount that costs you to get new leads. It lets you decide if the campaigns were effective and worth your spending. Furthermore, it lets you optimize your video ads more accurately to get higher conversion rates.
K3 Video Production in Chicago Can Help
Crafting high-quality videos for your brand can only extract the desired results if you know what metrics to monitor. Trying to monitor all metrics related to video at the same time will be chaotic and unnecessary.
Tracking and optimizing the 13 KPIs mentioned above will help make a world of difference in your video marketing efforts.
For a detailed audit of your video insights, and for powerful video content that drives positive results, contact K3 Video Production in Chicago.
Our experts can help bring you the much-needed favorable shift in your metrics.