Online video is a continuously growing sector. According to comScore, more than 180 million U.S. internet users watched 36.6 billion online content videos in May -- of which more than 10 billion were video ads, setting a monthly record. Furthermore, eMarketer projects that $3.1 billion will be spent on online video ads this year. With so much money being invested into the medium, it is important to ensure the highest ROI possible. The best way to do this is by applying the appropriate metrics to your online video. Here are four ways you should be measuring your campaign.
Consumers are watching your video(s) and most are even "converting" by watching it in its entirety. That's great, but what about the viewers that are abandoning your video midstream? It is important to know when this is occurring and understand why it is occurring.
One of the best ways to begin to investigate this problem is by examining the average time per view of your video by taking the overall time spent watching your video and dividing it by the number of total views. Chances are the closer this statistic is to the actual length of your video, the higher your conversion rate will be. However, that's not what is important in this case.
If your ATPV is much lower than the length of your video, it's likely one of two things -- the video isn't loading correctly or the content simply isn't very enjoyable to watch.
To dive deeper into this matter, an analysis of each individual view should be taken into consideration to determine the point of abandonment. While the ATPV will give you an approximate average time of abandonment, it is important to know when viewers are exiting your video most frequently.
That's why a mode of abandonment should be calculated. If a larger number of viewers are abandoning your video at relatively the same time, there is likely a good reason for it. As stated before, it could be because of loading errors or poor content. This statistic could be very useful for pinpointing a problem at a specific point in your video.
Just because viewers are watching your video and it is receiving high conversion rates doesn't mean you won the battle. The question now becomes, are consumers really paying attention to your message or just simply streaming the video because they have to (which is often the case with pre-rolls and mid-rolls).
The best way to understand how your viewers are watching is by implementing some type of post-view action. This can be as simple as adding a link to a website or adding a short poll question at the end of the video. If they are truly engaged in the content, then they are likely to complete these actions as well.
High post-view conversion rates means that consumers are actively watching your videos while low post-view conversion rates suggests little mind is being paid toward your video.
The best part of incorporating this metric is that it provides yet another portal for your brand to engage with consumers.
While converting on prompted engagements is great, receiving un-coerced user-generated content and social media impressions is even better. The most successful video campaigns have been the ones that compel consumers to not only watch, but also actively engage through social sharing, commenting, or even making their own offshoot videos.
Along with traditional video metrics, it's also important to track your videos with social media analytics to see what people are saying about your campaign on Facebook, Twitter, YouTube, etc.
While most of these impressions are beneficial to your brand, there is a chance that you come across some negative sentiment. However, this data can be an extremely useful learning tool. The feedback can be used to augment your approach to create an optimal online video.
As you can see, a truly successful campaign goes well beyond views and conversion rates. While there is much debate as to what metrics are useful, it is extremely important to measure your online video. These four metrics are ones that deserve great consideration while tracking your campaign.
Joseph Deluca is Marketing and PR Manager for SponsorPay.
On Twitter? Follow iMedia Connection at @iMediaTweet.
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