21 August 2019Blog
What type of content gets the best return on investment for social media marketing? You guessed it, VIDEO! For today’s article, I thought it’d be cool to focus on an important aspect of marketing, your ROI. You’ll get a chance to see how to boost your ROI through the implementation of video, sounds pretty cool right?
To refresh your memory…
ROI; what is it, and why is it important?
General speaking, it’s the measure of profit or loss that you generate on your marketing campaigns. Basically it’s the metric used to see whether you’re getting your money’s worth out of your campaigns.
72% prefer video over text when learning about a product or serviceSource: HubSpot
And that’s important because?
If this is a serious question, I’ll give you a serious answer. If you don’t measure your ROI, you will never know if you’re wasting money and time on your budget for that particular campaign. You’ll also get a better perspective of how you’re running the show. You can identify which areas you’re not performing well in and analyze and strategize based upon these findings. Once you figure it out, you’ll now be able to take the right actions towards improvement.
Which brings us to conversation rates…
Another important metric to keep your out for. You use it to track return on investment over time. When it comes to conversation rates, well there are a couple of things you’ll need to pay attention to. Knowing where your traffic is coming from is crucial to your strategy. So whether it’s from an email campaign or a paid search campaign, you’ll need to keep track of which channels are converting the best.
Something to consider is tracking your conversation rates by device. Just like the previous metric, by finding out which device is leading to more conversion, you’ll want to reevaluate your campaigns and plan ahead next time around.
The reason you’re here…
ROI is far more than analyzing your conversion rates but for the purpose of THIS article, I wanted to talk a little about video and how it’s going to be your best friend if you’re looking to increase your ROI. Ready? OK!
There’s no denying that video is the hottest content that you can implement in your business to see an immediate boost in ROI. And why? Well everybody is switching over to video, and if trends continue, video is going to significantly change the way you strategize your business plan going into the future.
By 2022, online videos will make up more than 82% of all consumer internet traffic — 15 times higher than it was in 2017.Source: Cisco
Beyond that, there’s a reason as to why businesses are making video a pivotal aspect of their game plan. For the purpose of this article, we’ll focus on social media and the impact video has on that.
Facebook has over 8 billion video views per day.Source: TechCrunch
That’s a lot of views going just towards video. You’ll want to capitalize on that market if you aren’t already. So as you can see, it’s no secret that video is where you’ll want to be.
Over 1.9 billion people use YouTube. That’s about one-third of the internet.Source: Youtube
You’ll definitely want to take advantage of that audience and market if you want to stay in the game my friend.
And what about the ROI?
Patience. And which attributes do we use to measure the ROI of our videos? Well there are plenty but the most important that you’ll want to focus on are: view count, conversion rate ( as discussed), engagement and total cost.
52% of marketing professionals worldwide say that video has the best ROI of all content types.Source : Syndacast
Monitoring these metrics helps you see what’s working, and what is not. Tweaking the appropriate videos to increase changes of a better ROI down the line. Once the campaign ends, you’ll get a general picture of what worked and what didn’t.
So make sure to keep it…nice
Having clear goals of what you want out of your video content is key to your ROI. So yes, adding video content helps but the quality of that content plays a huge role as well. Considering which direction you want to push your content is also going to reflect your ROI numbers.
Tying it all together
Wherever you get your videos from for your business, I’d be silly not to recommended Videommerce. If you’re looking to take control of your video content. With this all-in-one easy to use video editor, you’ll be making professional and stunning videos faster than you make a cup of coffee!
So let’s end on a positive note…
You’ve got a general idea of how ROI is affected by video content and how to measure it properly. At the end of the day, improving your ROI takes proper planning and implementing of the right content. If you can appeal to your audience and attract the right places, you’ll be on your way to achieve your goals and ultimately, increase your return on investment.
Now get out there and start boosting that ROI!