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Tuesday, August 29, 2017

How to Measure the ROI of Video

Video is becoming increasingly effective for quickly and precisely articulating value and/or educating a prospective client on the service/products offered.  There are many statistics to support this trend:
  • People retain 58% more with both visual and auditory stimulation according to Forrester Research.
  • According to a report from Forbes, 59% of senior executives prefer to watch video instead of reading text.
  • The same Forbes report stated 80% of senior executives are watching more online video today than they were one year ago.
  • People who view online video are 64% more likely to purchase than those who don’t according to research from Comscore.

Here are some statistics that show why video marketing is one of today’s best marketing opportunities:
  • 70% of marketing professionals report that video converts (creates a desired action) better than any other medium.
  • The average internet user spends 88% more time on a website with video than without.
  • 64% of consumers are more likely to buy a product after watching a video about it.
  • Using videos on landing pages can increase conversions by 80%.
  • 59% of viewers will watch a video to completion that is less than one minute.
  • Despite all this, only 24% of brands are using online video to market to consumers.

When it comes to the ROI of video on the web and any corresponding video advertising, it can be difficult to pinpoint an exact number. Factors that make ROI difficult to track include the type of video that is being measured (e.g. branding, instructional, product/service related, etc.), how it is cross marketed and if it is promoted through paid advertising (e.g. YouTube pre roll, Facebook video ads, etc.).

Bottom line – video is worth the investment. To make the most of video, consider the overall business goals and develop a video marketing strategy to support this. Look at the highly viewed page on your website and consider developing video to support these pages. Thinking of video as part of the overall business strategy will make it more effective and create more opportunities for use throughout your organization.

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