Recently I was asked on Twitter by Lilia what is the value of a single video view for a company by an end user (person who clicked on it). Which is hard to explain in a tweet so I promised her I’d blog about it this week.
When you have a campaign or a just a few social media profiles set up and you want to know whether or not it’s worth it, or better yet, you want to show your client why social media marketing is worth it, you need to find a way to measure it. In order to see and measure your impact you need to know what the goals or objectives were in the first place. Once you have those, then you can attribute cost and value to those and calculate the value down to each fan/follower. (See how to calculate the value of a Facebook fan).
Now that seems more simply said than done and many marketers struggle on what to measure beyond number of followers or fans. But there are many things you can measure and they are all dependent on what the goal or objective was in the first place and whether or not they include a call-to-action so you can track conversions. Because if you are just counting video views or channel subscribers, it doesn’t really mean anything unless you can tie it back to the overall goal and objective which is either – sell more, refer more or brand awareness.
Initial question: You have a video on YouTube and you want to know what the value of that video view is to your business.
Cost of video to produce (shoot, edit, post) was $500.
Goal: To get people to buy x product that costs $10.
Value: the value of each video view who purchases is $10, the value of each video view who doesn’t purchase is $0.
ROI: Where you start to see a return on your investment is when the total value exceeds the cost. So in this example, more than 50 people need to watch the video and purchase before you see any upside.
Where it gets complicated is factoring in if after one purchases, did they share it (referral) and did that referral turn into a sale?
The other real question you should be asking is: Of those who viewed the video, how many of them came to the landing page? And how many converted? Because this is where you’ll figure out your breakage and where it’s happening. Is it the video quality? Is it the lack of call-t0-action? Is it the landing page? The bottom line is, you want to know what cause them to abandon your call-to-action.
What should you be measuring:
It depends on the platform, but here’s a small example of how I would measure and tie it out to the specific goal.
|Goal||Medium||Stats to measure|
|Sell more||Video||Views, comments, channel subscribers, sharing on social networks, blog coverage, embeds|
|Engagement, Reach, Click Through Rate, Negative Feedback|
|Link clicks, Tweet reach, RTs|
|Refer more people||Video||Comments, social shares, embeds|
|Social shares, data captures (e.g. email), blog coverage, engagement|
|Click through rate with custom URL, RTs|
|Brand awareness||Video||Embeds, views, comments, social shares|
|Reach, Engagement (comments, likes, shares), blog coverage, negative feedback|
|Reach, @ mentions, RTs,|
What key metrics do you think are vital to the success of your campaign or social presence?