Q) As a B2B Channel Marketing Agency, I need to recommend a video production company to my clients.
Our own philosophy is “if you can’t measure it – don’t do it”.
So my question is: How does a video producer enable my clients to measure the performance & profitability of a web video?
Home Counties, UK
A) I like this “If you can’t measure it, don’t do it”
It ought to be the 2013 Marketing Technologist’s slogan of the year!
Video is going through such a marketing technology change.
It begs the question:
“How does a company measure its website performance improvements when using video?”
Google Analytics will tell you how many views the video had, and how long people viewed a video for.
But it doesn’t tell you the Level of Engagement that resulted from the video.
So how is Home Page Engagement measured?
To do this, I like to use Bounce Rate.
At this point I find many traditional marketers’ eyes glaze over, in apprehension of “some other new bit of tech they’ve got to understand”
Yet it’s simple.
As many of us know, a bounce is when a site visitor goes to the home page of a site, and then leaves without going any further to explore.
This is obviously a “loss” as it took time and money to get the customer to the website, only to find they promptly exit without even taking a look around.
Google say the Average UK Bounce Rate is 42%.
ie, almost half of website visitors bounce – which isn’t very impressive, as it means almost half the web marketing budget is wasted.
Google advise that a company’s target Bounce Rate should be between 22% – 35%.
By contrast, my own website has a Bounce Rate of 1%.
1% bounce rate is a world-beater.
It means virtually 100% of my traffic are sufficiently engaged by my home page, enough to want to click through and explore.
In effect, 1% means I don’t spend half my budget on wasted visits.
The core of this is to deploy an effective video that genuinely engages customers ( see the home page video here if you’re curious www.rossiterandco.com)
Bounce Rate is your best measure of Home Page Engagement.
And Home Page Engagement is the first crucial step to optimising web site performance.
It couldn’t be easier – and the tools are on the dashboard of every Google Analytics user.
Step 1: Record your Bounce Rate prior to installing your Home Page video.
Take a 1 month and 3 month average to get a broad picture, and to avoid any bias due to one-off freaky results.
Step 2: Install your video, and record the date you did it in a web log, or website diary
Step 3: Check your bounce rate daily / weekly.
Compare the new bounce rate with your old bounce rate.
The improvement can be directly attributed to your home page video.
Now you have an accurate and reliable measure of the level of engagement your web video production generates.
Bounce rate indicates the level of engagement of your home page.
Measure bounce rate before and after you install a video.
The difference is your success measure – how well your video engages your audience – which is directly related to profit.
If you want to understand more about planning a B2B web video production for profit, then check out our 6 part blog series here: www.rossiterandco.com/blog/news/planning-a-b2b-web-video-production-for-profit-part-1-of-6