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Hunch v Data? Moneyball comes to marketing video

The last time I had a hunch about a B2B marketing video I almost voluntarily slapped myself in the face. Why? Because as a professional video producer I’m committed to a scientific method that harnesses data to support all my creative and marketing video decisions. 

I value evidence more than a hunch.

For example, I don’t want to buy a £342 per second loser like Arsenal’s Mezut Ozil when the data suggests I can use Moneyball to unearth an £8M bargain buy, like prolific Liverpool winger, Andy Roberston, who transfermarkt.co.uk now rate at a whopping £54M.

The same principle applies to video. It’s increasingly important to analyse the data and discover whether you need to spend £1,000 to make an effective video, or £10,000 to achieve the same. Or to scientifically determine whether you need an expensive original video, or can easily make-do on a smaller budget. 

Now add this to the pot: Few marketers ever set a money figure target for their video to earn.

If I’ve sown the seeds of doubt in you it’s intentional. Now find out why.

The fallacy of the video hunch

Try this for size: The same marketer who is a devoted slave to Google conversion data will cheerfully spend a bomb on video because they have a gut feeling for what customers need to see. Or they’ll do the reverse and figure how little they can get away with for what is certain to be a winner. This sort of hunchiness is typical. I see it almost daily in the email questions people ask me.

How has this new wave of hunchiness come about?

With the arrival of cloud DIY video systems like Toonly, Wave, Lumen5, etc, video-making has never been so popular and affordable. Marketers are more confident than ever that they know how to make a video, something that was rare 10 years ago. 

This confidence is a new thing.

And it’s more prevalent in 24-34 year old male marketers, as Google Analytics data suggests.

A large part of this hunchiness is just pure fantasy. Marketers & business owners lie in bed dreaming about the great video they can make, imagining some great scenes or lines, and somehow assuming everything else will fall in place around their dream. Except it doesn’t. But who cares, as nobody measures results that closely. And another middling performer is born.

The right & proper way to spell m-a-r-k-e-t-i-n-g v-i-d-e-o

Determine your video goals in a scientific manner. I speak to customers all the time who say they know their goals, but on closer Socratic examination they don’t. They’re often only part-right, and part-right isn’t perfect enough to really win.

Analyse your customers by developing, updating and segmenting customer profiles.

Doing this ensures you know exactly who your video voice is talking to.

Analyse your competitors by checking out their latest videos, especially their look, feel & message.

The above is just a hint of where to look when gathering data as evidence for a video designed to increase customer engagement, whether engaging as leads, subscribes, likes or whatever you may need.

Here’s a short low budget video that gives a few more hints.

Measuring B2B video results

Measuring results is tricky, as there’s no simple line of cause & effect. Measuring video abandonment stats will always look bad. My own experience is that no matter how good the video, a large proportion who view will abandon fairly quickly. This is because they’re not a relevant viewer for your message. They’re just stray web traffic on the wrong page. And there are lots of them, all making your Abandonment Rates look bad.

The more effective way is to count the number of leads your website delivers, before and after the video is launched. In fact this is probably the only available way you have to measure video effectiveness without spending a fortune on big company marketing tools. 

The advantage of before-and-after measurement is that it allows for all the random connections that go into generating a lead or engagement.

For example, a typical B2B visitor might have arrived on your landing page from an online ad, yet not revisit for two or even twelve weeks before completing your Contact Form. This is typical B2B behaviour.

Other times it’s more obvious, such as when your Facebook retargeting video wins a measurable amount of clicks. But even here, the clicks might take weeks or months before they convert to a solid qualified lead, and then only a few.

The only way to measure effectively is to count the number of video before-and-after conversion goals achieved.

The Moneyball business video solution – the reason you’re here

At Studio Rossiter we’ve developed a completely in-house solution to evidence-based business video production called High Performance Video.

It’s the B2B marketers closest equivalent to Moneyball.

High Performance Video is a proven process that takes 90 minutes online in a one-to-one Workshop.

The workshop combines new ways to analyse B2B marketing video coupled with completing a practical worksheet that assists you in analysing your best creative approach, your most effective message, your killer headline, what-costs-what, and more.

It’s a structured approach, and some of you will already know some of it, but not necessarily how to apply it to best effect.

It’s a given all this involves extra time & work, but if you’re spending thousands on a video it’s positively slacking not to do it.

Summary

Too many underperforming marketing videos are based on hunchiness.

Low cost DIY cloud video has made many otherwise good marketers overconfident.

Every part of a video needs analysing: Goals, customers, competitors, deployment, all of it.

Measuring video effectiveness is tricky, and needs patience that very few have.

A High Performance Workshop is a structured process designed to investigate the evidence, and make effective conclusions, before a video is ever made.

This takes a time commitment.

You can learn more about High Performance Video here.

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