3 Strategies to Skyrocket Your ROI from Video Marketing
Video marketing remains one of the most effective ways to grow your business.
And video in general is bigger than ever. Sometime in 2020, it’s predicted to take up 82% of all consumer web traffic.
What does this mean for your business? Two things.
One: more and more of your potential customers will be consuming video content — so if you want to attract more of them, video should be your go-to format.
Two: with so much content out there, standing out and getting your message across is more important than ever. And so is making sure that you’re getting the video marketing ROI you want out of every dollar you invest.
95% of marketers plan to increase (or at least maintain) their video spend in 2020. If you are one of them you will want to read today’s article.
This week, we’ll talk about 3 strategies that will help you maximize your ROI from video marketing. We won’t just tell you what those strategies are, but also give you 3 actionable tactics to make great use of each of them.
You will learn:
- The 2 extremely expensive mistakes marketers make when they measure ROI
- Where to focus your budget, time, and energy to quickly 2x your ROI
- The biggest missed opportunities for getting the most value out of each video
And more! Read on.
1. Make sure your video marketing analytics aren’t lying to you
What, did you expect some kind of flashy, “secret” cutting-edge strategy? Not so fast!
Sure, measuring your marketing efforts isn’t “sexy” — but you can bet it’s effective! So if you want to increase your video marketing ROI, the first question you want to ask is, “Am I measuring it right?”
Case in point:
A new survey by LinkedIn has found that 70% of marketers claim that they measure ROI of their campaigns. But in reality, they’re making 2 common mistakes:
- They over-focus on immediate KPIs like cost per click, clickthrough rate, or cost per lead. Those are all useful metrics, for sure, but they don’t really tell you how much revenue your marketing efforts are generating. So you might see great conversions at the top of your funnel that don’t translate into real sales later on.
- They stop tracking their campaigns after about one month, or in some cases — one week after deploying them. Looking only at the short-term impact of your video marketing can give you the wrong idea of how big your ROI actually is. And if your sales cycle is 1+ month long, it flat out makes no sense!
Now, here’s what you can do to get a much more accurate picture of your video marketing ROI…
1. Follow 100% of the customer journey through your funnel
As in, at least until the first sale, and ideally well beyond that! This will tell you how much bang you’re getting for your video marketing buck, whereas chasing vanity metrics (shares, likes etc.) will not.
If you don’t have the analytics tools to do this, then the next best thing would be to measure your cost per lead.
That way, you’ll know how many leads each video marketing campaign has netted you. Once you multiply the number of new leads per campaign by your most up-to-date conversion rate, you’ll get a reasonably good ROI estimate.
2. Track where the leads are coming from
This will help you identify the specific channels and types of content that attract the highest number of leads. Even better if you can determine which channels/content topics drive the highest number of paying customers to your door!
Later on, when you make optimization decisions about your campaigns, this information will come in suuuper handy. You can use it to develop your highest-performing campaigns and ditch the ones that underperform to save on costs — both of which will boost your ROI.
3. Measure your campaigns for 3-6 months
Well, measure them for at least as long as your typical sales cycle lasts. Of course you want results quickly (preferably yesterday!). We get it. But chasing short-term ROI can cost your business in the long run. And we’ve seen it happen many, many times.
Like, what if that beautiful traffic spike was a one-time fluke? What if those oodles of new leads were low-probability customers who will just linger in your database forever without buying anything? Making premature decisions based on immediate gains can (and will) hurt your overall marketing efforts.
2. Patch up your sales funnel (especially post-conversion)
Do you have a clear path to turn viewers into customers?
If the answer is no, then no amount of video marketing genius will save you. Even if every single video you ever create goes viral and brings millions of leads to your door, it won’t move the needle on your video marketing ROI.
That’s why your priorities should be to:
1. Maximize your top-of-funnel conversions
Are you getting loads of viewers but not many leads? Then this is the first point of failure in your funnel you want to address.
Make sure that your video content nudges people closer to converting. Create clear and powerful calls to action that turn viewers into leads. If you’re using landing pages or booking forms, optimize them to convey the value of your offer, qualify each visitor, and (underrated but so important) load quickly on all devices.
Also, consider a retargeting campaign to recapture the viewers who didn’t convert on the first go and lead them back to your videos.
(If you have great viewer-to-lead conversion rates but not seeing much traffic, we’ll show you what to do about it in Strategy #3.)
2. Implement an effective sales process — and keep optimizing
Most businesses don’t sell early enough, or often enough. It doesn’t matter if you have 10 leads of 10,000 — put your offer in front of them sooner rather than later, and keep reminding them about it regularly.
How you choose to do this is a whole separate conversation, though. Email marketing is still one of the highest-ROI channels for generating sales for your business, so it’s a solid choice for most companies. Even a simple autoresponder sequence that nurtures new leads and offers them your product or service can get the job done.
For other brands with high deal values and long sales cycles (e.g. enterprise-level B2B), you might be using outbound sales. But even then, there are lots of ways to optimize the process:
- Introduce automation to improve the customer experience and shorten your sales cycle.
- Improve your follow-up game to catch prospects who slip through the cracks.
- Create sales assets your team can share with prospects to build trust and communicate the value of your product or service.
Check out how video marketing can help improve your outbound sales process.
3. Keep nurturing new customers after they convert
Did you know it’s 5 times easier to sell something to an existing customer who already knows, likes, and trusts you — as opposed to a brand-new prospect who’s never heard of you?
That’s why you can’t just call it a day as soon as someone buys from you for the first time. It’s just the beginning! Now your job is to convince them that they made a terrific decision, and deliver value in spades.
To do that, invest in great customer onboarding and stellar support. Make sure that each new buyer has everything they need to make the most out of your product or service. That way, you’ll increase the odds that they buy from you again, and again, and again.
If you boost your customer lifetime value even by another sale or two, it can double or triple your video marketing ROI!
3. Always be promoting your marketing videos
If you’re not seeing the ROI you want, then chances are you’re not promoting your video enough.
Think about it: videos have a long lifespan, and can stay relevant for as long as blog posts. So if you’re only focused on creating and posting new videos all the time, you’re missing out!
Now, you’re probably already sharing your videos on social media, reposting them on different platforms, and emailing about them to your subscribers. Here’s what else you can do:
1. Expose new leads to your older videos
Introducing new leads to your older content helps to make a great first impression, gives you more traffic, and builds trust — what’s not to love? So if you have a “library” of kick-butt videos just sitting there getting no views, we suggest that you put those bad boys to work!
Re-share them on your social media regularly. Link to them in your emails to new subscribers. Reference them and link to them in your other content, like blog posts. Incorporate them into your welcome emails or onboarding emails where appropriate. You’ve worked hard on all that content, so don’t keep it under wraps!
2. Embrace “sequels” and “remakes”
A video isn’t as easy to update as a blog post, a slide deck, or an infographic. But it’s still worth making the effort! Here’s why:
- If you have a past video that did well, chances are that your viewers would love to hear more on the same topic. So make a “sequel” and promote it to your audience!
- People aren’t as keen on sharing old content that’s out of date. So if you made a video in the past, but there’s new information you could add to it, or new changes to the topic you can talk about, consider doing a “remake” of the whole thing.
3. Continuously promote your best “evergreen” content
“Evergreen” content deals with topics that people are always interested in. If any of your past videos are still helpful and valuable, there’s no reason you should stop promoting them. In fact, you might want to promote them harder!
If you have a video that performed well in the past and remains relevant right now, don’t stop talking about it! You can:
- Send paid traffic to it to give it a boost in the rankings and generate new leads.
- Set up Google alerts for the video’s topic, and when you see someone with an audience talking about it, show them the video — and ask them to promote it if they like it.
- Reference it in your marketing assets, or when you go on a podcast/write a guest post/give a talk somewhere and the topic comes up.
- Even put it in your email signature!
Here’s a great idea to boost your video marketing ROI
Wanna know one of the best ways to get more bang for your buck with video marketing? It’s simple, but effective: create powerful messages laser-focused on your ideal customers’ needs, goals, and pain points.
An Elevator Pitch is a custom-made video that can take your prospects from knowing nothing about your brand — to practically begging you to tell them more…
…in 30 seconds or less.