In the video below I’ll be taking you through the basics of conversion rates – what they are and why they matter. At the end of the video there will be some top tips to improve your video’s conversion rates.
Conversion Rates and return on investment
Tracking conversion rates can give valuable insights into the question of return on investment. If your videos are reaching the right people and getting them to take the right actions then in all likelihood they are delivering a good return on investment.
Conversion rates – what are they?
Conversion is the number of leads and customers that you have gained thanks to your video content marketing efforts. Your website will have a number of different offers for people to choose from. These can be described as the ‘conversion opportunities’. If customers take action and get involved with one of these ‘conversion opportunities’ then they can rightly be measured as a successful conversion. On your website potential customers might have taken a number of these different actions: filled in a form, subscribed, purchased, etc… Your conversion rate can be expressed as a percentage of your total number of visitors. If you had 100 viewers of your video and 10 took action as a direct result of watching the video then the conversion rate could be said to be 10%.
This metric is somewhat harder to track than many of the others that we have looked at over the last few weeks. It will also involve some setting up through a separate analytics system, such as Google Analytics. You’ll also have to work out your attribution model. This is very much a topic for another time, but it is essentially your preferred method of measuring the impact a piece of video has on real business goals. Put basically, how much does watching your video count towards the journey of a visitor becoming a customer? There are a few other things to consider too. Does it only count if watching the video was the last thing they did before converting? Does video get some percentage of weighting if it was used as a tool to help the prospect become a customer?
How to get it right
Conversion is a critical metric if you’re making product videos or other types of videos designed to speed up the sales process. Here are a few tips to help you improve your conversion rates for your videos:
– Make your video relevant to what your target audience wants to know at that stage of the sales funnel. Your prospect’s journey along your sales funnel should be aided by video.
– Always provide valuable information; answer your audience’s questions or address their fears and or buying queries.
– Place your video in the right area of your site to help drive conversions. We’ve talked about this one many times before but it is really important. If your video is in the wrong place it will dramatically reduce its efficacy.
Video can be a great tool to help boost your conversion rate, whether that’s getting more visitors to sign up to your newsletter or encouraging repeat customers to buy from you again. Keep measuring the performance of your videos and you’ll soon get a sense of what is and is not working. This will allow you to do more of the right stuff and less of the wrong.
You might like our video blog on business video production as a way to measure success.