Once you have created, distributed and monetized your digital videos and your content is in the hands of your raving fans and customers, it’s important to track the performance of that content. Are your efforts making you money and having the desired impact? The truth is, there are countless methods available for measuring the performance of your products. The key is to finding the ones that work best for you and your business. These six areas are good places to start gleaning real insight about the performance of your video products and marketing including what’s working, and what’s not.
1) Customer Satisfaction
Customer feedback has long been used as a benchmark of success, and is very much relevant in the digital age. Consider incentivizing customers to complete satisfaction surveys by offering supplemental content, early access to content or discounts or temporary cost reduction. You can use positive satisfaction survey results as social proof to help build trust with future customers. Make customers feel comfortable giving you honest feedback. Ultimately customer satisfaction translates to more purchases and referrals, while feedback could spark the idea for your next product or ways to improve your existing ones.
2) Refund Rates
Not only do customer returns and refunds mean there is dissatisfaction with a product, it cuts into your bottom line. Identify these causes early and remedy the problem swiftly. Track refund rates and see if they coincide with events such as new video launches, customer service problems, software upgrades or interruptions in service. Identity areas of opportunity moving forward.
3) Conversion Rates
Analyze the number of people who visit your website and sales page and compare that with the number of visitors who make purchases. Conversion rate is an important metric expressed as a percentage. For your sales page, it would be the number of sales divided by the number of visits to your sales page. If you’d like to boost conversions (and who wouldn’t!) we suggest:
- Offering various payment options
- Including customer testimonials
- Posting social media follower counts
- Linking related products
- Keeping subscription input fields optional
- Implementing a live chat tool
- Keeping conversion elements above the fold
4) Measuring Engagement
Video engagement can be quantified by video purchases, video viewership, social media likes and sharing, lead generation and video comments to name a few.
When it comes to your paid content, identify your most popular products by sales volume and views and use that as a benchmark for your other paid assets. When it comes to your marketing, determine which campaigns are most effective by the number of likes, shares, leads generated and comments.
5) Social Media Following
Identify one or two social media platforms that best lend themselves to your business and do them really well. Maintain visibility by posting often, sharing articles and products that are relevant and engaging with your customers by answering questions. Track the number of followers, shared posts other shared content, number of accounts your business is following and number of mentions. Over time this data will provide an understanding of how effective your efforts have been and where there is opportunity to improve.
6) Search Engine Ranking Positions
A beautiful, functional website with high quality content won’t do you any good unless customers can find you. Increasing your search engine ranking will translate to more clicks and ultimately, higher customer acquisition. Here are a few tips and tricks to improve your ranking:
- Publish high quality content
- Place relevant links within website text
- Include related metadata
- Regularly update content
- Use keywords
- Submit sitemaps to engines like Google and Yahoo
Using Analytics to Tailor Your Actions
Once you’ve analyzed the performance of your video products and marketing efforts, areas of opportunity will become clear. The next step is to get creative and implement procedures to improve performance and increase profits. No matter what method of analytics you choose, consistency is the key to getting reliable data.