How Do You Measure The ROI of Your Videos?

R O I In business, you need to know your return on investment of your time and your money. And the same goes for video. Today I want to share two ways to measure the ROI of your videos. My name is David Vogel. I've created hundreds of videos for businesses to help them grow and scale. Today is day 26 of my 30 day video challenge. Every day this month, I'm creating a video day to inspire you in your life, both personally and professionally. All right, so let's start with the easier of the two examples. Video ads. If you're running ads on Facebook, Instagram, YouTube, you know what your media spend is that comes directly from the platforms. But how much revenue are you generating from those ads? Now if you're telling me, oh, I send the leads, I send the, the, the visitors to my ads, the directly to my website, it's really hard to measure which leads are coming from your ads, which are coming from SEO, which are coming from, you know, content marketing, et cetera. So it's really important if you're going to try to measure the ROI of video ads that you're able to measure the leads and the sales you're generating from those leads. Some of the things you're going to want to do there is have a unique landing page. Don't send them to the homepage of your website. If you can't do that, have a unique phone number to that ad that's tied to that ad or have a unique coupon code that's tied to that some way that you know that those leads are tied to those ads. So you can measure the revenue and then look at how you're doing from revenue compared to cost. You're looking, ideally you're looking for a 2 to 1 or at least a 3 to 1 return on investment there. If you're not, this is an opportunity that to test, measure and iterate. You want to look at your sales funnel and identify where you are having a problem and improve it and make changes until you get that revenue that you're looking for. Now if you are doing something more like I'm doing video blogging, where you're creating video content, how do you measure the ROI there? Well, in this particular case, I'm not looking. I don't obviously there's no cost other than my time, but time is money. On the, on the revenue side, I'm not really looking for revenue. I have a different thing I'm measuring which is engagement. This is more thought leadership, creating content. So little different go there. But as a different example, with Social sharing like, like what I'm doing here. I have a friend, Domingo, who's a real estate agent. Every day he's posting one or more videos on Instagram. And last week he got two pieces of business from those posts. So just because you're not running paid advertising doesn't mean that you can't generate revenue on the backside. So one of the things that's really important if you're doing social sharing where you're not looking for immediate revenue. I mean, maybe this content that I'm sharing will generate revenue in the future, but in the short term, you want to be able to look at the short term roi and there you want to look at your data points with things you can look at or number of views of your videos. You can look at how many people are liking your videos. People are sharing, you know, comments below your videos. Those are great data points, easy to collect on any of these platforms. The other thing that you also want to look at if you're making content and make sure you're making good use of your time is look at what's called audience retention. You want to look at where people are dropping off from watching your videos. If you're making a five minute video and 50% of the people are dropping off after one minute, why are you making five minute videos? Maybe you should be making one minute videos. Maybe it's an issue with the content. Maybe you need to be changing the structure of your content or how you're creating your videos. You know, a question people ask me all the time is what's the right length of your video? Well, the right length for your videos is the video that people watch all the way to the end. I'm hoping you're watching my videos all the way to the end. So to kind of sum up today is you want to be testing, you want to be measuring and you want to be iterating. It goes both for ads and your social content. Look at the data, the data, it doesn't lie and iterate and improve what you're doing. I hope you found this helpful. Please do me a favor, let me know how well I'm doing. Please be sure to like this video, hit that little like button or share this video, even just put a comment, just let me know that you're out there and you're enjoying this content. Thanks again for watching and I'll see you tomorrow.