The truth is, there is not a single metric that is best to track but an entire array shaped by your goals. In my experience there does tend to be 3 metrics that are important across all types of video campaigns for very different types of organizations or businesses: CPC, conversions, video views to 100%.
CPC (Cost Per Click)
CPC is a measure of how much an advertiser is paying each time an ad gets clicked. You’ve got to have your video leading somewhere right? Maybe to a landing page with a clear call to action? Or a blog with a subscribe button? This is important because sometimes it can be hard to tell exactly where your conversion comes from and you want to keep costs as low as possible. You want to set a budget and try to stick to it, making changes according to the rise and fall of your CPC. Often your video campaign is just a puzzle piece in the conversion journey. An audience might watch a video, click to your site, but not make a purchase until a few days later. What we do know is that people are unpredictable. That’s where the metrics tracking comes in.
Conversions / Cost per Conversion
A conversion is the point at which a recipient of a marketing message performs a desired action. That action can be a blog subscribe, event register, purchase, white paper download, donation or other important action that benefits your business or funnels leads. These are the gold pieces we are trying to collect with the help of video. You’ll want to properly install tracking codes to your website. For example, the Facebook pixel needs to first be installed to the entire site and then a tracking code to each action you wish to track. Tracking the cost per conversion can be daunting at first— stay on your metrics and continue to test and change to lower these costs. It does get better if you stick with it.
Video Views (Try for 100% views)
What’s a good video campaign if no one watches it? Tracking the amount of views you receive against different target audiences, ad placements, video lengths & styles, clicks, and more will tell you what you need to change to improve your results. You want to aim for 100% views, these are the valuable viewers. The ones that stayed to hear your entire message and have a much better chance of converting. According to HubSpot, after watching an entire video, 64% of viewers are more likely to buy a product online.
Make sure you have a calendar set up. At HCFmedia we track metrics weekly. This gives enough time to see some changes from our adjustments but also keeps us on top of our goals. By tracking at least these 3 metrics for your next video campaign you can better improve and grow your audience, leads, and conversions.