Implementing a video strategy is like completing only a part of the task. If as a marketer, you don’t know how to properly measure effectiveness, you could be wasting big money.
As per an estimate of the Internet Advertising Bureau (IAB), UK & PwC’s yearly digital ad spend report, in 2016, expense on mobile video ads more than doubled to £693m. It doubled up to 103% making it the fastest growing ad format in the UK. It implies, currently, that it accounts for a huge 29% of the total digital ad expense.
And even as Facebook and Google are building their future around digital video channels, you can’t ignore its importance.
Nevertheless, with the soundness of the measurement metrics of the Facebook coming under powerful inspection, numerous marketers are puzzled when it comes to understanding how to fruitfully measure video effectiveness.
According to the chief of strategy at Poke, the digital ad agency responsible for Ted Baker’s shoppable video campaign, Bogdana Butnar, the truth is the industry still depends too much on completion rate.
She claimed that measuring based on video completion is turning out to be irrelevant because of the rise of Instagram and Snapchat.
Butnar stated that video completion is less pertinent for video environments like Instagram Stories or Snapchat that are fragmented and overall for mobile. It is the reason for Google switching to simpler 6-second ads casting away the traditional skippable.
Questions Every Marketer Should Ponder Upon
The effectiveness of video ads is measured by Realeyes emotionally via access to people’s webcams. Mihkel Jaatma, its CEO, believes emotional response will turn out to be a more common thing for marketers to measure success on.
He said as behavior is driven by emotions, so a successful video will be one that creates a strong emotional response. The best method to measure the effectiveness of a video is to measure the emotional response to it. When there is higher engagement, it is more likely a viewer will take action.
Research and insight director at We Are Social, Andre van Loon stated gathering data like impressions, average completion rates or video views are not the only proofs that customers have enjoyed, remembered, felt persuaded by or done anything differently because of a branded video.
He says marketers should ponder upon questions like: Did the viewing of video lead to product or brand advocacy? Were the videos able to strengthen existing attitudes or behaviors, or create new ones? Were the brand’s videos able to make an impact on consumers’ buying intentions? Were they able to lead to increased sales?
How viewability differs between platforms
Van Loon stated for some of the other platforms, viewability can be impacted by grabbing attention in a short amount of time (scrolling past videos on Facebook, for instance). But again, said if you own interesting content which you can communicate through a variety of channels or platforms, it is more likely to generate the kind of interest that will actively seek you out.
Talking about viewability across different platforms, in particular, the likes of YouTube and Facebook, he says brand building plans applied over time will make more reasons for consumers to regularly watch videos.
In the end, CEO of agency 4PS, Matt Phelan, says accomplishing digital video advertising goals isn’t a question of prioritizing mass reach and targeting exclusively. He noted some marketers are getting so involved in measuring success that they are forgetting the actions to achieve it.
He added it is not really a matter of reach vs. targeted. Marketers are to aim for targeted reach. You don’t have to go after reach just for hitting the biggest audience. Take data for instance; owning useful data is much more vital than having large data. Big doesn’t always equal better. It is absolutely true in marketing.