There’s a major shift in the metrics that agency execs care about. The new direction came about due to the generational gap between advertising agencies executives. One generation saw TV in its golden age while the other has witnessed the meteoric rise of digital media and video marketing, specifically. These different experiences have caused a stark difference in opinion on how to best measure campaigns success, and the execs began turning their heads towards online video metrics.
In a recent report released by Turn Marketing Platform, a leading technology platform for marketers and agencies, it was reported that executives under 30 don’t trust the metrics currently in use, such as viewable CPM, audibility, and sales. The distrust comes as a result of the shift from linear TV to digital video. 67% of advertising agencies execs believe that offline media spend is decreasing and more investment is poured into digital channels. Thus, the need to carefully measure the performance of online video using relevant metrics rapidly increases.
Among the metrics receiving additional focus is audience metrics. As marketers everywhere use personalization to fight the clutter in the digital sphere, they are armed with granular data about their audience, such as gender, age, country, and city. These online video metrics pave the way towards more targeted engagement and better ROI that’s why 56% of agency execs listed good audience metrics as a priority to them.
Audience metrics coupled with video engagement metrics, such as retention rate, play rate (click-to-play), 3-second views enable brands to figure out how their ad creative resonates with the audience and optimize their content based on the insights they get. For example, if your play rate is significantly low, try changing the video’s thumbnail or write a caption with a short description of the video to entice your audience to open it.
Furthermore, brands can utilize various tools in order to create a holistic online video measurement strategy. These tools include:
Surveys can be conducted online or offline, and the main objective behind them is to track metrics such as, ad recall, brand awareness, brand consideration, and intent to purchase. Ad recall can be tested by asking the audience about parts of the video ad to see how well the ad resonated with them. As for brand awareness, a brand can ask a question like, “When you think of (the product), what brands do you think of?” Brand consideration can be gauged by asking “Would you use (brand name) for (customer’s need). Finally and most importantly, intent to purchase can be measured by whether the ad persuaded the customer to go out and buy the product or not.
2- Website Analytics
Successful video ad campaigns should drive more traffic to the brand’s digital assets. Also, an increase in traffic coming from branded keywords indicates a strong brand awareness. If the video is utilized in a website page, sessions duration should typically be higher and the bounce rate will decrease since a video drives more engagement with your brand.
3- Social Engagement
It’s vital to track how your campaign is performing on social websites and benchmark your video’s performance against your other videos and industry standards. The online video metrics brand look for are the metrics we mentioned earlier, such as reach metrics, audience metrics, engagement metrics and viewability metrics. All these metrics and more can be found in Mintrics, the comprehensive social video analytics platform.
In short, we can see that while the video is still an extremely important communication medium for agencies, the channels they use to promote their content are changing. Linear TV isn’t as glamorous as it once was and the shift towards digital social video comes as they try to follow where their audience is. And since the channels changed, the metrics also changed. That’s why we built Mintrics, the comprehensive social video analytics dashboard will help agencies benchmark their video performance across multiple social platforms all in one dashboard.
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