Video Viewer Stats: What Do They Really Mean?
A marketing strategy will usually focus on increasing brand or product awareness, leading to a boost in sales and profits. So knowing your audience and how they are engaging with you is therefore a crucial factor in determining how successful you are, but also what needs to be reworked. In marketing, there is a system called ‘Lead Scoring’ which, while not quick to develop, can give incredible insight into your marketing performance and bring context to your video data. You must be careful not to overanalyse video performance, however. Video is an incredible way to generate leads, and so the data collected is invaluable, but it’s how this data is interpreted that truly makes the difference.
First things first, it probably makes sense to explain exactly what Lead Scoring is. As the name more or less suggests, it is the process of ranking your leads. It isn’t new, but with digital platforms evolving all the time, it is a way to monitor the habits of your target audience and push further towards converting them into sales. The graph below highlights how the popularity of Lead Scoring has spiked in the past three years, with Google searches for the term massively increasing since first searched-for in early 2009:
Ultimately, Lead Scoring is defined as a methodology used by marketers and sales teams to rank how important a lead is and what priority it should take. This is achieved by attaching values to potential customers, based on their interest in your product or service. The value system you use is completely unique to your company and can either be an intricate points system, or a ‘hot’, ‘warm’ and ‘cold’ rating. What’s important is where that score places them in your buying cycle.
Examples of the kind of interactions you are likely to rate are:
- Specific page visits, the page displaying the price being a good indication of intent to buy
- Whether they download your online brochure, or subscribe to your newsletter
- Whether they request further information or a demonstration of your product
Once you understand the most valuable interactions you have, you can assign points to the customers who perform those behaviours, prioritising them in your sales strategy.
Lead Scoring is a well-respected method of marketing, but when it comes to video, you must be a little more discerning as to which style of video equates to which points total. The system for scoring videos is similar to the system of scoring leads. You must start by mapping the buyer’s journey, which falls into the three categories below:
This journey is often referred to as a ‘funnel’, which rates awareness at the top, consideration in the middle and decision at the bottom. Each of your videos will fall into one of these categories depending on its type – i.e. at which stage of the process it will be watched by the customer. From there, you can assign it a points total based on how far through the funnel it successfully takes your potential buyer.
At the top of the funnel will be videos that educate, without directly selling something to the viewer. These are generally a ‘how to’ or ‘tips’ style and not used to persuade a prospect to buy, but instead gain knowledge from what you are presenting. This example is a make-up tutorial from L’Oréal Paris:
In the middle of the funnel, you will find videos that provide a solution to a problem. Product descriptions are a good example of this, as people may want to find out more about your product or company, but still aren’t quite ready to buy. They are an introduction to how you can help. This example from B&Q shows off their new storage range:
At the bottom of the funnel, we find videos such as case studies and testimonials. These allow a buyer to visualise exactly how your product or service can help them, with specific examples. The bottom can also include demonstrations of specific products with specific users in mind, to truly pinpoint what is useful about them to the viewer. We recently produced this testimonial video for a business coaching company:
Now you understand the journey and where your videos fit in, you can start to assign them points. The bottom of the funnel obviously receives a higher value than the top, as you are closer to sealing a deal. Video hosting giants, Wistia, have developed a fool-proof system demonstrated in the table below:
As you will see, there is no exact value to the points they use. This is again down to the individuality of the scoring, and the points can only be determined by the company themselves. Once you have this system in place, it’s then time to include engagement stats to really bring context to your videos. The addition that Wistia makes is to include play length, rating them simply on whether at least 50% of a video was watched by a viewer:
If more than 50% was watched, then additional points are earned. Simple. Once your Lead Scoring system is in full swing, you can then start to add complexity, moving to 25%, 75% and 100% scoring systems too. That is something that can be developed over time.
Statistics show that a 10% improvement in the quality of your leads can result in a 40% improvement in your overall sales productivity. This surely makes Lead Scoring a worthwhile project, and rating videos more carefully a necessary process.
Do you have gaps in your buyer’s journey that only video can fill? Get in touch today.