The Top 5 Video Reports Every E-commerce Marketer Needs This Holiday Season
For most e-commerce retailers, the holiday season generates more traffic and conversions than any other time of the year. Now that the holiday shopping frenzy is in full swing, tracking and optimizing your video program is more important than ever. Last month, Liveclicker’s Marketing Manager, Jen Fahey, and Director of Account Development, Ben Kopetti, reviewed 5 video commerce reports that provide the most insight into your videos for quick optimizing this holiday season. This 30 minute webinar, The Top 5 Video Reports Every E-commerce Marketer Needs This Holiday Season, covered the 5 reports outlined below:
1. Video length
When analyzing video length your main focus should be measuring effectiveness – whether or not shoppers are converting more depending on the length of the video. Based on a study of all Liveclicker clients, 0-30 second long videos dramatically outperform 30-60 second long videos. However every e-commerce retailer is unique, one Liveclicker client noticed that 30-60 second long videos generated the best results. The client compared the average order size, ROI, and conversion rates of both video lengths over several different types of videos. One of the most useful takeaways they found from this analysis was that video length must correlate to the type of video. You should individually measure video length effectiveness for all video types including “how-to” videos, product videos, and branding videos to see what length works for each type.
2. A/B testing
Relying on intuition alone to choose product video content is dangerous, and A/B testing is the only definite way of knowing what content works best. Testing video thumbnail click-through rates helps you understand which thumbnail will yield the most positive results. Ben used the product video thumbnail testing example to the left from Advance Auto Parts. One thumbnail displays two people explaining the product, the other displays the product solo. Clearly, the thumbnail on the right was more effective, generating a higher click-through rate. But keep in mind, results can vary with every product. Although this type of thumbnail was effective for this product, it may not be for all products. Ben stressed the importance of testing for your own specific brand because every product yields different results.
3. Average order value per video
The average order value report shows how video effects the shoppers’ purchasing decisions. Ben cited a client who used Liveclicker’s video reports to compare what happens when a customer watches one video, versus more than one video. The results were astounding – customers that watched one video had an AOV of $115, but those that watched more than one video had an AOV of $124, an 8% lift. With these types of results, you can encourage video viewing on your site with complete confidence in your investment.
4. Dollars per play
Dollars per play reports completely deflate the well-known myth that a large amount of video views equates to more revenue. Take the two videos to the left for example, although the Kiddicare video tremendously exceeded the OneStopPlus video in play count, the OneStopPlus video easily surpassed the Kiddicare video in revenue gain. This proves that video popularity does not always lead to an increase in revenue flow. The dollars per play report gives you a better understanding of where to invest your money. Retailers can avoid the expenditures of high production costs and drive more revenue with selective video content.
Engagement reports measure how long customers are watching and interacting with your videos. Ben shared a report for a video about stand-up paddle boarding that is 1 minute and 30 seconds long. The lifetime engagement for this video is 1 minute and 10 seconds long and 92% of the people that watch this video stay the entire video. Given that this video has 32,000 plays, these results are extreme. Engagement reports show what types of videos your customers are most interested in, and can influence the type of video content you produce in the future.
You can use all of the video reports above to gain valuable insight into your video program. If you are interested in learning more about Liveclicker’s video analytics, you can request a demo today!
Would you like to hear Ben and Jen in action? You can now access the webinar recording and slide deck, as well as the complete library of the Liveclicker webinars on-demand.