Video Commerce Success Step #4 – Dive Into Video Analytics
One obstacle several e-commerce retailers run into when launching their online video program is how to effectively measure its success. Today’s post will address this issue and highlight video commerce success tip # 4 – Dive into Video Analytics. This is a continuation of my 5 part blog series covering the Liveclicker webinar, “5 Steps to Video Commerce Success” featuring Justin Foster, Liveclicker VP Market Development, and Robb Cassidy, eBags President and COO. Below, I have outlined some tips and best practices taken from step #4 of the webinar.
Step #4: Dive into Video Analytics
As an e-commerce retailer you need actionable data to not only prove video is working for you, but also to grow and optimize your video program for the best possible ROI. Ebags focuses on two different metrics on a day to day basis to achieve this. The first of which is tracking the amount of overall video plays and what channels they are coming from. The second is SEO performance where the retailer can analyze video meta data information, track search sessions, domain referrals, and the terms shoppers are using to search their videos. Customers take different paths online to watch video content – if a customer is willing to click-through to a video it is usually with intent to research a purchase. Monitoring these metrics allows eBags to identify customer trends and optimize their online video strategy for success.
Evaluating video programs, measuring their success and examining metrics such as dollars per video and video conversion rates are critical for justifying any investment in video marketing. These metrics taught Brookstone that customers who watched anywhere from two to four videos on the site purchased 13% more than individuals who watched only one video. Furthermore, shoppers who watched five or more videos spent 25% more than individuals who watched only one.
Another best practice mentioned by Justin is the Liveclicker tool, Custom Insight, that allows clients to deep dive into the metrics of their video program on a granular level. Custom Insight provides a visual drill-down of your videos that allows you to compare different types of video content against one another. You can easily figure out what video lengths and video formats are working best for your program.
These are just a few of the tools and metrics you can use to measure the success of your video program. Following simple best practices like this will help you find the video content that resonates best with customers and eventually generate the greatest ROI.
Interested in hearing Justin and Rob in action? You can access the webinar recording and slide deck, as well as the complete library of the Liveclicker webinars on-demand. You can also read the entire Liveclicker white paper, “5 Steps to Video Commerce Success” here.