How can I measure Return on Investment..?
Measuring Return on investment is important for any new business innovation, whether that be marketing, training, customer service, sales or general process. Measuring return on video isn't easy and sometimes it's impossible – ultimately you need to know what you're trying to achieve.
Usually we help people with communication issues. Common challenges are:
- Our customers keep buying things we do from our competitors
- We need to demonstrate how our product works – either to sell it or to educate and add value
- We need to differentiate ourselves from our competitors
- We need to explain process
- We need to share best practice and save money on training
- People don't get what we do
These can all be general messages or very specific ones.
In order to measure return you need to take a benchmark of where you are now:
- What are your sales conversion rates now?
- How much traffic and Enquiries do you get from your website?
- What's your website ranking?
- Do you spend a lot of time with customer 'complaints' or FAQ's?
- Do your sales team deliver a consistent message? What impact does this have?
- Do your prospects know what you do? Do they know how you do it differently? Do they know the value/benefits your product and services can add to their business?
- Which of your customers buys what from you and could you sell them more?
- Who are you customers and how do you currently communicate with them?
- How many enquiries/sales do you get from your e-mail marketing campaigns?
Whatever you want to change or improve, whatever is important to you, you need to know what success will look like. Often we give advice to our customers about measuring and then do a follow up review only to find that they haven't taken much of our advice – we understand that its difficult when you're busy but proper implementation will get the best results.
Often video is difficult to measure because results are not always quantifiable. Sometimes the result needs to be 'making my team feel proud to work here' or 'giving people confidence' – all you can do here is evaluate responses.
Often video needs to be part of a marketing campaign. Unless you take your time and, for example, send out a series of e-mail campaigns without a video and then again with a video (perhaps you've previously run a campaign which you measured the results of) you won't really know.
Either way, we've never had anybody disappointed and always get good feedback. You can look at our work on our portfolio page and click through to lots of case studies.